Dec 21, 2004

John Tolbert to Lead Boca Resorts, Inc. Sales/Marketing Effort

BOCA RATON, Fla. – December 21, 2004 – The Blackstone Group has named John C. Tolbert an executive vice president and president of sales/marketing for the new management group WHM LLC (WHM), that oversees operation of Boca Resorts, Inc. (BRI).

An affiliate of The Blackstone Group completed its acquisition of BRI on December 10, 2004. BRI is the owner of distinctive destination resorts and clubs located in Florida, including the Boca Raton Resort & Club in Boca Raton; The Registry Resort & Club, Edgewater Beach Hotel & Club and Naples Grande Golf Club in Naples; and Hyatt Pier 66, the Bahia Mar Beach Resort and Grande Oaks Golf Club in Fort Lauderdale.

The Blackstone Group, a private investment firm, has a history of significantly reinvesting in their assets and dramatically improving services and facilities. The same is expected for BRI. Enhancements will include renovation of the Boca Beach Club and refurbishment of the Boca Raton Resort & Club lobby, fine dining restaurant and golf villas. The Resort & Club’s sister properties will also see a variety of enhancements. Renovation concepts are currently under review.

Tolbert will oversee the sales and marketing effort for the entire management group. He comes most recently from The Ritz-Carlton, Naples, where he has served as resort manager since 2003. Previously, he served eight years as the vice president of sales and marketing for BRI and prior to joining BRI, he worked as senior vice president of the Los Angeles-based International Hotel Academy, parent company of the Grand Wailea Resort & Spa and the Biltmore Hotel in Los Angeles. His career also includes executive sales/marketing positions with the El Conquistador in Puerto Rico and Hyatt Hotels and Resorts in various locations including Honolulu, Big Island of Hawaii / Waikola, Atlanta, Nashville, Knoxville and Washington, DC.

About the Blackstone Group

The Blackstone Group, a private investment firm with offices in New York, Boston, Atlanta, London, Hamburg and Paris, was founded in 1985. Blackstone’s Real Estate Group has raised five funds, representing over $6 billion in total equity, and has a long track record of investing in hotels and other commercial properties. In addition to Real Estate, The Blackstone Group’s core businesses include Private Equity, Corporate Debt Investing, Marketable Alternative Asset Management, Mergers and Acquisitions Advisory and Restructuring and Reorganization Advisory. The Blackstone Group can be accessed on the Internet at http://www.Blackstone.com.