Preeminent Bahamian Marina/Resort Sold

Fort Lauderdale, Florida (January 13, 2003) – IAG Florida, Inc. (ALC), a prominent commercial real estate development and brokerage firm based in Ft. Lauderdale confirmed today the sale of Valentine’s Resort and Marina, Harbour Island, Bahamas to a Miami-based partnership, Valentines Marina, Ltd. “We are very pleased to have finally closed on the acquisition given the complexities inherent in off-shore sales, particularly for a product such as this”, remarked Mark H. Ellert, President of IAG Florida, Inc., who represented the buyer in the acquisition.

Mr. John Nichols and Mr. Tom Murphy, Jr., led the acquisition group and will oversee development of new marina facilities and the proposed townhouses. Mr. Nichols is founder of Nichols, Brosch, Sandoval, a Coral-Gables based architectural firm. Mr. Murphy is Chairman of Coastal Construction, a Miami based commercial and residential builder.

The acquisition includes the 21-room resort, a 34-slip marina and land for development of new luxury townhouse villas. “Our efforts were targeted to creating an acquisition structure responsive to financial concerns of investors yet practical from a longer-term development and project financing perspective”, added Mr. Ellert. “These are hallmark elements of the advisory services our resort clients in Florida and the Bahamas have come to expect”.

IAG Florida, Inc. provides development, mortgage and real estate brokerage services for hospitality, living & lifestyle real estate products. Dedicated to the South Florida, Bahamas and Caribbean markets, the firm recently completed development of the Ft. Lauderdale Renaissance Hotel and is developing the Regent Winter Park Hotel, Spa and Residences in Orlando and The Atlantic condo-hotel on Ft. Lauderdale Beach. Associated with the IAG Florida, a Miami-based full service real estate investment banking firm, IAG Florida provides clients with the integration of financial, operational and real estate development skills, all of which are essential for success in today's hospitality industry. For more information, visit www.IAGleisure.com.

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