capella investment proposal final v10

Information Memorandum

For the Asian Expansion of

PRIVATE AND CONFIDENTIAL

February 2007

Copy ___ of 2

INFORMATION MEMORANDUM

Table of Contents

1 Executive Summary.....................................................................................................3

1.01 Definitions..........................................................................................................3

1.02 Overview............................................................................................................4

1.03 Key Investment Highlights................................................................................5

2 Overview of Investment Opportunity........................................................................6

3 Summary of Key Parties..............................................................................................7

3.01 Family Office Trust (FOT).................................................................................7

3.02 The West Paces Hotel Group (WPHG)..............................................................7

3.03 Kwee Inc. Private Limited – Kwee Family........................................................8

3.04 The West Paces Hotel Group (Asia) Joint Venture............................................9

4 Capella Brand Outline and Strategic Positioning...................................................10

5 Status of Current Projects in Pipeline......................................................................11

5.01 Committed Projects..........................................................................................11

5.02 Projects under Development............................................................................12

6 Overview of Financial Analysis.................................................................................13

Appendix

Exhibit A – Summary Financial Models for Representative Properties..................................15

Exhibit B – Detailed Overview of The West Paces Hotel Group............................................17

Exhibit C – Profiles of Senior WPHG Executives...................................................................19

Exhibit D – Capella Locations.................................................................................................25

Exhibit E – Selected Press Releases.........................................................................................27

One George Street, #07-03 Singapore 049145 T: +65 6438 8820 F: +65 6536 8865


1 Executive Summary

1.01 Definitions

FOT Family Office Trust Private Limited: Asian based wealth management investment company.

WPHG The West Paces Hotel Group LLC: Formed by Horst Schulze, former Vice Chairman of the Ritz–Carlton Hotel Company along with several former Ritz-Carlton executives to create and operate branded luxury hotels in key premium market segments.

Horst Schulze Chairman of West Paces Hotel Group. Former Vice-Chairman, President and COO of the Ritz–Carlton Hotel Company from 1988 - 2002.

Kwee Inc. Private Limited (associated with controlling shareholders of Pontiac Land Group)

Founded in 1959 by Henry Kwee, Pontiac Land owns and operates a variety of real estate assets in Singapore, including office, hospitality, residential and medical developments. Key properties include the Ritz-Carlton Millenia Singapore, Conrad Centennial Singapore and The Regent Singapore.

Kwee Liong Tek Chairman of Kwee Inc. Private Limited

WPHGA West Paces Hotel Group (Asia): 50/50 joint venture between Mr. Horst Schulze (and a few partners from the original Ritz Carlton management team) and Pontiac Group, owned by the Kwee Family.

Capella & Solis WPHG’s ultra-luxury and luxury hotel brands.

Charn Srivikorn & Gaysorn Group

Chairman of the Gaysorn Group in Thailand. The Srivikorns are a prominent Thai family with royal connections who own premium properties throughout Thailand, such as Gaysorn Plaza, across from the Grand Hyatt Erawan, and Domus Condominium.



1.02 Overview

This information memorandum summarizes an opportunity to invest in a portfolio of unique premium property assets across Asia. These investments are characterized by exceptional locations, aesthetically superior design, quality partners and the operational excellence of The West Paces Hotel Group Asia Joint Venture (“WPHGA”). WPHGA is an innovative hotel operating company with two brands (Capella & Solis) that are destined to redefine luxury travel.

FOT is inviting two qualified partners to participate in a pooled investment vehicle to develop and operate a portfolio of prime city and resort property assets which will deliver attractive returns and value. This platform will enable FOT and its key strategic partners to leverage the following dynamics: favorable macroeconomic trends, underserved market gap, increased Capella brand recognition and the timing of WPHGA’s expansion strategy.

FOT’s investment vehicle will utilize the contacts and development expertise of the Kwee family, a prominent Singapore-based developer, and the operational experience of the U.S. based West Paces Hotel Group (“WPHG”) to create a scalable and flexible investment model.



1.03 Key Investment Highlights

Capella & Solis are the key brands of WPHG, a hotel management company owned and managed by Mr. Horst Schulze, the former Vice Chairman, President and COO of The Ritz Carlton Hotel Company. WPHG is working together with FOT and the Kwee family to grow its brand throughout the region. FOT and the Kwee family envision in excess of 10 Capella hotels and resorts throughout the region, in strategic locations such as Thailand, Bali, Cambodia, Maldives, Philippines, Hong Kong, China and India.

Several prime sites have been sourced throughout Asia and are in various stages of negotiation, including a landmark resort and villa project on the west coast of Phuket, Thailand.

The following are key highlights related to the overall investment proposal:

Capitalize on the underlying macroeconomic trends for a profitable investment in the Asia destination travel segment.

Leverage timely market conditions and strong, experienced partners in a scalable hotel and resort development program.

Optimal time to take advantage of WPHGA’s expansion and growth plans.

Partners and operators who envision and practice an environmentally conscious approach to the design and development of its projects.

Focus on the scalability of differentiated projects which taps the upper segment of international travelers who demand the best in luxury travel.

The proposed investment platform has the following competitive advantages:

Pooled investment structure and partner expertise allows for scalability of overall investment program and flexibility of operations and execution (for example—site acquisition, project management, contract negotiations). Enhanced margin potential resulting from this reduction in operational and execution costs.

Property cash flows demonstrate a strong potential for positive long-term returns for both resort and urban properties.

Prospects for earnings growth and attractive returns due to income derived from supplementary hotel services and residential/villa sales which are built by the developer and co-branded with the hotel.

Portfolio diversification resulting in higher potential risk-adjusted returns and reduced exposure to single-country specific internal factors.

Structure provides attractive equity returns with definable exit alternatives.



2 Overview of Investment Opportunity

Our objective for this investment model is to capitalize on satisfying the increasing demand of travelers in the high-end segment of the market and redefine the luxury travel experience – with a vision of concentrating on the integration of a memorable experience and environmental consciousness.

FOT and its partners have recognized the increasing demand for personalized hospitality service in the affluent traveler niche, which is currently underserved by existing brands where price is not a deciding factor. As a result, there is a latent demand for customized programs of personalized service which focus on the overall travel experience, which has been lost in today’s competitive travel environment. WPHG’s research has identified significant shifts and gaps in the practical needs and desires among elite travelers for an enhanced level of customer service. As a result WPHG has developed an innovative approach to create meaningful and enriching memories for its guests.

Horst Schulze is convinced that as the existing five-star brands have sought to aggressively broaden their global reach, they have slowly abandoned the core luxury travel services demanded by their target customers. Capella’s uncompromising emphasis on personal service will raise the bar in the hospitality world; setting a new hotel industry standard.

