Pelican Grand Beach Acquired by Condominium Ventures

Closed on Day the Property Was Purchased

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. October 14, 2008

FT LAUDERDALE, FL, December 5, 2006. During a real estate market phase that has many developers standing on the sidelines, 2000 Ocean Drive, LLC and Condominium Ventures of America (CVA) are moving forward - center stage - right on the beach in Fort Lauderdale.

Consolidated Title Co.'s Jeffrey S. Rosenberg, Esq. announced today that 2000 Ocean Drive, LLC, a subsidiary of CVA, has closed on the purchase of Pelican Grand Beach Resort. 2000 Ocean Drive, LLC assumes ownership of Pelican Grand Beach Resort from the Kruse Family, which opened the property in December 2004. The purchase price was $80 million.

"This was a landmark transaction for my company and for the area," Rosenberg said. "We're used to doing large dealings but this encompassed the most closings we've ever done in one day and certainly was the most sophisticated and unique transaction I've been involved in."

2000 Ocean Drive, LLC also announced it closed on the sale of nearly one-third of the upscale resort's 159 suites on the day it purchased the property. Hotel-condominium ownership opportunities at Pelican Grand initially had been offered under a business agreement with the previous owner.

"Properties like this are rare. Despite what some see as a less than optimum market, Pelican Grand's ownership opportunities have proven so successful because the property is right on the beach in Fort Lauderdale," said Kenneth Harris, President of CVA. "We are thrilled to now own the most unique and exciting resort in Fort Lauderdale - maybe all of South Florida."

In addition to Rosenberg and his operations manager Gary Laufenberg, Ralph B. Bekkevold and his colleagues from the law firm Greenberg Traurig, South Florida attorney Neil Kalis, and Soma Financial handled the sales transaction. The financing was so credible and unique that Soma Chairman of the Board Dale Amos flew from Las Vegas to South Florida to take part in the closing.

According to Harris, he and his partners, CVA Chief Executive Officer Thomas Schmitt and COO William Schmitt, had searched from Boca Raton to Miami to find a property that stood head and shoulders above the rest. He says they found it in Pelican Grand where the character, atmosphere, amenities, comfort and ocean just outside the back door make it truly special.

Literally on the sands of Fort Lauderdale Beach at 2000 North Ocean Boulevard, Pelican Grand Beach Resort is the only hotel-condo located directly on the ocean in Fort Lauderdale. As an existing resort that reflects the atmosphere of the finest West Indies-British Colonial enclaves, it offers an amenity-rich lifestyle that's ready to be enjoyed today.

"We have a beautiful resort that's already in place and entertaining visitors, where people can buy into an exceptional lifestyle," Harris noted. "Fort Lauderdale has miles of beaches, but only one spot where you can purchase a hotel-condominium on the sand - and that's at the Pelican Grand."

Among those who have purchased at Pelican Grand Beach Resort are families who already own primary or vacation homes adjacent to or near the resort. Even professionals who sell real estate for a living are finding Pelican Grand to be especially inviting. Paul McRae, President/Broker of Galleria Collection of Fine Homes, which represents the property, also is one of the new condo-hotel owners.

"Oceanfront properties are vanishing commodities these days, especially a beautiful resort like Pelican Grand Beach that sits right on the sand. There may never be an availability in Fort Lauderdale like this again," said McRae. "This is one of the most inspiring opportunities I've seen in a long time, which is why I purchased at Pelican Grand...as did several of my fellow agents."

Hotel-condo ownership at Pelican Grand Beach Resort combines the luxury and exclusivity embodied by CVA with the elegance and unparalleled resort amenities for which the Pelican Grand already is renowned. Prices range from the $500,000s to $1 million.

Pelican Grand Beach Resort offers hotel-condo ownership opportunities in a variety of floor plans, from deluxe King and Queen hotel-condos to over-sized suites. Private balconies feature breathtaking vistas of the Atlantic Ocean, Intracoastal Waterway and downtown Fort Lauderdale's skyscrapers. Exceptional resort amenities include a Lazy River, poolside lounge, sophisticated North Ocean Grille, The Emporium - an old fashioned ice cream parlor, and spectacular veranda that overlooks the Atlantic Ocean. Ownership may also include the opportunity to participate in optional rental programs.

"Pelican Grand has officially changed hands and, now, the property is a true hotel-condominium with all the benefits that brings," said Harris. "What won't change are the commitment to excellence, attentive service and luxurious amenities that have been hallmarks of this resort since its opening."

Headquartered in Atlanta, Condominium Ventures of America was founded by CEO Thomas Schmitt, President Kenneth Harris, and COO William Schmitt who, for more than 40 years, have been applying their vision to create some of the most unique and successful condominium projects in the U.S. Their thriving communities invite diverse groups of people to enjoy social and recreational activities in luxurious, shared living environments.