MIAMI BEACH�S TRIPLE PLAY:
FONTAINEBLEAU III TOWER TO RISE AT LANDMARK RESORT

Fontainebleau Hilton and Turnberry Associates Build on Success of Fontainebleau II with Announcement of New 18-Story Condominium- Hotel Project Fontainebleau III Ocean Club.

The Fontainebleau Hilton and Aventura-based Turnberry Associates announced today they will take another monumental step in their partnership with an agreement to build Fontainebleau III, an 18-story condominium-hotel on the south end of the resorts property.

The two celebrated developers originally united in 2001 to introduce the 36-story Fontainebleau II condominium-hotel, now more than 90 percent sold and currently under construction adjacent to the future site of Fontainebleau III. When complete, the towers will represent the focal point of a major expansion and renovation of the famed resort reinforcing the Fontainebleau�s position as a dominant force in South Florida and throughout the world. With more than $200 million in sales, Fontainebleau II has been an unqualified success, said Melanie Muss, vice president of development for the Fontainebleau. We are thrilled about continuing our relationship with Turnberry and look forward to developing what certainly will be the Fontainebleau�s crowning achievement. According to Bruce Weiner, president of Turnberry Associates Residential Division, sales for Fontainebleau III are scheduled to be launched in March and groundbreaking is slated to take place early next year.

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The new tower will feature 314 distinctive residences with breathtaking views of the Atlantic Ocean, Miami Beach and the picturesque Fontainebleau Hilton grounds. Priced from $450,000 to $1 million, the elegantly furnished junior and one-bedroom suites will range in size from 500 to 1,000 square feet plus terraces.

As part of his design for Fontainebleau III, architect John Nichols will create an exact replica of the fa�e of the Fontainebleau�s Sorrento building, which it will replace. Nichols� concept recently received unanimous approval from the City of Miami Beach Design Review Board. The unique tower residences concept is similar to Fontainebleau II, combining the privacy and exclusivity of an elegant condominium residence with the numerous conveniences and amenities of the famed resort. Residents will be entitled to enjoy the tower�s amenities, including a private owner�s lounge and fully-staffed lobby, swimming pool, and 24-hour security and valet parking, as well as the resort�s many facilities, such as more than 1,000 feet of private beach, in-room dining, concierge and housekeeping service, and a variety of restaurants, lounges and the world-famous La Ronde Room. Homeowners can live in their apartments year-round, or reap the rewards of adding their home to the Fontainebleau/Hilton-managed hotel suite program while they are away. The Turnberry/Fontainebleau partnership has developed into a perfect match, said Turnberry Associates Principal Jeffrey Soffer. It combines the resort�s legendary image as the hotel that put Miami Beach on the map with our reputation as one of the countrys premier developers of luxury high-rise living. Soffers company has created such South Florida landmarks as Turnberry Isle Resort and Golf Club, Porto Vita and Aventura Mall and currently is developing Turnberry Ocean Colony in Sunny Isles Beach and Turnberry Place, a $650 million condominium community a block off the Las Vegas Strip. Additionally, Turnberry began sales this month for The Residences at MGM Grand, a condominium-hotel complex at the famed Las Vegas resort.

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Designed by famed architect Morris Lapidus, the Fontainebleau�s Chateau Tower was a cutting-edge architectural design when introduced in the 1950s and has become a world-renowned icon. The resort has seen every president since Eisenhower walk through its doors; hosted entertainers such as Frank Sinatra, Bob Hope and Elvis Presley; and served as the location for numerous films, including James Bonds Goldfinger and The Bodyguard featuring Kevin Costner and Whitney Houston. Stephen Muss purchased the hotel in 1978 and has continued to build upon its status as a premier destination. In addition to the condominium-hotels, the Fontainebleaus recent expansion includes new upscale dining and lounge options and an expanded indoor and outdoor children�s facility that includes a water theme park featuring a 260-foot twisting water slide and a sprawling 7,000 square foot octopus named Cookie that showers pool guests of all ages from its eight tentacles. Also included in the plans is a 21-foot high grand entryway overlooking the Fontainebleaus tropical grounds and the Atlantic Ocean.

The concept we created for Fontainebleau II was an overwhelming success with buyers in South Florida and throughout the United States and Latin America, Weiner said, and we already are receiving a tremendous response from prospects and real estate agents who have caught wind of Fontainebleau III.