FOT therefore believes the long-term growth opportunity with the WPHGA joint venture is both strategically and financially attractive, especially as we develop a sound platform to scale up the business and launch more hotels and resorts in the region.



3 Summary of Key Parties

1.02 Family Office Trust (FOT)

FOT is an established Asian-based wealth management platform from which compatible international family offices, and select institutions, participate in unique Asian-based investment opportunities. FOT develops opportunities through special relationships, market knowledge, and established industry and country-specific expertise, with an emphasis on building lasting and meaningful partnerships.

FOT is acting as a lead arranger in this transaction and its commitment is defined by the partnerships and principals it represents. FOT delivers sound investment management practices consistent and aligned with our partners’ visions, values and performance indicators.

1.03 The West Paces Hotel Group (WPHG)

WPHG was founded in 2002 by Horst Schulze, the former President, COO and Vice Chairman of The Ritz-Carlton Hotel Company, in concert with a team comprised of former key Ritz-Carlton executives. West Paces was created to develop and operate hotels in select upscale market segments.

West Paces aims to create value and results through superior service at world-class luxury properties and conference centers around the world. This luxury hotel management organization provides an unwavering commitment to innovation and service excellence by leveraging its experience and solid track record of operating numerous world-class luxury hotels and resorts. The WPHG team offers solid expertise in all phases of underwriting, development and operations.

West Paces is committed to continuing a legacy of quality and service by creating significant value and results for its owners and guests. West Paces is crafting products and services which will fulfill customer expectations in a timely and genuinely-caring fashion.

WPHG offers management opportunities within two main segments:

Ultra-luxury properties branded “Capella” Luxury accommodations branded “Solis”



1.04 Kwee Inc. Private Limited – Kwee Family

Founded in 1959 by Henry Kwee, Kwee Inc. Pte Ltd. began as an enterprise specializing in the development of architecturally distinctive homes. Today, the group’s assets include office, hospitality, residential and medical developments throughout Singapore. Their portfolio of properties is distinguished by prime locations, distinctive architecture and aesthetic beauty, and the provision of luxury services by a quality property management staff.

Kwee Liong Tek is chairman of Kwee Inc., which owns properties through his controlling interest in Pontiac Land such as the Ritz-Carlton Millenia Singapore, Conrad Centennial Singapore and The Regent Singapore.



1.05 The West Paces Hotel Group (Asia) Joint Venture

WPHGA is a 50/50 joint venture between Mr. Horst Schulze (and a few partners from the original Ritz Carlton management team) and Kwee Inc. Private Limited, owned by Kwee Liong Tek.

This hotel management company will introduce the new Capella Hotels and Resorts and Solis Hotels and Resorts brands in gateway cities and resort destinations in the region. The Kwees have a long standing relationship with Horst Schulze, who was the President and COO of the Ritz-Carlton Group. Kwee Liong Tek and Horst Schulze’s 10-year relationship is characterized by mutual respect, and both bring a remarkable track record of success to this venture.

WPHGA is expected to be a synergistic partnership with shared commitment to excellence – centered on a shared foundation to build the world’s finest hotel management company.

In 2006 the Kwees decided to enhance their business strategy from owning assets to the management of hotels. This move came at a time when Horst was developing WPHG in the United States. Horst felt he could use his extensive experience in the hotel industry to build two new premium brands and become the pre-eminent hotel group in the world, with attention to service quality beyond even the best hotels in the world. The Kwees contacted Horst and suggested a joint venture for Asia to develop Capella and Solis branded hotels. Horst was delighted at the opportunity, as the Kwees are a highly respected and well connected Singapore family.

FOT has a personal relationship with the Kwees and has become involved in the growth and development of WPHG throughout Asia by adding value to the partnership through sourcing of premier sites, funding (both in-house and through alliance partners), and assisting in the structuring of projects. To date, WPHG’s local partners have secured financing and commenced the development of a total of seven projects. In Asia we are pursuing a business model where FOT sources funding, both internally and through a select number of synergistic partners who agree with the overall vision.

Since June 2006 FOT has been in close contact with both the Kwees and WPHG’s leadership team to acquire and develop a premium site in Phuket, Thailand. They view the Phuket site as an important branding exercise for the Capella brand, which would become one of their flagship hotels in Asia. They are also very excited about establishing a partnership with the Gaysorn Group, a leading property development and retail specialist based in Bangkok who currently owns the land. Established and well respected local partners are vital to the success of the group both in Asia and globally.



2 Capella Brand Outline and Strategic Positioning

WPHG will create and operate an “ultra-luxury” hotel product known as “Capella.” These branded properties will be located in high profile cities, as well as resort destinations which will command higher premiums compared to other luxury hotels. Resorts in this niche market will be located in exotic destinations. This customer is looking for an “experience,” whether traveling for business or pleasure.

The vision for these ultra-luxury hotel products is to dominate this premium, highest-end consumer in key markets. As a result, our target customer for ultra luxury properties is the top 2% of business and vacationing travelers. This customer is currently served by the existing luxury brands, which also tend to serve the top 15% of the market (Four Seasons, Mandarin, Peninsula, Ritz-Carlton, St. Regis). The age range for the top 2% customer is 40–70 years old.

This “ultra luxury” market will continue to expand until 2015. As these customers continue to age, they will seek more sophistication, tranquility, personal service, security and will have more available time and money for travel. A large amount of inherited and saved family wealth will pass during this period of time to the 40 and 50 year olds in this customer group.

In addition to a growing number of Asian-based guests, the other primary source for target customers will be from the United States, Japan and Europe – predominately Germany, England and Italy. Boutique travel agents often influence this guest for vacation and leisure travel.

In addition to the above hotel facilities, Capella hotels and resorts in Asia will also involve a substantial residential component, where individual hotel villas/suites are sold to individual buyers and are included in the overall hotel inventory. While the structure of each project will depend on local market conditions, residential properties that are located in prime locations and co-branded with Capella are expected to achieve significant premiums. Select projects may even include an additional residential component, which will comprise larger estates that are adjacent to a Capella hotel, but may or may not be co-branded or included in the overall hotel inventory. The conceptualization of the master plan will depend on the owner’s preferences, local market conditions, and site specifications.



