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NEWS ROOM

INTERGROUP Completes Sellout of 195-Acre Mixed-Use, Disney-Area Development

February 4, 2005 - Tandy O. Lofland, president of the Intergroup Companies, is pleased to announce the sale of a 12.1-acre development site within The Parkway for a 250-unit, mid-rise project to one of the largest private time-share developers in the U.S. The sale, on behalf of Parkway Investments of Orlando LLC, successfully completes the sellout of the 195-acre Parkway which was developed, marketed, and is managed by Intergroup.

The Parkway, located adjacent to Walt Disney World and Disney's new city, Celebration, has been described as a smaller version of Disney's nearby hotel and resort zone, Lake Buena Vista. The Parkway is approximately 80% built out and when completed in 2008 will contain over 1,000 hotel rooms, some 1,150 large time-share units, 288 condos, extensive retail and restaurant space, and a large equestrian-themed tourist attraction, all on more than a dozen sites.