Destination Resorts Hawaii WBV LLC. to Manage Luxury Wailea Beach Villas Residential Resort

Denver, Colorado. - Oct. 24, 2005 - The Destination Hotels & Resorts collection continues to grow as the hospitality management company recently signed an agreement to manage the new Wailea Beach Villas on Maui, Hawaii. The oceanfront, residential resort will offer 98 superior villas ideally located on one of Hawaii's most beautiful beaches. The property is scheduled to open in February 2006.

"We're excited to add Wailea Beach Villas to our collection of hotels and resorts, as it further enhances our portfolio of distinctive vacation experiences from the Pacific to Atlantic Ocean," said Charlie Peck, president and chief operating officer for Destination Hotels & Resorts. "We have a proven track record in managing luxury residential resorts in world-class destinations throughout the country and look forward to further extending our presence in Wailea."

Wailea Beach Villas' 98 units range in size from 2,000 to 3,100 square feet in spacious two and three bedroom villas. Each unit will be equipped with luxurious linens, upgraded kitchen features and house wares as well as customized bathroom amenities. Villas will offer complimentary high-speed Internet access with wireless capability, plasma televisions with DVDs, fully stocked kitchens and bars upon request and much more.

The complex offers 21 elevators offering individual unit privacy and accessibility, two swimming pools and hot tubs, including an adult-only pool, a number of plunge pools, a state-of-the-art fitness facility, business center, executive boardroom, guest lounge, activity room, 24 hour front desk, onsite concierge. All just steps away from the famed Wailea Beach that is consistently rated one of the most beautiful beaches in the world.

"Wailea Beach Villas is a unique oceanfront retreat that will offer the privacy and comfort of residential enclave, while providing the service and amenities of a luxury resort," said Maynard Torchiana, managing director of the LLC. "Guests can expect unobtrusive luxury service in the incomparable setting of Wailea Beach, where we'll make the Aloha spirit come to life to create distinctive vacation experiences."

Lokahi Ventures, LLC is developing the residential resort and Scheurer Architects designed the project.

For reservations or information on Wailea Beach Villas, please call (888) 808-8770.

Destination Hotels & Resorts is a privately held lodging management company headquartered in suburban Denver, Colo. With 34 independent, luxury and upscale hotels, resorts and golf clubs, Destination is the fifth largest independent hospitality management company in the country. The company's portfolio features more than 8,000 guest rooms, 15 golf courses and 10 full-service spas. Destination Hotels & Resorts properties are located in key metropolitan and resort markets including New York, San Francisco, Washington, D.C., Chicago, Denver, Dallas, Boston, San Diego, Aspen, Austin, Phoenix, Palm Springs, Jackson Hole, Maui and Lake Tahoe. For more information on the properties in the Destination Hotels & Resorts collection, please visit www.destinationhotels.com.