3 Status of Current Projects in Pipeline

3.01 Committed Projects WPHGA’s first property in Asia will be the Capella Singapore, a development in progress on Singapore's Sentosa resort island that will have 110 villas and suites when completed in 2008. This hotel will be nestled in 1.3 million square feet of lush rainforest onSentosa Island. Two existing colonial buildings from the 1880s will form the centerpiece of the resort, and will be combined with ultra-luxury villas, suites and bungalows designed by Foster and Partners. The Kwee family is developing the Sentosa hotel on Sentosa Island at an estimated cost of approximately US$160 million, and will blend traditional Asian materials and themes with contemporary influences.

Singapore was chosen as the first location in Asia due to its strategic location and attractive demographics. The demand for individual service from high-end travelers is increasing throughout Asia. Singapore has always been a leading market for the high-end in Asia, and as a result was decided to be the best place to launch this new brand.

In addition, WPHGA is in discussions with local land owners to develop its luxury hotels in Thailand, Indonesia, Cambodia, China, Hong Kong and India. Since luxury hotel brands such as the Shangri-la and Four Seasons are already present in most gateway Asian cities, there is a sufficient platform for newcomers to exploit the favorable macroeconomic and demographic trends and create new hotels with a distinct identity.

Thailand is a key market for the early expansion of the Capella brand. The Kwees have received confirmation from the Gaysorn Group to pursue the Phuket project as one of its flagship Capella resorts. Since Thailand is one of the most important markets for WPHG, they envisage 3-4 Capella and a Solis resort in locations such as Phuket, Koh Samui, Bangkok, Chiang Mai, and possibly Hua Hin or Krabi.



3.02 Projects under Development

Project Current Status

Phuket, Thailand We have identified an outstanding prime headland site on the west coast of Phuket through Khun Charn Srivikorn and the Gaysorn Group. An LOI will be signed next week between ourselves and The West Paces Hotels Group. Land preparation for development has begun, including roads, water, and other infrastructure related works. 3,000 trees have already been tagged for preservation in conjunction with the eco-friendly vision of Capella. Investment monies to be transferred by the end of March 2007.

Koh Samui, Thailand A site has been identified on the southwest coast which faces five islands and has a steep hill behind the beach—ideal for resorts. The owner of the land would like to participate as a 25% shareholder of the project. We should be signing an agreement to buy the 150 Rai site by the middle of March 2007.

Chiang Mai, Thailand Site and partner have been identified, and funding is in negotiation. The land owner would like to build a wellness center, together with the development of a top quality resort. The land is 45 minutes from Chiang Mai, in Northern Thailand, in a beautiful private valley with only one entrance. We are expecting to break ground by year-end 2007.

Pattaya, Thailand A beachfront site with many trees and gardens has been identified 15 minutes outside Pattaya. The site was owned by the Thai Royal Family until one-year ago. Our local partner is a prominent Thai businessman. The site is ready for the development of a Solis resort.

Siem Reap, Cambodia The site identified is approximately 600 meters from Angkor Wat, one of the seven wonders of the world. 50% of land has already been purchased by our local partner. Obtaining a development license will take 6-9 months. Our local partner also owns the Intercontinental Hotel in Phnom Penh. We are expecting to break ground in 2008.

Maldives Two sites have been identified. We hope to get confirmation of final site selection by the end of 2007.

Vietnam Actively sourcing potential sites in Nga Trang and Danang.

Hong Kong Actively sourcing potential sites.

Shanghai/Beijing, China Actively sourcing potential sites.

India Actively sourcing potential sites.



4 Overview of Financial Analysis

FOT anticipates the development of 10-15 Capella hotels and resorts throughout Asia in strategic resort and urban locations. Each of these projects will be characterized by a signature Capella hotel coupled with a residential component which will offer larger properties for sale. These residential units will be structured as either freehold or leasehold purchases, and the owners will contribute them into the overall Capella hotel inventory to generate a rental return (for a fee) when they are not in use. In certain projects, the local market trends may also support the development of an additional phase consisting of unbranded estates.

To provide a better understanding of the potential returns, we have constructed two separate financial models depicting the economic returns for a typical resort and urban project in Asia. The results presented in the appendix are representative models based on a range of operating and cost assumptions from Capella projects already underway in both resort and urban locations. Please note that these average results are based on preliminary assumptions, and will fluctuate significantly depending on factors such as location, local market fundamentals, seasonality differences, cost differentials and local partner requirements.

The table below summarizes the IRR potential for each individual representative investment opportunity. These returns are based on property level estimates, which provide an accurate assessment of the underlying project/investment cash flow fundamentals. Equity level IRR’s will be higher with the addition of leverage, but are not presented in this memorandum since they are completely dependent on the financing markets and capital structure considerations for each individual local market.

Summary Financial Results – Representative Asian Properties in USD*

Resort Urban

Total investment (million) 74.1 76.5Effective ADR upon opening 747 350Average occupancy in Year 1 64% 80%# of Hotel Rooms 65 100# of Residences 19 25

Property level IRR 21% 18%

* These results represent average operating assumptions taken from Capella hotels and resorts in various resort and city locations including Stone Canyon, Phuket, Koh Samui, and Ixtapa. Actual results will depend on the local market fundamentals, overall project design and local partner requirements. Please see Exhibit A in the Appendix below for more a more detailed breakdown of the cash flow projections for these representative projects.



Appendix



Exhibit A – Summary Financial Models for Representative Properties

CONSOLIDATED PRO-FORMA: Capella Resort & Spa (Representative Asia Resort)

Investment: #Units Area Inv/Unit Total Inv.

Hotel 65 130,000 SF $759,263 $49,352,118

Residences 19 57,000 SF $435 $24,791,588

$74,143,706

Hotel Pro-Forma Inflation: 3.0%First Year's ADR in 2006 USD $747

Number of Rooms 65 65 65 65 65 65 Number of Occupied Room 15,205 16,866 17,815 18,052 18,052 18,052 Average occupancy 64% 71% 75% 76% 76% 76%Average Room Rate $816 $848 $890 $907 $935 $963ADR pct change vs. LY 3.9% 4.9% 2.0% 3.0% 3.0%

2009 2010 2011 2012 2013 20141 2 3 4 5 6

Revenue ($000) 1 2 3 4 5 6 Room 12,414 69.5% 14,301 68.6% 15,850 67.6% 16,379 66.9% 16,871 66.9% 17,377 66.9%Telephone 304 1.7% 405 1.9% 463 2.0% 505 2.1% 521 2.1% 536.3 2.1%Gift Shop 480 2.7% 600 2.9% 720 3.1% 738 3.0% 760 3.0% 783 3.0%Food & Beverage 2,889 16.2% 3,373 16.2% 3,741 16.0% 3,981 16.3% 4,100 16.3% 4,223 16.3%Spa 1,064 6.0% 1,265 6.1% 1,666 7.1% 1,805 7.4% 1,859 7.4% 1,915 7.4%Other 715 4.0% 894 4.3% 1,015 4.3% 1,083 4.4% 1,116 4.4% 1,149 4.4%

