The Seaway Group provides oversight infrastructure to each of its affiliated operating companies. The Seaway Group and its affiliates are privately owned.

Over the past twenty-two years Seaway Group and its affiliates have achieved an enviable record of owning and managing quality hotels. The affiliates operate four hotels in Florida and one hotel in Staten Island, New York. A new, related element of the Group's hospitality profile is the development and operation by group affiliates of conference center facilities as exemplified by the Conference Center of the Americas -- a state-of-the-art facility with 40,000 square feet of high-tech conference, banquet, and meeting space set at the historical Biltmore Hotel in Coral Gables, Florida.

Together, Group affiliated properties generate annual revenue in excess of $80 million. Seaway Group affiliates provide employment for over 1,250 associates and manage an inventory in excess of 1,100 guestrooms. Total assets for the Seaway Group affiliates are approximately $175 million and their net worth exceeds $100 million.

A primary attribute of Seaway Group is the high degree of flexibility in our approach to business. The Group affiliates include independent hotels and franchise-affiliated hotels, owned properties, and long-term leased properties, urban and beach properties and condo-hotel operations.

Seaway Group and its affiliates are not strategically interested to act just as management for other owners. Although we have operated hotels for others, we believe in ownership or at least long-term control of the assets we manage.

Growth for our system is actively being sought through both acquisition and new development. Additional upscale hotels and resorts are our strategic primary objective in the eastern US and the Carribean where the Group has long experience and extensive human resources.

I invite you to contact us, so that we can explore opportunities of mutual interest.

Sincerely,

T. Gene Prescott
CEO
The Seaway Group

Group headquarters are maintained in Coral Gables, Florida at The Biltmore Hotel office complex. Additional sales and development offices through which the Group provides services to its affiliates are located in New York, Chicago, Boston, Atlanta, Washington, D.C., Denver, other parts of Florida, and Brazil.

Each affiliated property has an experienced executive team on site headed by a General Manager and supported by the critical disciplines needed to operate a hotel effectively. These include rooms division, food & beverage, sales & marketing, accounting and engineering.

Affiliated properties also have Group resources available to them which include:

• Rooms division management with emphasis on yield management
• Sales and marketing guidance
• Information technology
• Food & beverage menu and quality controls
• Purchasing services
• Maintenance assistance
• Capital improvements planning, budgeting and implementation
• Engineering
• Financial support for cash controls, audits, budgets and reporting
• Human resources with an emphasis on hiring and training
• Risk management

Group and affiliated executives have a broad industry experience gained from such industry leaders as Four Seasons, Hilton, Hyatt, Mariott, Radisson, and Ritz-Carlton as well as premier independent hotels like the Broadmoor.