Hard Rock and Nexus Announce Palm Springs Hotel Development

Hard Rock's Tenth Hotel Epitomizes Innovative Redevelopment Efforts in Palm Springs and Reinforces t

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. October 14, 2008

DECEMBER 6, 2006. Hard Rock International announced today that it has entered into a management contract with the Nexus Companies for the development of a condominium-hotel project in Palm Springs, California. The Hard Rock Hotel Palm Springs, a luxury property to be located in the heart of downtown, symbolizes continued efforts by community stakeholders to infuse new excitement and energy into downtown Palm Springs and reflects Hard Rock's strategy to accelerate expansion of the brand into hotels and casinos the U.S. and worldwide.

Hard Rock Hotel Palm Springs, Hard Rock's tenth hotel property in operation or development, will offer its owners and guests the ultimate rock star experience: first class style and substance with a unique rock vibe. An "urban resort" destination, the property will consist of 450 spacious luxury residences with a sophisticated style and design inspired by Palm Springs' profound architecture and scenic mountain backdrop. The property will feature an array of first-class resort amenities, including a 20,000 square-foot Rock Spa revitalization center, signature restaurants and bars -- developed with sophisticated nightlife partners -- and a dramatic destination pool presenting the next evolution in the Hard Rock vibe.

"Palm Springs has historically attracted the Hollywood elite who flocked to the community to see and be seen in its nightclubs, country clubs, hotels, pools and restaurants and, now, Hard Rock is excited to anchor a new era in this upscale, sophisticated urban resort," said Hamish Dodds, president and CEO, Hard Rock International. "The development of Hard Rock Hotel Palm Springs advances our expansion of the Hard Rock Hotel brand and we are eager to collaborate with the City and its residents. We have an operating platform that delivers a unique business advantage to real estate investors while simultaneously maintaining our focus on the environment, our employee partners and the wider community."

In addition to leisure travelers, Hard Rock Hotel Palm Springs will provide renowned levels of customer service for business and convention travelers through state-of-the-art business facilities and meeting space. With 40,000 square feet of planned meeting facilities, the property will provide attractive new options for corporate travelers and meeting planners who demand the most up-to-date technology set within flexible spaces.

"Our newest property will offer the signature experience of each Hard Rock Hotel: an upscale, contemporary design; signature restaurants; a sophisticated nightlife; superior customer service; luxury spas and, the distinctive thread that combines them all -- music," said Trevor Horwell, Vice President, Hard Rock Hotels. "For more than 10 years, from Chicago to Orlando and Bali to San Diego, Hard Rock Hotels and Casinos have been offering guests the ultimate rock star experience -- luxurious style and substance with a unique rock vibe designed to provide unforgettable experiences."

Hard Rock Hotel Palm Springs reflects a local vision to create a new kind of resort experience. The Palm Springs City Council granted Nexus exclusive rights to negotiate the acquisition of six acres adjacent to the expanded Palm Springs Convention Center for the development of Hard Rock Hotel Palm Springs. The hotel will be located at the corner of Tahquitz Canyon Way and Calle El Segundo, across the street from the Convention Center in the heart of downtown. Nexus has since entered into contracts for the acquisition of an additional four acres which, with the city's owned parcel, will amass a 10-acre development tract in the most prized location of downtown Palm Springs. Under the plan, construction of the new hotel could start in early 2008, with an approximate opening date of late 2009.

"We have great confidence in the City and people of Palm Springs and with the development of the Hard Rock Hotel we want to continue our growing personal and business alliance," said Cory Alder, President of The Nexus Companies. "Hard Rock Hotels provides guests with a mix of luxury and lifestyle delivered in its unparalleled style and culture. Palm Springs, with its rich legacy to Hollywood, world renowned architecture and distinct desert setting has been doing the same for decades. We believe this is a perfect match and good news for all of Palm Springs," said Rich Meaney, a Principal in the project, with Nexus.