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NEW DESTIN AND BEACHES OF SOUTH WALTON LODGING

Redfish Village, located on the corner of Highway 83 and 30A, is home
to 80 condominiums, a village plaza marked by casual dining spots
and unique boutiques, and the Icehouse, a multi-level building that
takes its inspiration from original outbuildings found in coastal fishing
villages.

The village will feature scenic trails and wooden boardwalks through
the dunes and beside Redfish Lake. Landmarks will include an open-
air gathering place, a restaurant with bar, and the Redfish Village
Beachwalk – an owners-only private gateway and vista to the white-
sand beaches of the Gulf of Mexico. Other amenities include a private
owners' lounge with a sunlit reading room, a pool, an amphitheater,
and a children's play garden. Retailers will include The Aesthetic
Clinique, BeachWalk at Redfish Village, Lee’s Famous Recipe, PJ's
Coffee and Planet Smoothie, Seering's Piano Bar and Wachovia Bank.

Hidden along the Beaches of South Walton on Florida’s Gulf Coast,
Sanctuary at Redfish offers guests spectacular views of the Gulf of
Mexico and Redfish Lake.  In addition, more than half of the resort’s 14
pristine acres have been left undeveloped to preserve the natural
vegetation, making it one of the most serene and private properties on
Florida’s Emerald Coast.

Additional property amenities include a fitness center with spa
treatment room, covered parking, virtual indoor golf, a heated outdoor
pool and whirlpool and walking trails. All guests staying at Sanctuary
at Redfish also receive membership privileges at Kelly Plantation,
featuring the Fred Couples championship golf course.  

On Scenic Highway 30-A in Rosemary Beach, Hotel Saba continues to
take shape. The new boutique hotel, scheduled to open in the
summer of 2007, will include 56 guestrooms, a restaurant and bar,
conference center, business center, exercise room, outdoor pool and
underground parking. Located in the heart of Rosemary’s growing
Town Centre, Hotel Saba rooms all have outdoor balconies with a
view of Rosemary Beach's Western Green and the gulf, pool or town
village.

Alys Beach is the newest development on Highway 30-A offering a mix
of town homes, courtyard houses, multi-family homes, family
compounds and villas, all inspired by Antiguan patio houses,
Bermuda compounds, and Mediterranean courtyard apartments.

The town will also employ the best available urban design and
architecture techniques to create a sustainable development that
provides a harmonious relationship between humans and the
environment. Combined with the pedestrian-friendly, mixed-use plan,
these techniques will limit the need for automobiles and offer ample
walking space in the numerous public parks, greens and plazas, and
swimming pools within walking distance of each home.

What sets Alys Beach apart is the environmentally conscious building
practices and systems, including geothermal heating and cooling
systems, natural storm drainage and soy-based spray-foam
insulation. Homes also will be certified as “Fortified,” or disaster-
resistant, by the Institute for Business and Home Safety, making Alys
Beach the first “fortified” community in the United States.

Sandestin Golf and Beach Resort continues to grow with the addition
of four new properties bringing the resort’s total accommodations to
1,800. The first tower opened in July 2006. The second tower of Luau,
a two-tower Asian-inspired condominium building housing 243 suites
and the first beachside rental condominium built since 1997, is slated
to open Feb. 1, 2007.

Elation, a 100-unit luxury condominium with sleek, modern
furnishings, is planned to open in summer 2007 in The Village of
Baytowne Wharf. Elation is adjacent to Bahia, Lasata and The Grand
Sandestin in the Village and caps the planned accommodations in the
mixed-use Village space, which now totals approximately 650 units.

Improved Lodging on the Gulf
The renovation project at the Hilton Sandestin Beach Golf Resort &
Spa is underway and will offer guest luxurious upgrades in new
“Hilton Sandestin Deluxe Rooms.” The $3.4 million redesign will
transform 216 rooms with elegant new furnishings, a soothing blue
and green color palate, state of the art media center, flat screen
televisions, premium quality bed linens and patio upgrades with new
outdoor furniture.

Also under a four-month renovation is the 155-suite Embassy Suites
Hotel-Destin at Miramar Beach which is refurbishing its guest suites,
restaurant, atrium, business center, exercise room and meeting
space.
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