G. CIPRIANI & U. COLOMBO TO JOIN PATRINELY GROUP IN DEVELOPMENT OF MIAMI'S LANDMARK SAXONY RESIDENCES, HAUTE RESORT & RESTAURANT

Patrinely Group LLC., Ugo Colombo and Giuseppe Cipriani to Open Chic South Beach Mecca-

Miami, FL (June 12, 2006): Soon to be the delight of sophisticated Floridians, the Patrinely Group LLC., owner of the historic Saxony Hotel in South Beach, today announced a joint venture with internationally famed restaurateur and entrepreneur Giuseppe Cipriani, as well as Miami Real Estate Developer Ugo Colombo, to create the ultimate in resort and residential life in South Beach.

Cipriani will make his much-anticipated entry into the Miami real estate market with the newly christened Cipriani Resort and Residences South Beach, which will include one of his family's signature restaurants. "I have searched for several years to identify the ideal opportunity in Miami and am thrilled to be part of this outstanding venture," said Cipriani, who has already enjoyed domestic success with the fully furnished and fully serviced Cipriani Club Residences at 55 Wall Street in New York City. "The Saxony is the new premier development in the market and together with Patrinely and Colombo, who are known for producing buildings of the highest quality, we plan to create the finest residential, resort and dining experience in South Florida."

The Patrinely Group, led by Dean Patrinely and Len O'Donnell, sought out Giuseppe Cipriani to infuse his sophisticated style and elegance into the project. "When we acquired the Saxony a year ago, we committed to create the best and most exciting resort and condominium residences in South Beach," recalls Patrinely. "Len and I are extremely pleased that after many months of considering proposals from some of the most highly regarded and best known names in the industry, we will be able to introduce the Cipriani level of service and style to South Beach."

Furthermore, Ugo Colombo's real estate and construction company, CMC Real Estate, brings forth extensive experience in construction of luxury residential projects in the local market. "I believe it is the best development opportunity on Miami Beach," said Ugo of the Saxony. "As soon as I met with the Patrinely principals, I knew that this was the perfect project for Giuseppe and for myself." Len O'Donnell of the Patrinely Group added, "We seldom share development responsibilities with another organization, but Mr. Colombo is a man who holds to the highest standards. His passion for excellence and quality make him the ideal partner in this venture." Praising Len and Dean's vision and plan, Colombo showed great enthusiasm for working closely with Patrinely in customizing the design and aesthetic to best suit Giuseppe's plans for the resort and public spaces.

The Patrinely Group is a national leader in development of Luxury Residential buildings as well as corporate office buildings having completed or developing projects valued at more than $3 billion. Presently the company is developing residential towers in Tampa, Phoenix and Bethesda, Maryland and office buildings in the New York area, Texas, Colorado and Plantation Florida. Locally, Patrinely Group has developed properties in Coral Gables, Miami, Fort Lauderdale and Plantation. The company has South Florida offices in Miami and Plantation as well as offices in Tampa, Houston, Denver, Phoenix, Washington DC, Princeton and New York.

Colombo has developed Bristol Tower, Santa Maria, both on Brickell Avenue in Miami, Grovenor House condominium in Coconut Grove and currently Epic Residences and Hotel on the site of the former DuPont Plaza in downtown Miami.

Since Giuseppe Cipriani's grandfather and namesake opened the legendary Harry's Bar in Venice in 1931, the Cipriani family has been providing the highest level of service to their patrons across the globe, from Cipriani London to Cipriani Hong Kong. New York locations include Harry Cipriani, Rainbow Room, Cipriani Dolci, Downtown, Cipriani 42nd Street, Cipriani 23rd Street, Cipriani Sutton, Cipriani Wall Street and the Cipriani Club Residences at 55 Wall Street. In addition to Harry's Bar, Venice is home to Harry's Dolci. Because of this un-compromised level of quality, style and attention to detail, the Cipriani family has received endless recognition and enjoys successes in all of their business endeavors.