SOURCE: Global Hyatt Corporation

January 22, 2007 17:47 ET

Construction Underway at Aqualea Resort Condominium Hotel and Residences to Be Managed by Hyatt Corporation

New Clearwater Florida Beachfront Property to Offer Fee Simple Ownership, Luxury Resort Amenities and Managed Rental Program

CHICAGO, IL -- (MARKET WIRE) -- January 22, 2007 -- NJR Development and Hyatt Corporation today announced that construction of Clearwater Beach's newest resort condominium, Aqualea Resort Condominium Hotel and Residences, is officially underway. Once completed, the 250 suite luxury resort condominium will be part of a full-service, beachfront resort managed by Hyatt Corporation and offer not only the simplicity of virtually carefree ownership, but also the elegant amenities and services of Hyatt Resorts®. The units will be available for fee simple purchase from NJR Development by individual owners who are free to use them at their leisure or, alternatively, place them into an organized resort management and rental program.

"This is an innovative project for Hyatt and we are looking forward to expanding our management presence in Florida," said Nick Pritzker, Vice-Chairman, Global Hyatt Corporation. "The property has a great location on Clearwater Beach and will be a great addition to our collection of Hyatt Resorts."

"We have already seen a tremendously positive response in the market," said Neil Rauenhorst, president of NJR Development, the developer of Aqualea. "And in two short years we look forward to delivering a project with vacation home suites that will allow our owners and their families to live a luxurious and hassle-free lifestyle on one of the most beautiful beaches in America. We know, too, from the numerous buyers who have already made their selections during the initial pre-sales period, that they understand and appreciate the sophistication, reach and power of Hyatt's international marketing program, for those who wish to avail themselves of that enormous feature and benefit."

With its expansive white sand beaches, sparkling Gulf waters and gorgeous year-round weather, Clearwater Beach has emerged as one of the most attractive and hottest beach scenes on Florida's west coast. Aqualea property owners will be surrounded by luxury in their very own elegantly appointed suite in the heart of the community's new BeachWalk re-development project -- a visionary plan featuring a festive beachfront village of pedestrian-friendly shops, boutiques, restaurants, water sports and public attractions. Additionally, owners will also have access to many amenities typical of a Hyatt® resort including:

--  Two resort-style pools
--  A signature Hyatt restaurant
--  Poolside bar and grill
--  A StayFit@Hyatt fitness center featuring state-of-the-art Life
    Fitness® cardiovascular and weight equipment
--  Beach concession area with towel and beverage service
--  An authentic, culturally-rich Hyatt Pure professional spa with
    treatment rooms & massage services
--  Exclusive membership in the White Orchid Beach Club
--  Meeting rooms, ballroom and business center
--  Secured parking area for unit owners
--  Private poolside cabanas with A/C, cable television, lounge chairs and
    bathrooms
    
Upon the opening of the resort, all units will be completely furnished with full kitchens and be "live-in" ready. Inspired by tropical island design, each individual floor plan, the furnishings will include seating arrangements in the living area with a couch and/or chairs, a full kitchen with granite countertops and stainless steel appliances, granite bath countertops, tile floors and carpet, dining table with chairs, granite bar countertops with bar stools, balcony furniture, artwork, silverware, linens, plates, towels and similar items. In addition, each unit will tout data, telecommunication and entertainment technology, including flat screen televisions, high speed internet access, WIFI access, cable television, in-room pay-per-view movie systems, door access control systems and fully integrated telephone system. To learn more about Aqualea Resort and Residences, visit www.AqualeaResort.com, call 1-866-500-2363 to schedule an appointment with a sales representative or visit the sales center located at 301 South Gulfview Boulevard, Clearwater Beach, Florida. NJR Development is the developer of the condominium residences. The residences are not owned, developed or sold by Hyatt Corporation or any of its affiliates. Hyatt Corporation, or any of its affiliates, does not participate in the marketing or sale of the residences, or the preparation of any marketing materials for such sale, and is not responsible for the content presented in any such advertisements, marketing materials, including, but not limited to, any advertising claims, marketing practices and data collection, use and privacy practices.

About NJR Development Company

NJR Development Company, LLC is headed by Neil Rauenhorst, former president and chief executive officer of Opus South Corporation, a leading developer in the Tampa Bay area, throughout Florida and across the southeast US. The subsequent formation of NJR Development Company, LLC has afforded Rauenhorst the opportunity to capitalize on his 23 years of successful development experience and to develop and or invest in the most attractive residential and hotel real estate opportunities in Florida.

In creating Aqualea, NJR has carefully selected a team of experts to design and manage what will become one of the area's top beach resorts.

About Global Hyatt Corporation

There are 214 Hyatt branded hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the Hyatt®, Hyatt Regency®, Grand Hyatt® and Park Hyatt® brands. Currently, there are an additional 43 Hyatt hotels and resorts under development, including 15 new hotels in China. Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. operator of the 12 Hyatt Vacation Club timeshare and fractional residential properties, Hyatt Equities, L.L.C. (hotel ownership), Select Hotels Group L.L.C. (which owns, manages and franchises 163 AmeriSuites hotels, Hyatt Place and Summerfield Suites hotels) and U.S. Franchise Systems, Inc. (which franchises 95 Hawthorn Suites, and 272 Microtel Inns and Suites).

From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com.

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