TOTAL 17,866 100% 20,837 100% 23,455 100% 24,492 100% 25,227 100% 25,983 100%

Departmental Profits Room 9,931 80.0% 11,726 82.0% 13,155 83.0% 13,759 84.0% 14,171 84.0% 14,597 84.0%Telephone 152 50.0% 223 55.0% 255 55.0% 278 55.0% 286 55.0% 295 55.0%Gift Shop 134 28.0% 180 30.0% 238 33.0% 244 33.0% 251 33.0% 258 33.0%Food & Beverage 809 28.0% 1,113 33.0% 1,272 34.0% 1,393 35.0% 1,435 35.0% 1,478 35.0%Spa 373 35.0% 481 38.0% 666 40.0% 758 42.0% 837 45.0% 862 45.0%Other 443 62.0% 581 65.0% 711 70.0% 758 70.0% 781 70.0% 804 70.0%

TOTAL 11,842 66.3% 14,304 68.6% 16,297 69.5% 17,190 70.2% 17,761 70.4% 18,294 70.4%

Deductions From Income Administrative and General 2,055 11.5% 2,292 11.0% 2,533 10.8% 2,523 10.3% 2,598 10.3% 2,676 10.3%Sales and Marketing 1,787 10.0% 2,042 9.8% 2,275 9.7% 2,327 9.5% 2,397 9.5% 2,468 9.5%Repairs and Maintenance 858 4.8% 959 4.6% 1,079 4.6% 1,029 4.2% 1,060 4.2% 1,091 4.2%Utilities 679 3.8% 771 3.7% 844 3.6% 833 3.4% 858 3.4% 883 3.4%

TOTAL 5,378 30.1% 6,064 29.1% 6,732 28.7% 6,711 27.4% 6,912 27.4% 7,119 27.4%

House Profit 6,464 36.2% 8,240 39.5% 9,565 40.8% 10,479 42.8% 10,849 43.0% 11,175 43.0%

Other Deductions Base management fee 536 3.0% 625 3.0% 704 3.0% 735 3.0% 757 3.0% 780 3.0%Insurance 232 1.3% 250 1.2% 258 1.1% 269 1.1% 277 1.1% 286 1.1%FF&E escrow 357 2.0% 417 2.0% 704 3.0% 735 3.0% 1,009 4.0% 1,039 4.0%Equipment Rental 107 0.6% 110 0.5% 113 0.5% 116 0.5% 119 0.5% 123 0.5%Property Taxes 80 0.4% 83 0.4% 87 0.4% 90 0.4% 93 0.4% 95 0.4%

TOTAL 1,313 7.3% 1,485 7.1% 1,865 8.0% 1,945 7.9% 2,256 8.9% 2,323 8.9%

NOI 5,152 28.8% 6,755 32.4% 7,700 32.8% 8,534 34.8% 8,594 34.1% 8,852 34.1%NOI/room 79,259 103,926 118,465 131,295 132,211 136,177

Credit from Residential - 0.0% 196 0.9% 384 1.6% 450 1.8% 505 2.0% 520 2.0%

Adjusted NOI 5,152 28.8% 6,951 33.4% 8,084 34.5% 8,984 36.7% 9,099 36.1% 9,372 36.1%Owner's Priority 12.0% 5,922 5,922 5,922 5,922 5,922 5,922 Notes:

3 - Land Price is approximately 30-40% of total project investment

4 - IRR assumes sale of hotel at end of year 5 at a 10% cap rate

1 - Avg Room Rate is based on blended Rate of comparable resort projects in Asia and

includes seasonality & inflation adjustments

2 - Avg Occupancy is based on comparable resort/hotel projects, and assumes a two-year

ramp up to full stabilization

5 - Residential sales completed by the end of the second year of hotel operation at competitive

market rates

A) The financial projections herein are estimates only and based upon assumptions for a representative Capella resort project in Asia that may or may not prove accurate over time. Actual results are likely to vary, perhaps significantly, depending on various market conditions and other factors. Accordingly, Family Office Trust (or its affiliates) disclaims any responsibility for the accuracy of the projections.

Baseline Assumptions for Both Models


Page 15 INFORMATION MEMORANDUM


PRELIMINARY CONSOLIDATED PRO-FORMA: Capella Resort & Spa (Representative Asia Urban Hotel)

Investment: #Units Area Inv/Unit Total Inv.Hotel 100 150,000 SF $518,521 $51,852,118Residences 25 56,250 SF $438 $24,665,588

$76,517,706

Hotel Pro-Forma Inflation: 3.0%First Year's ADR in 2006 USD $350

Number of Rooms 100 100 100 100 100 100 Number of Occupied Room 29,055 31,610 33,070 33,435 33,435 33,435 Average occupancy 80% 87% 91% 92% 92% 92%Average Room Rate $382 $397 $417 $425 $438 $451ADR pct change vs. LY 3.8% 4.9% 2.0% 3.0% 3.0%

2009 2010 2011 2012 2013 20141 2 3 4 5 6

Revenue ($000) 1 2 3 4 5 6 Room 11,109 52.7% 12,550 51.7% 13,775 50.5% 14,203 49.7% 14,629 49.7% 15,068 49.7%Telephone 581 2.8% 759 3.1% 860 3.2% 936 3.3% 964 3.3% 993.2 3.3%Gift Shop 480 2.3% 600 2.5% 720 2.6% 738 2.6% 760 2.6% 783 2.6%Food & Beverage 5,520 26.2% 6,322 26.0% 6,945 25.5% 7,372 25.8% 7,594 25.8% 7,821 25.8%Spa 2,034 9.6% 2,371 9.8% 3,092 11.3% 3,344 11.7% 3,444 11.7% 3,547 11.7%Other 1,366 6.5% 1,675 6.9% 1,885 6.9% 2,006 7.0% 2,066 7.0% 2,128 7.0%

TOTAL 21,090 100% 24,277 100% 27,277 100% 28,599 100% 29,457 100% 30,341 100%

Departmental Profits Room 8,888 80.0% 10,291 82.0% 11,433 83.0% 11,930 84.0% 12,288 84.0% 12,657 84.0%Telephone 291 50.0% 417 55.0% 473 55.0% 515 55.0% 530 55.0% 546 55.0%Gift Shop 134 28.0% 180 30.0% 238 33.0% 244 33.0% 251 33.0% 258 33.0%Food & Beverage 1,546 28.0% 2,086 33.0% 2,361 34.0% 2,580 35.0% 2,658 35.0% 2,737 35.0%Spa 712 35.0% 901 38.0% 1,237 40.0% 1,404 42.0% 1,550 45.0% 1,596 45.0%Other 847 62.0% 1,089 65.0% 1,319 70.0% 1,404 70.0% 1,446 70.0% 1,490 70.0%

