July 8, 2003

CONTACT:

Jeanne Datz – Hilton Hotels
310.205.4070
Bill Ross – Espirito Santo Plaza
305.371.3500
Sean Brickell
800.333.6397

FOR IMMEDIATE RELEASE:


ESPIRITO SANTO PLAZA AND CONRAD HOTELS
ANNOUNCE MIAMI LOCATION
Starts Hilton’s Luxury Brand’s North American Expansion

MIAMI – Espirito Santo Plaza and Conrad Hotels* today jointly announced what is expected to be the start of an expansion of Hilton’s luxury brand in the United States. The agreement to manage the 225,000-square-foot hotel brings the $180-million building to approximately 40 percent leased.

The 203-room Conrad Miami in Espirito Santo Plaza is the first new-build, free-standing Conrad hotel in the U.S. When it opens in January, 2004, the hotel will join other luxury Conrad properties in such world-class destinations as London, Hong Kong, Bangkok, and Brussels.

Conrad always has been on our extremely selective list of most desirable hotels,? said Bill Ross, president of Estoril, Inc., the developer of Espirito Santo Plaza, ?so we’re obviously excited to have signed with them.

Our vision for Espirito Santo Plaza always was to secure a hospitality operator with a worldwide reputation for excellence. Our other goal was to introduce a new luxury hotel option to South Florida. Conrad Miami fulfills both objectives.?

Conrad is know for outstanding service for both business and leisure travelers. The hotels provide the finest accommodations, excellent restaurants, fully equipped health clubs and sophisticated conference and meeting facilities.

Dieter Huckestein, president of hotel operations, owned and managed for Hilton Hotels Corporation, said, “As a key part of our Conrad global development strategy, through management contacts, we are delighted with this forthcoming opening, which will further establish our luxury hotel management expertise through the Conrad brand.

The success of re-branding the Waldorf Towers in New York City, Conrad’s first property in the United States, was closely watched by the industry. Now is the ideal time to grow the Conrad portfolio in North America.?

Future Conrad management agreements in the U.S. are in various stages of negotiation in San Diego, Indianapolis, Seattle and Las Vegas.

Espirito Santo Plaza’s spectacular architectural design and quality,? noted Mr. Huckestein, ?is a perfect match for Conrad Hotels.?

Mr. Ross explained, “The main building entrance takes visitors across a bridge over a dazzling pool and a garden walk alongside upscale retail outlets.

A magnificent sky atrium welcomes hotel guests on the 26th floor, which hosts the hotel lobby, restaurant, lounge and bar. It separates the contemporary 203 hotel guest rooms from the building’s 116 serviced luxury condominiums, of which a third already are reserved.

A superbly equipped health and fitness center complements the two outdoor tennis courts and an impressive swimming pool.?

Mr. Huckestein added, “In line with other award-winning Conrad hotels, the Conrad Miami has an excellent business location. On Brickell Avenue, in the financial district, it is just minutes from the Port of Miami, Coconut Grove and the Bayside Market Place – also ideal for shopping and dining. Key Biscayne and Miami International Airport are just 15 to 20 minutes from the hotel.

Conrad guests also benefit from Hilton’s worldwide reservation system and its highly acclaimed guest loyalty program, Hilton HHonors.?

Espirito Santo Plaza’s Class-A office space also will house headquarters for Espirito Santo Bank of Florida, which will occupy 70,000 square feet when it opens in December, 2003. Other announced tenants include Weil, Gotshal & Manges LLP with 29,000 square feet; the French Consulate; Holly Real Estate; Stewart Legal, P.A.; and Subway.

A 12-story parking garage is included.

Espirito Santo Plaza is 36 stories tall, with 1.2 million square feet located on a full city block at 1395 Brickell Avenue. The building’s innovative architectural design is by the New York office of the international firm Kohn Pederson Fox.

# # #


© 2001 - 2003 Estoril, Inc. Miami, Fl.