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NEWS ROOM

Intergroup Arranges Disney-Area Land Sale to Time-Share Developer

July 17, 2002 - Tandy O. Lofland, President of Intergroup Realty, Inc. is pleased to announce the closing of first of two phases of approximately seven acres of land within The Parkway, Intergroup's 195-acre mixed-use development adjacent to Walt Disney World and Disney's new city Celebration.

The site was purchased for future development by one of the largest private time-share developers in the U.S. When completed the 336-unit mid-rise project on 14 acres will join some one thousand existing hotel rooms, several hundred time-share units, extensive commercial space, multi-family units, and a large dinner theater within The Parkway. Since 1985 Intergroup has developed and marketed all the sites at The Parkway, and also developed four of the planned thirteen projects which compromise the development.