TOTAL 12,417 58.9% 14,964 61.6% 17,061 62.5% 18,078 63.2% 18,723 63.6% 19,285 63.6%

Deductions From Income Administrative and General 2,425 11.5% 2,670 11.0% 2,946 10.8% 2,946 10.3% 3,034 10.3% 3,125 10.3%Sales and Marketing 2,109 10.0% 2,379 9.8% 2,646 9.7% 2,717 9.5% 2,798 9.5% 2,882 9.5%Repairs and Maintenance 1,012 4.8% 1,117 4.6% 1,255 4.6% 1,201 4.2% 1,237 4.2% 1,274 4.2%Utilities 801 3.8% 898 3.7% 982 3.6% 972 3.4% 1,002 3.4% 1,032 3.4%

TOTAL 6,348 30.1% 7,064 29.1% 7,828 28.7% 7,836 27.4% 8,071 27.4% 8,313 27.4%

House Profit 6,068 28.8% 7,900 32.5% 9,233 33.8% 10,242 35.8% 10,652 36.2% 10,972 36.2%

Other Deductions Base management fee 633 3.0% 728 3.0% 818 3.0% 858 3.0% 884 3.0% 910 3.0%Insurance 274 1.3% 291 1.2% 300 1.1% 315 1.1% 324 1.1% 334 1.1%FF&E escrow 422 2.0% 486 2.0% 818 3.0% 858 3.0% 1,178 4.0% 1,214 4.0%Equipment Rental 107 0.5% 110 0.5% 113 0.4% 116 0.4% 119 0.4% 123 0.4%Property Taxes 80 0.4% 83 0.3% 87 0.3% 90 0.3% 93 0.3% 95 0.3%

TOTAL 1,516 7.2% 1,698 7.0% 2,136 7.8% 2,237 7.8% 2,598 8.8% 2,676 8.8%

NOI 4,553 21.6% 6,201 25.5% 7,097 26.0% 8,005 28.0% 8,054 27.3% 8,296 27.3%NOI/room 45,528 62,014 70,967 80,051 80,540 82,956

Credit from Residential - 0.0% 119 0.5% 231 0.8% 271 0.9% 303 1.0% 312 1.0%

Adjusted NOI 4,553 21.6% 6,320 26.0% 7,328 26.9% 8,276 28.9% 8,357 28.4% 8,608 28.4%


Page 16 INFORMATION MEMORANDUM


Exhibit B – Detailed Overview of The West Paces Hotel Group

WPHG believes in the pursuit of excellence and financial success with uncompromising honor and integrity. These values are the foundation of an environment of trust and mutual respect with travelers, hotel owners and employees. West Paces instills a sophisticated culture rooted in the quality sciences at all levels of the organization. This is a very unique and effective instrument to consistently: a) achieve business goals, b) improve profitability and c) reinforce our positive long term relationships with customers, owners and employees.

The WPHG leadership team was responsible for growing The Ritz-Carlton Hotels and Residences from 3 hotels in 1983 to 54 properties worldwide in 19 years; and building revenues under management at an annual compounded rate of 24 percent, from $69 million to more than $2 billion. This growth was accredited to Mr. Schulze and his management team’s signature attention to detail and unsurpassed quality. This resulted in customer loyalty that in turn translated in record profitability thresholds. Mr. Schulze’s product innovation created billions of dollars in real estate and corporate value. Please refer to Exhibit B for the leadership profiles of West Paces.

This same team of WPHG executives was responsible for The Ritz-Carlton Hotel Company being the first and only hotel company to win the esteemed Malcolm Baldrige National Quality Award in 1992 and to repeat it again in 1999. This prestigious award is bestowed by the President of the United States to businesses and organizations in service, manufacturing, education and health care, judged to be outstanding in seven key areas: leadership, strategic planning, customer and market focus, information and analysis, human resource focus, process management and business results. The Malcolm Baldrige award aims to make quality a national priority by saluting best practices across the United States.

WPHG’s vision is to manage a portfolio of up to 30 resorts and hotels globally in the next five years, with a significant focus on the Asian markets. They will deliver a unique hospitality experience, and earn new levels of consumer loyalty.

Mr. Schulze served as vice chairman of The Ritz-Carlton Hotel Company from 2001-02, after serving as president and COO of The Ritz-Carlton Group, starting in 1988. In addition, Ritz-Carlton was continuously voted “best hotel company in the world” by convention and trade publications.

Capella Hotels & Resorts is WPHG’s “ultra-luxury” brand. These properties will have 60 to 100 rooms exclusively oriented to serve the top 2% of individual travelers. Capella will be located in high profile cities as well as exclusive resort destinations which command higher than normal premiums on average rate for luxury travel. This brand will dominate the highest-end consumer in these key international markets. Without question, Capella will be the absolute leader in the entire service industry worldwide. Publicly announced Capella properties include The Breidenbacher Hof in Düsseldorf, Germany; Schloss Velden in Velden, Austria; two renovated castles located in the vast county of Cork, Ireland, and; a beach resort in Cabo San Lucas, Mexico. In addition to those announced, West Paces has several more properties in advanced stages of development.



Solís Hotels & Resorts is WPHG’s “luxury” brand. Solís properties consist of a 4-star physical product with 5-star service oriented to serve independent travelers as well as group and social functions. Ranging from 150–600 rooms, these hotels will have generous meeting/catering space and will always provide a sense of adventure through a combination of unique accommodations, urban and outdoor activities as well as a level of service and quality not currently offered by competitors in this segment. Projects publicly announced are in Atlanta, GA; Chicago, IL; Sunny Isles, FL and; Frankfurt, Germany. In addition to those announced, there are several other projects in advanced stages of development.

West Paces has established a partnership with Auburn University to develop a new educational curriculum for the University Hotel and Restaurant Management program. In addition, the company operates the University Hotel and Dixon Conference Center to provide students with practical, hands-on experience.

Through the University Outreach Program, the West Paces has integrated its internationally renowned approach of quality and service excellence into the program’s academic activities. Likewise West Paces and the University of Auburn are currently testing and developing new technologies that will revolutionize some of the management processes and technology requirements of the hotel industry. These technologies will result in increased efficiencies, permanent defect elimination, greater profitability and increased customer satisfaction.

Summary of why WPHG?

