Groundbreaking for Planet Hollywood Tower

19 January 2006

LAS VEGAS – (PRESS RELEASE) -- David A. Siegel, founder, president, and CEO of Westgate Resorts, the world's largest privately held timeshare company, and Robert Earl co-chairman of Planet Hollywood Resort & Casino will break ground today on a 50-story luxury vacation ownership and condominium tower directly connected to the Planet Hollywood Resort & Casino complex on the world- famous Las Vegas Strip. The partnership brings together two recognized industry leaders committed to providing the highest quality vacation experiences to their guests.

The $750 million development will include over 1,200 units ranging in size from one to four bedrooms, increasing the hotel room inventory for the resort by 2,800 rooms. The top four stories of the Towers will be comprised of 28 luxury condominiums ranging in size from 4,000 square feet to 10,000 square feet with prices starting at $4 million. The vision for the new Towers was to create a look that was both sleek and glamorous. The color palette is in keeping with the Planet Hollywood brand using red and blue accents to set off the soaring glass building.

The Towers, which will be located on the Southeast corner of the complex, at the corner of Harmon Avenue and Audrey, is being designed by Gerald B. Koi, Architect of the firm Morris Architects. The casual yet sophisticated interiors are being created by DiLeonardo International, Inc., recognized worldwide for its achievements and innovations in the hospitality industry. Overseeing the construction is Bovis Lend Lease Americas, one of this country's largest construction managers.

"Planet Hollywood Towers by Westgate will dramatically alter the Las Vegas skyline. Its majestic lines will add grace to the Harmon Avenue corridor and I am especially proud that our development is located steps away from the Las Vegas Strip," said David Siegel. "When completed in 2007, this will be the world's first vacation ownership resort directly connected to a major resort hotel and casino complex complete with over 12 restaurants, luxury resort amenities, as well as a full-service shopping mall with over 140 stores. We believe that this fully self-contained resort environment will provide our 350,000 timeshare owners vacation experiences unavailable anywhere else in the world."

"I am thrilled that we are here to celebrate the groundbreaking of the Planet Hollywood Towers by Westgate. Westgate Resorts is one of the largest and most successful vacation ownership companies in the world and this incredible building will dramatically increase guest traffic, room count, and the overall Planet Hollywood Resort & Casino experience. I could not be more pleased to be working with David Siegel, a pioneer and visionary in the tourism industry," said Robert Earl. "The development of this plot of land, coupled with the complete redesign of our fagade and casino, and the agreement with the shopping mall on enhanced entrances, including access to the Planet Hollywood Towers by Westgate, has created a seamless and completely integrated resort complex. I would like to thank David Edelstein and Boulevard Invests for working diligently with us on integrating our collective properties."

Other unique features of the Planet Hollywood Towers by Westgate include:

Gross area of over 3.2 million square feet including 2.3 million square feet of living space

14,000 square-foot lobby and check in area

35,000 square feet of meeting and convention space, supplementing the resort's meeting space

16,000 square feet of eclectic dining

3,100 square-foot fitness Center

16,000 square-foot sales area

Outside amenities include a 40,000 square-foot elevated outdoor recreational pool area on the second level and an exclusive 46th floor Penthouse Pool.