Construction Begins On Hyatt Siesta Key Beach, The 44-Unit Fractional Ownership Luxury Resort;$100 Million Project is Fully Capitalized, Set for Summer 2009 Occupancy

Sarasota, FL – Hyatt Vacation Ownership, Inc. today announced that construction has begun on Hyatt Siesta Key Beach, a luxury fractional ownership resort comprising 44 designer-furnished residences located on 300 feet of prime beach frontage at Siesta Key in Sarasota, Florida. The $100 million development is fully capitalized, with equity provided by private equity firm The Carlyle Group and construction financing provided by CapitalSource, a commercial lender based in Maryland. Occupancy is slated for Summer 2009.

“We see rising demand for luxury fractional ownership of beautiful properties with top quality amenities in a relaxed, vibrant setting,” said Larry Shulman, Senior Vice President for Sales and Marketing, Hyatt Vacation Ownership, Inc. “In addition to experiencing this remarkable property, our customers will have the flexibility to enjoy a collection of luxury properties in top resort destinations around the world through the Hyatt Vacation Club and Hyatt Gold Passport Exchange Program.”
Fractional ownership provides designer-furnished luxury residences in annual increments of as brief as three weeks. Pre-construction pricing starts at $140,000.

“Carlyle is excited to partner with Hyatt to develop this splendid property in Siesta Key, which is located on one of the most pristine beaches in the country,” said Mark Schoenfeld, Carlyle Managing Director. “We look forward to offering our purchasers unparalleled services and amenities.”

Sarasota-based Tandem Construction is the project contractor and Sarasota-based TRiTON Companies is the developer.

The Hyatt Siesta Key Beach Sales Gallery is open seven days a week from 9 a.m. – 5 p.m. at 202 N. Tamiami Trail in Sarasota. Please call 941.953.8160 to set up an appointment with a Sales Executive. For more information about the project and the development team, please visit www.hyattsiestakeybeach.com.

* * * * *

About Hyatt Siesta Key Beach
Hyatt Siesta Key Beach is a first of its kind luxury fractional ownership resort in the Sarasota, Florida. The beachfront resort will feature a boutique collection of 44 designer-furnished residences, comprising thirteen different floorplans. Residences will include high-end brands such as Wolf, Sub Zero and Fisher Paykel. Other finishings will include custom furniture and décor, Italian-crafted kitchen and bathroom cabinetry and lavish linens. Ownership at Hyatt Siesta Key Beach includes 365-day Cabana Club privileges (subject to Cabana Club rules and regulations). Initial release is 1/8 fractions (six weeks) with pre-construction pricing starts at $140,000. Summer 2009 occupancy is planned.

Hyatt Siesta Key Beach is Hyatt Vacation Ownership’s 15th luxury resort property. Other resorts are in Key West and Bonita Springs, FL; Carmel, CA; San Antonio, TX; Aspen, Beaver Creek and Breckenridge, CO; Lake Tahoe, NV; Sedona, AZ and Dorado, Puerto Rico with Fifth Avenue, New York City coming soon. www.hyattsiestakeybeach.com.

About Global Hyatt Corporation
Global Hyatt Corporation, one of the world’s premier hotel companies, offers today’s travelers more than 750 hotels and resorts (more than 140,000 rooms) in more than 45 countries. The company’s affiliates own, operate, manage and franchise Hyatt-branded hotels and resorts under Park Hyatt™, Grand Hyatt™, Hyatt Regency™, Hyatt Resorts™, Hyatt®, Hyatt Place™ and Hyatt Summerfield Suites™ brands, as well as the company’s newest global luxury brand, Andaz™, which recently opened its first property in London. Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. operator of Hyatt Vacation Club and Hyatt Residence Club and U.S. Franchise Systems, Inc, which franchises Hawthorn Suites and Microtel Inns and Suites. From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 800-233-1234 or logging on to www.hyatt.com.

About Tandem Construction
Tandem Construction is in its 28th year of providing construction services in Sarasota, Florida. Tandem has constructed multiple mid-rise and villa projects in Sarasota, as well as high-end custom homes on Boca Grande, Longboat Key, Bird Key, and Siesta Key. Tandem’s major clients include the School Board of Sarasota County, Manatee Community College, All Faiths Food Bank and Girl Scouts of Gulf Coast Florida. Notable landmark buildings constructed by Tandem Construction in Sarasota are the Center for Sight, Energy Court Center and Hudson Crossing Condominium. Tandem also provides construction management services which includes master planning, preconstruction and design phase cost analysis and project scheduling. http://www.tandemconstruction.com.

About TRiTON Companies
TRiTON Companies is a real estate development company based in Sarasota, FL with offices in New York and Michigan. TRiTON is currently involved in projects throughout the United States including Florida, Hawaii, Colorado and Michigan. TRiTON Companies offers a full-range of real estate development and investment services, including acquisition asset selection, due diligence, risk management, asset repositioning, construction management and financial management. www.tritoncompanies.com.

# # #