WPHG will outperform other hotels in their respective categories by achieving unparalleled customer loyalty. This will be achieved by consistently delivering on our product, service and brand promises.

WPHG is a team with sound values and unparalleled expertise, reputation and relationships in the industry.

The founding members of WPHG have a proven track record of successfully launching a luxury hospitality brand, achieving superior profitability and pioneering new products, as evidenced by their years of experience at Ritz-Carlton (The Luxury institute recently rated Ritz Carlton the top hospitality brand and Forbes recently named it the over-all number one luxury brand worldwide.)

An operating expertise and culture that yields superior profitability and at the same time is difficult to replicate by competitors.

Ability to attract, train and motivate the best human capital in the industry. Nimble and entrepreneurial team. Established hospitality operators and franchisors are

at a disadvantage with costly, impersonal and inefficient centralized sales, marketing, frequent-guest and public relations programs. By way of example, 63% of Americans over 18 regard “people” (friends, family, or other people) among the best source of ideas and information when choosing a Hotel to stay, 71% when choosing places to visit and 83% when choosing a restaurant to try (source: Roper Report). This trend makes customer satisfaction and defect elimination the top driver for customer loyalty and referral. West Paces empowering operating culture and direct-marketing approach is simply more efficient and quicker to adapt to the changing trends of customers than centralized programs.

The deep understanding WPHG has of the behavior and preferences of luxury consumers of travel and real estate. This knowledge is the result of extensive proprietary research and over 200 years of combined first-hand experience of the West Paces principals.



Exhibit C – Profiles of Senior WPHG Executives

HORST H. SCHULZE

PRESIDENT AND C.E.O.

Horst Schulze is a legend and a leader in the service world. His vision has helped reshape concepts of customer service throughout the hospitality and service industries.

In 1991, Mr. Schulze was recognized as "corporate hotelier of the world" by HOTELS Magazine. In 1995, he was awarded the Ishikawa Medal for his personal contributions to the quality movement. In 1999, Johnson & Wales University recognized him with an honorary Doctor of Business Administration degree in Hospitality Management.

Mr. Schulze served as vice chairman of The Ritz-Carlton Hotel Company from 2001-02, after serving as president and COO of The Ritz-Carlton Group, starting in 1988. Under his leadership, the Group was awarded the Malcolm Baldrige National Quality Award in both 1992 and 1999; the first and only hotel company to win even one such award. In addition, Ritz-Carlton was continuously voted “best hotel company in the world” by convention and trade publications.

After joining The Ritz-Carlton as a charter member and VP of Operations in 1983, Mr. Schulze was instrumental in creating the operating and service standards that have become world famous. He was appointed EVP in 1987, and president and COO in 1988. When he left The Ritz-Carlton to form the West Paces Hotel Group, Mr. Schulze was responsible for the $2 billion Ritz-Carlton operations worldwide.

Prior to his service at The Ritz-Carlton, Mr. Schulze spent nine years with Hyatt Hotels Corporation, where he was a hotel GM, regional VP and corporate VP. Before his association with Hyatt, he worked for Hilton Hotels.

Mr. Schulze serves on the boards of Reliance Trust Company, Cancer Treatment Centers of America, The Travel Institute, Georgia Family Council, and The InfiLaw System.

FAUSTO BARBA

VICE PRESIDENT, FINANCE

Fausto Barba over the last 8 years spearheaded hospitality development and financing with a value in excess of $850 million. Under his leadership Hardin Capital successfully completed ventures in association with DLJ and Mass-Mutual.

Prior to Hardin Capital, Mr. Barba headed the Grupo Posadas expansion in Latin America, where he handled hospitality projects that included new and existing luxury hotels, portfolios, urban mixed-use complexes and the master planning of resorts with time-share, residential and golf components.

Mr. Barba began his real estate career by serving as a corporate, land-development and architecture consultant for prominent institutions. He graduated cum laude from the University of Monterrey with a BA in Architecture and holds a master’s degree in Urban Planning with a concentration in Real Estate Finance and Development from the Massachusetts Institute of Technology.



OWEN DORSEY

EXECUTIVE VICE PRESIDENT, CHIEF ADMINISTRATION OFFICER

Owen Dorsey served on the Executive Steering Committee of The Ritz-Carlton Hotel Company as VP, Human Resources during its initial aggressive expansion, and was part of the team that earned the first Malcolm Baldrige National Quality Award ever given to a hotel.

Mr. Dorsey has since held Chief Administrative Officer positions in the retail and healthcare industries that have included the oversight of corporate communications, PR, human resources, labor relations, loss prevention and government affairs. He was EVP of Saks Fifth Avenue as it reengineered service and selling standards while completing a successful IPO.

Mr. Dorsey earned a BS in Business Administration from the University of Kentucky.

LEONARDO INGHILLERI

EXECUTIVE VICE PRESIDENT, MANAGING DIRECTOR, WEST PACES CONSULTING, LLC

Leonardo Inghilleri manages West Paces Consulting (“WPC”), a subsidiary of the West Paces Hotel Group that helps service-oriented companies to maximize their capabilities and effectiveness by designing, deploying and implementing new business strategies and models. His areas of expertise include organizational effectiveness, service excellence, business innovation, process management and human resources.

Before heading up WPC, Mr. Inghilleri served as SVP, Brand Executive for BVLGARI Hotels & Resorts – a joint venture between The Ritz-Carlton Hotel Company, Marriott International and BVLGARI – where he was responsible for the successful development and launch of the brand. Mr. Inghilleri joined The Ritz-Carlton in early 1994 as SVP of Human Resources.

Prior to The Ritz-Carlton, Mr. Inghilleri worked for The Walt Disney Company in Orlando and Paris as part of the executive opening team of Euro Disney Resort, and held hospitality and travel management positions in the United States, Italy and England.

He holds a degree in Economics from the University of Rome, and has completed an Executive Development Program at the University of Maryland.

M. DOUGLAS IVESTER

PRINCIPAL

M. Douglas Ivester is President of Deer Run Investments, LLC. Mr. Ivester began his career at the Atlanta office of Ernst & Ernst, leading its team for The Coca-Cola Company. He then joined The Coca-Cola Company in 1979 as assistant controller and director of corporate auditing, and in 1981 became the youngest VP in the company’s history. Two years later he was elected senior VP of finance, and in 1985 he was elected CFO at the age of thirty-seven.

Mr. Ivester was elected chairman of the board and CEO of The Coca-Cola Company on October 23, 1997. In his 20 years with the Company, Mr. Ivester was an architect of significant, successful changes in the Company, from dramatic shifts in its financial



policies to the creation of a global “anchor” bottler network. Mr. Ivester retired from The Coca-Cola Company in 2000.

