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

October 6, 2003 - Tandy O. Lofland, President of Intergroup Realty, Inc. is pleased to announce the closing of 12.5 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 and excess utility capacity was purchased from an Asian-based private investment trust, a long-term Intergroup client, for future development by one of the largest U.S. private time-share developers. When completed the 7-story project will have approximately 100 two-bedroom units and will join some one thousand existing hotel rooms, several hundred existing 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 comprise the development.