Kor Hotel Group to Open Distinctive New Destination in Miami: Viceroy Icon Brickell Viceroy Resorts & Residences brand partners with Related Group of Florida on new five-star hotel-condo complex in Miami's Brickell neighborhood

November 2005 (Los Angeles, CA) - Kor Hotel Group, the Los Angeles-based luxury hotel operator, has entered into a significant joint venture with developer Jorge Perez and his Florida-based The Related Group that will bring the Viceroy brand's signature fusion of innovative design elements, luxury amenities and impeccable service to a momentous new hotel-residence project in Miami - Viceroy Icon Brickell. The Related Group is currently the largest developer in Florida's luxury condominium market. Kor's participation will enhance the premiere project with an array of design-savvy lifestyle amenities and the service luxuries for which Kor's Viceroy Resorts & Residences concept is widely known. The project also partners Kor with some of the most creative forces in the industry today, including the architecture firm Arquitectonica and prolific designer Philippe Starck.

"Kor's discerning style will help mark a distinction for this luxury project against other comparable projects in Miami," said Brad Korzen, CEO of Kor Hotel Group. "Viceroy's high-end luxury concept retains an intimate, boutique quality that is highly appealing to today's consumers. Viceroy Icon Brickell promises to be an exquisite rendition of the Viceroy brand and will contribute a distinctive new luxury option to Miami's urban destination appeal."

As Kor Hotel Group continues to expand its boutique hotel portfolio with properties both nationwide and overseas, it reserves the Viceroy identity for projects of only the highest standard. By imparting Viceroy's luxurious design and the service hallmarks that distinguish its flagship Viceroy Santa Monica to only select properties, Kor succeeds in carving out a unique niche in the boutique luxury-hotel and resort-residence markets.

"The world's most sophisticated travelers know the Viceroy brand for its bold design and unique sense of modern luxury, as well as its superb services and amenities," said Bill Thompson, Senior Vice-President, The Related Group of Florida. "With Viceroy Icon Brickell, we will offer a unique style of luxurious living never before seen in Miami."

Located on Biscayne Bay, adjacent to Brickell Park and near downtown, the three-tower Icon Brickell reunites Related Group with interior designer Philippe Starck and their ICON concept. The firm Arquitectonica, an architecture, interior design and planning firm renowned for innovative, ultra-modern creations worldwide, has designed the structural and architectural elements for the complex.

Towers will range from 50 to 60 stories, commanding a striking presence near the cultural and business center of Miami. Unobstructed views above the 15th floor will overlook South Beach and Biscayne Bay. Housing 1,774 units across all three towers, Arquitectonica's design roots the three soaring towers atop an expansive podium base at the 15th floor. Representing the epicenter of the complex, this common nexus houses more than two acres of sumptuous luxury amenities and entertainment options for both hotel guests and residents. Design impresario Philippe Starck will design all elements within the first two residential towers as well as the podium's extensive features.

As a Viceroy Resorts & Residences destination, Viceroy Icon Brickell will take the brand's luxury boutique presence to an even more prominent level. Occupying its own tower within the trident structure, the Viceroy tower will be the only structure among the three to house a hotel in conjunction with residences, offering hotel services to both guests and owners. Icon's other two towers in the Brickell complex are reserved for residential condominiums, although all residents and hotel guests alike will share access to Icon Brickell's exclusive amenities, including a 20,000 square-foot spa and Philippe Starck-designed luxury swimming pools on the 15th-floor outdoor podium.

Viceroy Icon Brickell's hotel-condo component will encompass 135 units across nine floors, occupying 78,300 square feet of luxury space. Units will be designed in four models: 27 420-square-foot Small Studios, 54 480-square-foot Standard Studios, 27 590-square-foot Large Studios and 27 930-square-foot (on average) 1-Bedroom units. Each will offer Viceroy-quality technology, comfort and regal design. A dedicated elevator for hotel-condo and hotel guests will facilitate travel to central podium-level amenities and tower rooftop destinations. Floors 16 through 49 will house 372 stunning bay-view condominiums, with a range of optional services available through Viceroy: Kor's high-design furnishing package, room service, housekeeping or all other specialty services offered by the hotel. Units may also be entered into a hotel rental pool by owners if not occupied full time. A separate elevator will serve residents on these upper floors.

A chic restaurant located on the 15th-floor outdoor sanctuary will overlook the recreational pool and incorporate an outdoor dining area with fireplace and waterfront views. The restaurant facility will be operated by Kor and provide service to hotel guests, banquet/conference attendees, residents and the public. Kor will also facilitate a destination rooftop pool and lounge on Viceroy Icon Brickell's 50th floor, open to the public and accessible via a dedicated elevator bank designed to preserve resident and guest privacy. Total hotel programming, including restaurant, rooms and public areas, will occupy approximately 121,000 square feet of space. Additionally, Kor will bring its uncompromising service standards to the operation of full-time concierge services, valet parking and room service for all guests and residents of the Viceroy tower. Icon Brickell will also house a small meeting space for on-site business needs.

Ground-up construction of Viceroy Icon Brickell is scheduled for completion in late 2008.

About Kor Group
The Kor Group is a privately held real estate development and management firm with investments primarily in hotels, resorts and multi-family real estate. Kor Hotel Group, the hospitality division of Kor, holds a diverse property portfolio and manages both its own assets and non-owned hotels under third-party management agreements. Kor Hotel Group's properties include Viceroy Santa Monica and Viceroy Palm Springs, Avalon Hotel and Maison 140 in Beverly Hills, Tides in South Beach, Chamberlain in West Hollywood, The Jefferson in Washington D.C. and Campton Place in San Francisco, as well as forthcoming Viceroy Resorts and Residences in Miami, Anguilla and Riviera Maya debuting in 2008.

About The Related Group of Florida
Established in 1979, The Related Group of Florida is the nation's leading builder of luxury condominiums and one of the country's premier multi-family real estate development firms. Founded by Chairman and CEO Jorge M. Pérez, The Related Group has built and managed more than 50,000 residential units throughout Florida. The company ranks as Florida's top multi-family developer and the third-largest Hispanic-owned business in the United States; its current development portfolio includes projects valued in excess of $10 billion, with reported sales of more than $2.1 billion for 2004.