TURNBERRY, Ltd. AND GROUP 24 ANNOUNCE 50-50 PARTNERSHIP TO DEVELOP SAN FRANCISCO RESIDENTIAL TOWER

MIAMI - November 5, 2008 - Group 24, LLC, announced it has become a 50 percent partner with Turnberry, Ltd., one of the United States' premier real estate companies, in the development of Turnberry Tower, a 40-story, luxury condominium project slated for San Francisco's Rincon Hill neighborhood. Group 24's major investment in the $300 million residential tower is the firm's first project with Turnberry.

"Turnberry has set the standard for upscale living in major cities across America, and San Francisco will be no different," said Mike Zoi, Group 24 Founder and Chairman. "We find San Francisco's high barrier to market entry coupled with Turnberry's internationally recognized brand and loyal following of upscale owners make the Rincon Hill project an extremely compelling investment for Group 24."

"For some time, Mike and I have been looking for a project on which to partner and Turnberry Tower in San Francisco is the ideal start to our business relationship," said Jeffrey Soffer, Chairman and Chief Executive Officer of Turnberry, Ltd. "I look forward to partnering with Group 24 on other projects as we seek to capitalize on the many real estate opportunities available in today's market."

Located at 45 Lansing Street near First and Harrison, the high-rise tower will bring Turnberry's brand of ultra-luxury to the Rincon Hill neighborhood. Purchasers can chose from one-, two- and three-bedroom residences, as well as townhouse, penthouse and tower suite units. Residences will range in size from approximately 1,000 square feet to more than 3,800 square feet, plus expansive outdoor terraces featuring picturesque city, bridge and bay views.

Additionally, Turnberry Tower will feature the ultimate in personal service and security with an exclusive fitness center, including an indoor swimming pool, and 24-hour valet parking, security, concierge and front desk personnel.

Led by Soffer, the Turnberry companies have to their credit the development of more than $10 billion in commercial and residential property, including approximately 20 million square feet of retail space, more than 7,000 luxury condominium and condominium-hotel residences, 1.5 million square feet of Class "A" office space and in excess of 2,000 hotel and resort rooms. Founded more than 50 years ago, Turnberry is noted for transforming a 785-acre tract of marshland into the City of Aventura, one of Florida's wealthiest and most prestigious addresses. Turnberry is the developer/owner of Aventura Mall, one of the five highest grossing centers in the nation, and the landmark Turnberry Isle Resort & Club. Recently, the companies created Town Square, a 1.5 million-square-foot lifestyle center, Turnberry Place, an ultra-luxury condominium and private club community, and The Residences at MGM Grand, a condominium-hotel development with more than 1,500 residences. Earlier this year, Turnberry completed The Residences at Atlantis, a condominium-hotel tower at the world-renowned resort on Paradise Island, Bahamas.

Soffer also serves as Executive Chairman and majority owner of Fontainebleau Resorts LLC, which is developing Fontainebleau Las Vegas, a $2.8 billion, world-class destination resort located on The Strip, as well as re-creating the legendary Fontainebleau Miami Beach with a spectacular $1 billion rebirth. The Las Vegas project is expected open in fall 2009, and the Miami Beach project on Nov. 14, 2008.

For more information, visit turnberry.com, turnberryltd.com and fontainebleau.com.

The Rincon Hill residential project is Turnberry's first venture in California.

Group 24 is engaged in the development and investment of luxury residential, commercial and hotel properties in major cities in the United States. The company is building its diverse portfolio of real estate assets through multiple channels, including collaborations with leading developers. For more information, visit www.group24.com.

Media contact: Alys Daly, Group 24, +1 305-815-0312

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