He is also a member of the board of directors of Georgia-Pacific, SunTrust Banks, Inc. Atlanta, SunTrust Bank of Georgia, and S1 Corporation. Mr. Ivester is a managing trustee of the University of Georgia Foundation, a trustee of Emory University, Chairman of The Robert W. Woodruff Health Sciences Center Board and a trustee of Brenau University.

Born in New Holland, Georgia, Mr. Ivester graduated cum laude with a BBA degree in accounting from the University of Georgia in 1969.

PHILIP V. KEB

EXECUTIVE VICE PRESIDENT, DEVELOPMENT

Philip Keb served for eight years with The Ritz-Carlton Hotel Company, where he negotiated and closed 24 hotel transactions with a total property value of more than $2.5 billion. He also spearheaded the addition of The Residences, The Ritz-Carlton managed condominiums, into the company’s brand portfolio.

Under Keb’s leadership, Ritz-Carlton returned to the critical markets of New York and Washington D.C, transforming its portfolio of hotels to meet the company’s luxury standards, and diversifying its resort portfolio with ski resorts and golf destinations.

Prior to his work in development, Mr. Keb served as Vice President, Engineering for The Ritz-Carlton, where he was part of the corporate leadership team that directed the operational efforts to win the 1992 Malcolm Baldrige National Quality Award.

Mr. Keb began his hospitality career with Hyatt Hotels, and is a graduate of The Georgia Institute of Technology. He serves on the recreational council of the Urban Land Institute.

KIT PAPPAS, VICE PRESIDENT OF SALES.

Kit Pappas started his hospitality career as an Internal Auditor with Horizon Hotels, LTD and then worked for Renaissance hotels for 12 years and was the opening Director of Sales and Marketing for the Renaissance Chicago.

Kit joined The Ritz-Carlton, Kansas City as the Director of Sales and Marketing in 1997 and worked there until joining the corporate office as Vice President of Sales in 2000. Kit then left Ritz-Carlton to become the opening General Manager of the Hard Rock Hotel in Chicago. After the opening, Kit accepted the position of General Manager with Tischman Hotels at the Renaissance Chicago O’Hare Hotel.



C. SCOTT ROHM

SENIOR VICE PRESIDENT, OPERATIONS

Scott Rohm had direct oversight and responsibility for the successful opening of more than a dozen key Ritz-Carlton properties, including Wolfsburg (Germany); Doha, Qatar, Half Moon Bay (California), Key Biscayne, Sarasota (Florida), Rose Hall (Jamaica), Boston Commons, Istanbul, New Orleans, Philadelphia, and Washington, DC.

As VP, Rooms for The Ritz-Carlton Hotel Company, Mr. Rohm handled operations, product standards, and service levels worldwide for rooms, spa, retail and guest recognition divisions. He came to the corporate offices having served as Director of Operations of The Ritz-Carlton, Philadelphia; and as GM of The Ritz-Carlton in both Kansas City and Atlanta.

Before joining The Ritz-Carlton in 1994, Mr. Rohm spent nine years with Hyatt Hotels. He graduated cum laude from James Madison University with a degree in Hotel/Restaurant Management.

JOHN RUSSELL

VICE PRESIDENT, OPERATIONS

As opening GM for The Ritz-Carlton New Orleans, John Russell also supervised The Iberville Suites, an all-suite hotel, and The Maison Orleans, a 75-room boutique. He also served as opening GM for The Ritz-Carlton San Juan, and for The Ritz-Carlton Tyson’s Corner (Virginia).

Before he joined The Ritz-Carlton Amelia Island as Executive Assistant Manager, Mr. Russell was a GM with Hyatt Hotels. He holds a BS in Business Administration from Pennsylvania State University.

PETER SCHOCH

VICE PRESIDENT, FOOD AND BEVERAGE

As Vice President, Culinary for The Ritz-Carlton Hotel Company, Peter Schoch has been responsible for all company food and beverage standards worldwide since 1999.

His direct oversight and food and beverage conceptualization included Ritz-Carlton properties at: Bachelor Gulch (Colorado); Bali, Boston Commons; Coconut Grove, Doha, Qatar, Half Moon Bay (California); Key Biscayne, Kuala Lumpur, Rose Hall (Jamaica); Istanbul, Lake Las Vegas, Naples Golf Lodge (Florida); New Orleans, New York Central Park and Battery Park, Philadelphia, Reynolds Plantation (Georgia); Santiago, Sarasota, Shanghai, Sharm El Sheikh (Egypt); Washington, DC and Wolfsburg (Germany).

Prior to his corporate appointment, Mr. Schoch was the opening chef of The Ritz-Carlton Singapore in 1997. His wealth of culinary experience includes professional work in Asia, Canada, Switzerland, Germany, France, and North America.



ROBERT A. WARMAN

EXECUTIVE VI CE PRESIDENT AND C.O.O.

Robert Warman spent 17 years with The Ritz-Carlton Hotel Company, ultimately serving as VP of Operations for its hotels worldwide. Mr. Warman was a key member of The Ritz-Carlton team that earned the Malcolm Baldrige National Quality Award in 1992, and again in 1999.

Mr. Warman was a charter member of The Ritz-Carlton, having previously served as EVP, Real Estate with responsibility for overseeing worldwide expansion; VP, Rooms Operations; and GM of The Ritz-Carlton hotels in Buckhead (Atlanta), Cleveland and Pentagon City.

Prior to joining Ritz-Carlton, Mr. Warman worked for Hyatt Hotels. He holds a degree in Economics from DePaul University, Chicago.

J. ANDREW WILDMAN

VICE PRESIDENT, DEVELOPMENT

Andrew Wildman has broad experience in commercial real estate including leasing, negotiations, acquisitions/dispositions, development, finance and project management.

Before joining WEST PACES, Mr. Wildman was a tenant and landlord representative in commercial leasing for Carter & Associates, an assistant project manager with Hines Interests in Spain, and an associate with the Capital Advisors Group of Insignia/ESG, responsible for financial analyses and due diligence for all New Jersey projects.

Mr. Wildman’s BA in International Studies from Rhodes College in Memphis, Tennessee was followed with an MS in Real Estate Development from NYU.

JAMES H. WILDMAN

SR. BUSINESS AND LEGAL ADVISOR

Jim Wildman was the Founding and Managing Partner of King & Spalding’s New York office from 1993 through mid-2002, when he retired from the firm. Prior to that, he was the firm’s elected chief executive for four years from 1989 through 1992. Under Mr. Wildman’s leadership, the firm’s New York office grew from its opening in 1993 to nearly 150 lawyers.

