Former Saks Fifth Avenue Veteran Joins Island Capital Group; Affluent Lifestyle Destination Concept to Launch in U.S. Virgin Islands

NEW YORK--(BUSINESS WIRE)--Feb. 16, 2005--Island Capital Group, LLC today announced that it has named former Saks Fifth Avenue marketing veteran Sheri Wilson-Gray to build the brand essence of its Yacht Haven initiative, a new lifestyle destination concept designed for the affluent customer drawn to the boating lifestyle.

Plans are underway for the first Yacht Haven in St. Thomas, United States Virgin Islands (USVI), where a world-class mega-yacht marina will be enriched by an upscale destination center including shopping, dining, entertainment and leisure activities for tourists, yacht owners and residents alike. The facility is directly adjacent to one of the busiest cruise-ship destination ports in the western hemisphere, where almost two million passengers per year come to visit.

"The St. Thomas location is the ideal site to launch our Yacht Haven concept due to its unique location at the very nexus of land, air and water transportation for the entire eastern Caribbean," said Andrew Farkas, Chairman and Chief Executive Officer of Island Capital Group. "The strength of the yachting industry, together with an explosive growth in the mega yacht segment have created an opportunity to build a new lifestyle model around luxury marinas," said Mr. Farkas. Prior to forming Island Capital, Mr. Farkas was the founder, Chairman and Chief Executive of Insignia Financial Group, one of the world's largest real estate services companies that was merged with CB Richard Ellis in 2003.

Sheri Wilson-Gray, former Chief Marketing Officer of Saks Fifth Avenue, will create the core attributes of the Yacht Haven brand. With extensive expertise in building world-class brands, Ms. Wilson-Gray has joined as Executive Vice President and will direct all sales and leasing opportunities to ensure the right selection of stores, entertainment, and accommodations to meet this affluent consumer's needs.

Phase 1 of the Yacht Haven project is scheduled for completion during the first quarter in 2006 and will include approximately 80,000 sq ft high-end retail, 31,000 sq ft office, four waterfront restaurants and an exclusive private yacht club. Twelve luxury condominiums and a variety of marina services are also scheduled during phase 1. Ultimately, the Yacht Haven project will include a conference center, additional high-end retail and a 70-room boutique hotel.

"This is a new twist on the lifestyle destination concept driven by the need for new luxury experiences," said Ms. Wilson-Gray, who will report to Elie Finegold, President of the Yacht Haven project. "I am excited to build this concept with such an accomplished group of real estate professionals."

"We are thrilled to have attracted a seasoned veteran like Sheri with a track record of building strong relationships with luxury brands," said Mr. Finegold. "Sheri has an intimate understanding of this affluent consumer's wants and needs, which will be instrumental in the development of the Yacht Haven concepts."

About Island Capital Group, LLC

Island Capital Group, LLC is a real estate merchant banking firm specializing in real estate development, real estate securities and securitization. The company owns various interests in real estate and real estate securities with an aggregate capitalization in excess of $1 billion. The Company is developing luxury marinas in key locations around the world that will include commercial, entertainment and leisure activities for tourists, yacht owners and residents alike. The Yacht Haven project has been financed by a group of prominent investors led by Andrew Farkas.