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

September 3, 2003 - Tandy O. Lofland, President of Intergroup Realty, Inc. is pleased to announce the closing of the second of two phases of 8.29 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 from Parkway Investments, a long-term Intergroup client, 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 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.