Viceroy Mayakoba Achieves Unprecedented Sales Success in Mexico

- Kor Hotel Group Continues Success In Luxury Market -

Playa Del Carmen, MEXICO (August 1, 2006) – Continuing its success as a leader in the trend of upscale residential hotels, Kor Hotel Group achieved precedent-setting sales results over the July 28 - 30 weekend in Mexico, marking its new Viceroy Riviera Maya Resort & Residences one of the most successful real estate projects ever in Mexico. Figures resulting from the project’s phase one sales are among the highest single-day real estate sales totals ever in the country.

Sales totals surpassed $50 million, which reflects the sale of all four available villas or a total of $15,777,000. Meanwhile, 31 of 40 residences at Viceroy Riviera Maya sold for a total of 34,246,000. Prices for residences range from $675,000 to $2.2 million while prices for villas range from $2.7 million to $6.2 million. This venture marks Kor’s first exportation of the Viceroy brand’s signature fusion of innovative design elements, luxury amenities and exceptional service into Mexico. Plans are already underway to introduce phase two of the project by years’ end. IMI Resort Holdings, responsible for the sales and marketing of the project, have been pivotal in its success.

Brad Korzen, CEO of Kor Hotel Group, commented:  "We are so pleased with the remarkable results of this sales event. With Kor's extensive experience in both the real estate and hotel arenas, Viceroy Riviera Maya promises to be an exquisite rendition of the residential resort concept. This event reaffirms for us Kor’s vision for the kind of residences that will do justice to such a beautiful place like Mexico’s Riviera Maya."

“Viceroy Riviera Maya leads a new standard of residential resorts opening in the Riviera Maya,” said IMI Resort Holdings Vice President of Sales Richard Seay. “Mayakobá in general, and Viceroy Riviera Maya in particular, are creating a standard of luxury in keeping with the region’s stunning natural beauty.”

Viceroy Riviera Maya near Playa del Carmen on Mexico’s Yucatán Peninsula will the newest five-star resort on Mexico’s celebrated Riviera Maya. Steeped in ancient history, surrounded by sugar beaches and emerald flora, and touched by four seasons of warmth and comfort, Riviera Maya is poised to fulfill its destiny as one of the world’s great luxury escapes, recently named one of CNN’s “Top 5 Destinations for 2006.” Now Viceroy Resorts and Residences brings its uncompromising style and sophistication to the Yucatán for an ownership opportunity previously unimagined in the region.

A refined haven of luxury resort residences and villas woven along beaches, waterways and a Greg Norman Championship Golf Course, Viceroy Riviera Maya will offer exclusive amenities including meeting facilities, a swimming pool and gourmet restaurant, cocktail lounge and water taxi service to its own Viceroy Beach Club, home to a full-service spa and waterfront restaurant and bar. 

Viceroy joins hospitality tastemakers and trendsetters Rosewood Hotels & Resorts, Fairmont Hotels & Resorts, and Banyan Tree—each with its own complement of hospitality, culinary and spa experiences—in the creation of an earthly paradise at Mayakobá.

Kor Hotel Group has assembled a premier team to create the resort. The sophisticated and contemporary design of Viceroy Riviera Maya will be created by Kelly Wearstler, the imaginative eye behind the signature style of the luxury Viceroy brand. Viceroy Mayakobá will feature contemporary Mexican architecture as envisioned by Legorreta + Legorreta, a ground-breaking firm based in Mexico City that has gained worldwide acclaim for creating fresh, spontaneous spaces. With over $2 billion in assets, Mayakobá developer OHL is among the largest construction and service groups not only in Spain but also around the world. With a proven record of success spanning 90 years, 16 countries and 11,000 employees on four continents, OHL has emerged as a global leader.

For more information on Viceroy Mayakoba Resorts & Residences, please visit the website at viceroyrivieramaya.com or call 1-800-473-0089.

The Kor Group is a privately held real estate development and management firm with investments primarily in hotels and multi-family real estate. Kor Hotel Group, the hospitality division of Kor, holds a diverse property portfolio and manages both its own assets and non-owned hotels under third-party management agreements.  Kor Hotel Group’s properties include Viceroy Santa Monica and Viceroy Palm Springs, Avalon Hotel and Maison 140 in Beverly Hills, Chamberlain in West Hollywood, and Tides in South Beach, as well as the forthcoming Viceroy Anguilla Resort and Residences and Viceroy Riviera Maya debuting in 2007.