| DALLAS - Oct. 1, 1998--Atef Mankarios, former Chairman of
Rosewood Hotels Resorts, LLC, and past Chairman of Preferred Hotels Resorts,
Inc., has formed Foresthills Hotels Resorts, Inc., and has entered into a joint
venture with an affiliate of Apollo Real Estate Advisors, LP, which will provide
substantial investment capital to the newly formed company. Mr. Mankarios will
serve as the General Partner of the Joint Venture. Foresthills Hotels Resorts
was established for the purpose of acquiring and owning, operating and managing,
as well as developing superior and distinctive independent luxury hotels and
resorts on an international basis. Each property taken under management by
Foresthills will retain its independence and image integrity, will embody and
represent the best of local culture, and provide a genuine "sense of place."
Stated Atef Mankarios, "Our partnership with such an established and
preeminent real estate investment fund as Apollo makes it possible for
Foresthills Hotels Resorts, Inc., to establish itself as a significant force in
the luxury hospitality industry. The financial resources provided by Apollo will
enable us to put in place a solid operational sales and marketing
infrastructure, and immediately be able to provide these services to independent
hotels and resorts, as well as to develop and invest equity in hotels and
resorts which will be operated by Foresthills Hotels Resorts, Inc."
Continued Mr. Mankarios, "With the operational, financial, and sales and
marketing expertise of our management team, we will also be able to provide
independent luxury hotel and resort owners with a critical competitive advantage
in the marketplace and, in so doing, maximize operational efficiencies,
profitability and yield management, as well as asset value."
Foresthills is presently conducting in-depth assessments of a number of
independent hotels and resorts. The company anticipates that it will enter into
management agreements with four independent properties in the near future.
Prior to forming Foresthills Hotels Resorts in January 1998, Mr. Mankarios
served as President and Chief Executive Officer of Rosewood Hotels Resorts,
Inc., from 1989 to 1997 and, subsequently, as Chairman of Rosewood Hotels
Resorts, LLC., from 1997 to 1998. During his tenure with Rosewood, Mr. Mankarios
quadrupled the size of the company's property portfolio, and earned record
profits while maintaining an exceptional level of service and amenities that
earned the company and the hotels numerous awards. During his nearly thirty
years in the luxury hospitality industry, Mr. Mankarios has been the visionary
and guiding force responsible for the development and management of several of
the world's most successful and distinguished hotels and resorts, including
among many others: The Lanesborough in London, The Hotel Bel-Air in Los Angeles,
The Mansion on Turtle Creek in Dallas and, most recently, Las Ventanas al
Paraiso in Los Cabos, Mexico. |