Ultra-Luxury Condo Hotel Construction Finacing

Fort Lauderdale, Florida (January 7, 2003) – IAG Florida, Inc., a prominent commercial real estate development and brokerage firm based in Ft. Lauderdale, announces the closing of financing and start of construction for The Atlantic, a 124-unit ultra-luxury hotel condominium being developed on Ft. Lauderdale Beach. The $60,000,000 project will be operated as a Starwood Luxury Collection property. In addition to arranging construction financing, IAG Florida is also the development manager for the condo/hotel. Stiles Construction is the general contractor.

“This transaction heralds the start of a dramatic transformation of Ft. Lauderdale Beach”, noted Mark Ellert, President of IAG Florida. “Together with Luxury Resorts International, owner of the project, we have overcome tremendous development and financing obstacles but now are well on the way to creating the City’s first true boutique luxury hotel:” Adds Ron Muzii, Director of Brokerage Services, “Because ALC is extensively involved as principals in this emerging form of hospitality development, our brokerage division is extremely knowledgeable in arranging condo/hotel financing, which helped overcome the numerous additional lender issues this type of financing poses.”

IAG Florida, Inc. provides development, mortgage and real estate brokerage services for hospitality, living & lifestyle real estate products. The firm recently completed development of the Ft. Lauderdale Renaissance Hotel and is developing the Regent Winter Park Hotel, Spa and Residences in Orlando, FL.. Associated with IAG Florida in Miami, a full service real estate investment banking firm, IAG Florida provides clients with the integration of financial, operational and real estate development skills, all of which are essential for success in today's hospitality industry.