Thor Urbana & Commune Announce First-of-its-kind Mixed-use Project in Playa del Carmen, Mexico

New 125-room Luxury Hotel and Beach Club in the Heart of Booming Destination Resort Area to Anchor Major Mixed-use Project: Thompson Playa del Carmen to Open in 2015

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. February 04, 2014

Playa del Carmen, Mexico - February 4, 2014 - Commune Hotel & Resorts will bring its innovative and luxurious lifestyle hotel brand - Thompson Hotels - to Playa del Carmen, Mexico as part of a transformative, mixed-use project from Mexico-based real estate development firm, Thor Urbana, executives from both companies announced today.

Located on the sun-drenched shores of Mexico's Yucatan Peninsula, Playa del Carmen has long featured local shops, fine dining, and exciting nightlife, but only now have world-class hotels and internationally renowned fashion and luxury brands dotted Playa's pedestrian streets.

“Mexico is one of the hottest markets in Latin America,” said Joseph Sitt, Chairman of Thor Urbana. “A combination of both economic and demographic growth, as well as an ambitious reform agenda that is expected to improve education, increase competitiveness, and open the energy sector to private foreign investment, will be very beneficial to Mexico's mid- and long-term economic growth.”

“This project is a powerful combination of luxury hotel, sophisticated dining and nightlife, and well-curated retail in the most privileged location in downtown Playa del Carmen,” said Niki Leondakis, CEO of Commune Hotels & Resorts. “This deal marks our ongoing expansion into resort areas and the growing presence of Thompson-branded lifestyle hotels in Mexico and throughout Latin America. We are honored to partner with Thor Urbana to bring a fresh, innovative concept to Playa that will be compelling to locals and visitors alike.”

Slated to open in 2015, the luxury resort will be known as the Thompson Playa del Carmen. The property occupies two coveted locations in the center of Playa and will feature 125 rooms and suites and distinctive amenities such as a meandering rooftop pool and world-class spa. It will be the only hotel in Playa to have both a central 5th Avenue and beachfront location. The hotel is Commune's second in Mexico following its Thompson Los Cabos project currently under development.

The overall development - which will total more than 300,000 square feet and include international retail, cafes, and restaurants in addition to the Thompson Hotel - will be located in the heart of Playa's famed 5th Avenue, or Quinta Avenida. This 2-mile-long shopping, entertainment and nightlife pedestrian thoroughfare is Mexico's second most trafficked pedestrian street with an impressive daily average foot traffic of between 30,000 and 40,000 people. The hotel's 30,000-square-foot rooftop, where an infinity pool and other amenities will be located, will also host a signature day/night culinary concept, offering panoramic views of the town and Caribbean Sea. The project is Thor Urbana's first in a series of developments in different locations throughout Mexico, including Mexico City, Guadalajara, Los Cabos, among other cities.

“Playa del Carmen - the fastest growing resort town in recent years in terms of GDP per capita, new employment, local population, and tourism - is a vibrant resort destination with an authentic Mexican charm that receives an eclectic mix of visitors from diverse cities in Mexico, as well as from international destinations like the United States, Canada, Europe, South America and Asia,” said Jaime Fasja and Jimmy Arakanji, Co-CEOs at Thor Urbana. “We are very excited to be developing a world-class project in the epicenter of Playa that will offer a fun and unique experience to all its shoppers, hotel guests and visitors.”

Facts About the New Thor Urbana Development

• Located along the renowned 5th Avenue retail corridor, the project includes 345 linear feet of frontage, the longest in all of Playa
• Situated on the most trafficked intersection in Playa, the Project's cross street, Calle 12, boasts the best bars and night clubs in the Riviera Maya
• The project will feature the first branded, lifestyle boutique hotel in Playa, Thompson Playa del Carmen

About Thor Urbana Capital

A real estate development firm formed by Thor Equities CEO Joseph J. Sitt and Mexican developers Jaime Fasja and Jimmy Arakanji. Based in Mexico City, Thor Urbana is a vertically integrated platform that specializes in sourcing, acquiring, developing, repositioning, leasing, managing, and disposing uniquely located retail, office, hotel and mixed-use assets in Mexico's principal urban markets and main avenues. With a management team that has over 120 years of experience developing triple-A real estate properties in Mexico, the United States, Europe, and South America, Thor Urbana is uniquely positioned to capitalize on Mexico's growing real estate market.

About Commune Hotels & Resorts:

Formed in October 2011, Commune Hotels & Resorts is an international, multi-brand lifestyle hotel group comprising the luxury lifestyle Thompson Hotels brand, Joie de Vivre Hotels, a collection of independently branded boutique hotels, and Tommie, a new, youthfully-minded brand launching in 2015. The San Francisco-based company manages more than 40 hotels and resorts and is focused on global expansion, targeting locations in Canada, Asia and Europe. Since its formation, the company has announced its acquisition of and/or management of Chicago's historic Chicago Athletic Association, Thompson Chicago (formerly Sutton Place Hotel), Miami Roosevelt Hotel and The Epiphany in Palo Alto, California, among others. For more information, please visit www.communehotels.com.