Private Investment Partnership Acquires Award-Winning Caneel Bay, a Rosewood Resort

DALLAS--(BUSINESS WIRE)--May 11, 2004--

Rosewood Hotels & Resorts to Continue Management of Property Under Long-Term Agreement
 
Rosewood Hotels & Resorts, the premier manager of ultra-luxury hotels and resorts throughout the world, announced that Equis Financial Group and Roebling Advisors LLC, in partnership with Rosewood Hotels & Resorts, have acquired the renowned Caneel Bay Resort from Deutsche Bank. As part of the transaction, Rosewood has entered into a long-term contract to manage the property, and has made an investment in the property.

"We are thrilled that Caneel Bay will remain in the Rosewood family of unique and treasured hotels and resorts the world over," declared John Scott, President & Chief Executive Officer, Rosewood Hotels & Resorts. "Rosewood has a deep and long-standing relationship with this historic property and we are dedicated to preserving the service and product that Caneel Bay guests have experienced since its opening in 1956. Caneel Bay, within a 5,000-acre Virgin Islands National Park on the island of St. John, remains faithful to the vision of founder Laurance Rockefeller and to his reverence for the environment."

The resort was purchased by CBI Acquisition LLC, whose principal shareholders and investors include, Gary D. Engle, President and Chief Executive Officer of Equis Financial Group, Howard F. Guja, President and Chief Executive Officer of Roebling Advisors LLC, who has been involved with some of the nation's largest residential and commercial real estate transactions, and Rosewood Hotels & Resorts.

"For almost 50 years, Caneel Bay has remained one of the most revered resorts in the world and we are honored to become a part of the resort's history," said Howard F. Guja. "We not only look forward to carrying on the long standing tradition of service and style that marks the resort, but also to investing in the resort to ensure that the property enjoys the same success in the coming decades as it has in the past," said Gary D. Engle.

Headquartered in Dallas, Texas, Rosewood Hotels & Resorts includes The Mansion on Turtle Creek and Hotel Crescent Court in Dallas; The Carlyle in New York; Las Ventanas al Paraiso in Los Cabos, Mexico; Hotel Seiyo Ginza in Tokyo; King Pacific Lodge on Princess Royal Island, British Columbia; The Dharmawangsa in Jakarta, Indonesia; Al Faisaliah Hotel and Hotel Al Khozama in Riyadh, Saudi Arabia and a triumvirate of world-class Caribbean properties - Little Dix Bay on Virgin Gorda; Caneel Bay on St. John and Jumby Bay on Antigua. For information on Rosewood Hotels & Resorts, call 888-ROSEWOOD, or www.rosewoodhotels.com.