Mr. Wildman is a corporate lawyer, specializing in commercial real estate. For over 30 years he represented developers in the construction, financing and leasing of office buildings, shopping centers, apartments and hotels. His clients have also included many U.S. and foreign corporations, financial institutions and high net worth individuals investing equity in real estate assets throughout the United States.

Mr. Wildman has extensive experience in the development, financing and operation of hotels, particularly those in the luxury class. For over ten years after its founding he was the principal outside counsel for The Ritz-Carlton Hotel Company, representing the company as it grew throughout the United States and aboard to more than 30 hotels and sitting on its Board of Directors for a period of time.



Mr. Wildman serves currently on the Boards of Directors of WorldTravel BTI, the third largest travel management company in the United States with $3 billion in revenues, and Park ‘N Fly, the largest off-airport parking company in the country. He also serves on the Advisory Council of Hildebrandt International, a leading law firm consultancy, and is a Trustee of the Alexander von Humboldt Foundation, which awards biannually in conjunction with Johns Hopkins University the prestigious Albert Schweitzer Gold Medal for Humanitarianism.



Exhibit D – Capella Locations

Capella Resort & Spa, Pedregal de Cabo San LucasCabo San Lucas, Mexico

At the southern tip of Mexico’s Baja Peninsula lies what natives call “Land’s End.” Here you will find Cabo San Lucas, home to one of the world’s most perfect climates and all the pleasure of sun, sand and sea. This Capella property will feature a luxury spa, access to the Cabo Marina and numerous championship golf courses, and a private beach with clear views across the Pacific Ocean and Sea of Cortez. Guests will also be in walking distance of the shops, dining and entertainment of Cabo San Lucas village. Capella Pedregal will feature 66 suites as well as 52 homes offered in whole and fractional ownership.

Capella Resort & Spa, CastlemartyrCastlemartyr, Ireland

Located in eastern County Cork, the thriving village of Castlemartyr is just minutes away from the rugged beauty of Ireland’s southern coast. Here, Capella will restore a grand manor house adjacent to the ruins of a thousand-year-old castle. Amenities of this resort will include a world-class spa, Ron Kirby-designed links-style golf course, Library Bar and Billiards Room. Guests will also be able to enjoy carriage tours of the grounds, which are home to a historic chapel, the tomb of the third Earl of Cork and Mitchell’s woods.

Capella Resort & Spa, Dunboy CastleCastletownbere, Ireland

The original stronghold of these premises, Dunboy Castle, was built by the O’Sullivan clan over 600 years ago. Donal O’Sullivan Beara was the last Irish chieftain to forswear allegiance to England, and on this site in 1602, a famous battle took place between 2,000 English troops and O’Sullivan’s followers. Resort amenities include an intimate spa with eight treatment rooms, fine dining, a wine bar and helicopter service to and from Waterville Golf Links and other courses on Ireland’s west coast.

Breidenbacher Hof, a Capella HotelDusseldorf, Germany

Breidenbacher Hof is located on the world renowned Königsallee, known affectionately as the “Kö,” to residents of this historic city along the Rhine. One of the world’s great boulevards, the Königsallee is the elegant heart of Düsseldorf, and the destination of choice for the finest shopping, dining, and cultural amenities - including theater, concerts and historic sites. Capella will lead the rebirth of the legendary Breidenbacher Hof, with a 100-room luxury hotel, superb restaurants, the very best high-end retailers, offices, and serviced residential apartments.

Schloss Velden, a Capella HotelVelden, Austria

The magic of a stay at an Austrian lakeside chateau is truly one of life’s great travel experiences. Now, at Schloss Velden, Capella will spark a return of the grand European hotel



tradition – the ultimate combination of service, luxury, and extraordinary surroundings. Here in Southern Austria’s breathtaking Alpine basin, a historic chateau sits on the banks of Lake Wörther, famous for its distinctive transparent blue-green color. The lake has inspired composers from Brahms to Mahler, both of whom stayed on its shores. The chateau, with a storied history and grand reputation, will feature approximately 100 rooms and suites, in keeping with Capella’s commitment to a scale that insures the ultimate in personal attention to each guest. Thirty rooms and suites will be located in the historic lakeside chateau, along with two world-class restaurants. The chateau is also home to a stunning spa which will feature steam and sauna facilities, 12 individual and couples treatment rooms, a large indoor pool and a spa café. A modern addition to the chateau will provide 70 rooms and suites, as well as private residences, all with extraordinary views of the lake.

Capella Singapore Sentosa Island, Singapore

Located on Sentosa Island, Capella Singapore will have the best of both worlds with access to the heart of Singapore and the lush privacy of a resort surrounded by rainforest. The resort will be generously spread out on 1.3 million square feet of lush rainforest, occupying only 36 percent of the rolling hills. Two existing colonial buildings from the 1880s will form the centerpiece of the resort which will blend traditional Asian materials and themes with contemporary influences. The guest experience will include the choice to stay in Singapore’s largest garden villas and suites. In addition to the ultra-luxurious 110 villas and suites, Capella Singapore will pay special attention to up to 60 guests who elect to live in the resort for up to 60 years. Complementing the villas and suites will be two restaurants, a signature Capella club lounge, a business center, four meeting rooms as well as a spa and fitness center.

Capella Resort & Spa, IxtapaIxtapa-Zijuatanejo, Mexico

At the northern edge of the Ixtapa coast in Mexico lies a crescent shaped bay with incredible cliff views of the Pacific sunsets. Here you will find a great climate and all the pleasure of sun, sand and sea. This Capella property will feature a luxury spa, access to a marina and championship golf courses, as well as a private beach with a Mediterranean flare. Guests will also be within a short drive of the shops, dining and entertainment of the Ixtapa village. This property will feature 59 suites as well as 19 homes offered in whole ownership.

Capella TellurideMountain Village, Colorado

Capella Telluride will be located at the heart of the village of Mountain Village a few steps from the gondola station connecting it with the heart of historic Telluride. Here you will have unparalleled ski-in and ski-out location with easy access to town retail and dinning amenities as well as a majestic golf course in the summer within walking distance. The centerpiece of Capella Telluride will feature an ice-skating rink and a spa with an indoor pool. This property will feature 100 suites and 59 luxurious residences with expansive views of the surrounding mountain peaks.



Exhibit E – Selected Press Releases


capella investment proposal final v10

Documents

west paces hotel group

west paces hotel group

ritzcarlton hotel company

private limited kwee

executive summary

exhibit e

exhibit b detailed overview

summary of key parties