Procaccianti Converts Holiday Inn Miami Beach to SixtySixty Resort Residences; Condo-Owned Hotel Ninety-Six Percent Sold

Business Wire, August 17, 2005

MIAMI BEACH, Fla. -- The sign outside the Holiday Inn on the corner of Indian Creek Drive and 63rd Street in Miami Beach has been changed to SixtySixty Resort Residences. This former Holiday Inn is currently being converted to a condo-owned boutique hotel, with renovations expected to be complete this fall.

SixtySixty operates exactly like a traditional hotel, however upscale boutique guestrooms can be purchased as condominiums. Currently seventy-seven of the available eighty units have been sold.

The Procaccianti Group (TPG) has owned and operated SixtySixty as a Holiday Inn for over a decade. TPG has significant experience in the hospitality industry--owning and operating brands such as Marriott, Westin, Hilton, Sheraton and more.

Located at 6060 Indian Creek Drive, SixtySixty Resort Residences overlooks and fronts on the Intracoastal Waterway. Several of South Florida's most prestigious addresses are in the same neighborhood in an area known as "Millionaire's Row". Amenities include an outdoor swimming pool and whirlpool with terrace and changing rooms, a restaurant and cocktail lounge, a fitness center, waterside deck on the intracoastal and full hotel services including valet parking, housekeeping, laundry, 24 hour concierge and much more.

"We are very proud of this unique development and all it has to offer," said Michael A. Voccola, Corporate Vice President of TPG. "The resort offers superior amenities including private balconies, fully outfitted kitchens and flat panel televisions; and, with the Intracoastal Waterway on one side and the Atlantic on the other, there are many choices in terms of outdoor activities. Residents are just steps away from golf, tennis and all sorts of water sports. There is also quick access to Collins Avenue and the JFK Causeway which quickly brings all of Miami within reach."

Reservations and information on owning a SixtySixty Resort Residence can be made through the website www.sixtysixtymiamibeach.com.

About the Procaccianti Group

Operating for nearly 50 years, the Procaccianti Group, (www.procgroup.com), is a full-service, privately owned, real estate company that acquires, manages and renovates upscale full-service hotels. The award-winning company is engaged in hotel and commercial property acquisitions, property management, hotel construction and design. TPG, which has been recognized by Hilton, Intercontinental and other major franchisors for its leading hotels, is involved in all aspects of the hotel industry, from finance sourcing, construction and design, to ownership and management. The Cranston, Rhode Island-based company owns and manages 32 hotels comprising nearly 8,000 rooms, as well as more than half a million square feet of meeting and conference space.