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NEWS ROOM

Intergroup's Tandy O. Lofland Arranges Rebranding of Two
South American Luxury Hotels with Four Seasons Hotels and Resorts

October 29, 2001 - Tandy O. Lofland, president of Houston-based Intergroup Capital and Intergroup Realty, Inc., announces the successful re-branding and management, with Toronto-based Four Seasons Hotels and Resorts, of two premier properties--the Park Hyatt Buenos Aires and The Madison Resort in Carmelo, Uruguay--effective December 1, 2001.

Lofland was approached by a long-time client, the owners of the Park Hyatt Buenos Aires and the Madison Resort, to restructure the existing management arrangements. He brought in Four Seasons Hotels and Resorts to operate and invest in both resorts, and will be advising the owners on the substantial renovations to the Buenos Aires property as well as working on the vacation ownership and luxury residential development opportunities in Carmelo.

"I'm pleased that my long-standing relationship with these owners has allowed us to bring them one of the world's premier hotel companies to manage these two significant assets," adds Lofland.

The 165-room luxury Park Hyatt Buenos Aires, which opened in 1992, is located near the fashionable Recoleta area, and was built on the site of a well known "Mansion," built in France and moved to Buenos Aires in the 1800s, which was retained and restored; a new structure was also added to the site which contains the majority of the hotel's guestrooms and public areas. After the planned extensive renovation, Four Seasons Hotel Buenos Aires will become one of the world's top luxury properties.

The recently opened Madison Resort, Golf & Spa, considered to be the finest in South America, is a 44-villa luxury resort located on the Plata River, near the town of Carmelo, Uruguay, 40 km northeast of Buenos Aires. The year-round Balinese-themed resort encompasses a full-service spa, meeting facilities and an 18-hole championship golf course and clubhouse. Four Seasons Resort Carmelo, Uruguay will also be home to future luxury, single-family vacation homes and a world-class luxury fractional ownership project consisting of approximately 40 two-, three-, and four-bedroom units and related facilities. Other amenities will include a full-service marina, polo facilities, and a tennis center.

"We are delighted to expand our portfolio in South America, where there are still many opportunities for us to grow," said Isadore Sharp, chairman and CEO, Four Seasons Hotels and Resorts.