Dallas -- 20 Nov. 2006 --- Cypress Equities, a division of Staubach Retail and developer of Royal Island in the Bahamas, announced today that Kimpton Hotels & Restaurants, one of North America’s leading boutique hotel operators, has been selected to manage and operate the opulent, ultra-elite boutique resort hotel at Royal Island – the firm’s exclusive private island. The project, scheduled to open in 2009, will mark Kimpton’s first property in the Caribbean market.

“Kimpton shares our vision for this unique, ultra-luxurious resort,” stated Roger Staubach, Chairman and CEO of The Staubach Company. “Since this is Cypress Equities’ first resort development, we searched diligently for a company that would offer our guests incomparable service, quality, and hospitality. Kimpton brings that to the table and a great deal more. We are very pleased to partner with them on Royal Island.”

Currently uninhabited, the 440-acre island, when fully developed, will feature an exclusive community of single-family estates tucked into private enclaves, all with ocean views, the boutique resort hotel, a deluxe spa, fine-dining and casual restaurants, a signature Jack Nicklaus golf course, and the first Jack Nicklaus Golf Club – one of only 25 clubs in the world which will be selected by Nicklaus personally and given this special designation. A natural deep-water marina, expected to hold 250-300 slips, will accommodate yachts ranging from 20 to over 200 feet in length. A village center of retail shops and amenities will provide the social hub for the island community. With its variety of attractions, the island is expected to become the premier resort destination in the Bahamas. Royal Island, accessible via boat or helicopter, is situated approximately 190 miles east of Miami near Harbor Island and Eleuthera.

“Royal Island is the ideal location for our first Caribbean project,” said Kimpton CEO and President Mike Depatie. “As the largest player in the burgeoning boutique, lifestyle hotel market, this overseas project is a unique opportunity to introduce our signature style and personalized guest care in partnership with an innovative, highly experienced and respected developer.”

Cypress Equities, the development affiliate of The Staubach Company, announced its purchase of Royal Island in May 2006. Construction on the Royal Island marina is anticipated to start in early 2007. Construction will begin on the golf course, as well as the hotel and homes, by mid-2007.

About Cypress Equities

Formed in 1995, Cypress Equities is the acquisition and development affiliate of Staubach. Cypress Equities focuses on projects ranging in scope from mid-sized (15,000 square feet or larger) to large-scale (1,000,000 square feet or larger) retail centers. With development offices in Dallas, Atlanta, New York, Phoenix and San Francisco, it is an independent company with a dedicated staff that focuses on retail, resort and hospitality development, portfolio acquisitions, build-to-suits, sale-leasebacks and other development services for retail, mixed-use and automotive properties.

About Kimpton

Celebrating its 25th anniversary, San Francisco-based Kimpton Hotels & Restaurants is the first and leading collection of boutique hotels throughout the United States and Canada. Founded by Bill Kimpton in 1981, Kimpton Hotels offers services and design elements focused on care, comfort, style, flavor and fun. Every Kimpton hotel reflects the energy, personality and pulse of its location, history and architectural style. Each property features personalized guest services, comforting in-room amenities, specialty rooms and suites and provides a range of exciting culinary experiences through affiliated top-rated restaurants. Kimpton takes pride in its commitment to social responsibility and leads the hospitality industry in ecological practices through its innovative EarthCare programs. In addition, Kimpton demonstrates a unique dedication to its female guests with the Women InTouch program, offering comfortable and safe environments, in-room fitness and wellness options as well as the company's unique "Forgot It, We've Got It" honor bar, providing essentials that women travelers may have forgotten at home. Among the company's newest properties are the recently acquired Muse Hotel in New York, Nine Zero Hotel in Boston, and Caleo Resort and Spa in Scottsdale. Kimpton debuted the Hotel Palomar in Washington, D.C. in July 2006, and Hotel Palomar Dallas in September 2006. Additional projects are underway in Southern California, Texas, Florida and Virginia. For more information, please visit www.Kimptonhotels.com or call 1-800-KIMPTON.

About Staubach Retail

A part of The Staubach Company, Staubach Retail provides a full range of services including consulting, brokerage, development, capital solutions, and full real estate outsourcing to both owners and users of retail real estate. In addition, Staubach Retail has specialty focus in the areas of automotive, service and convenience, restaurant and entertainment, anchor and junior anchor, food and drug, and fashion and lifestyle retailers. With the largest staff of retail real estate professionals in the country, Staubach Retail combines national coverage with local expertise to give clients a competitive edge in the retail arena. The Staubach Company (www.staubach.com) is the market leading global real estate advisory firm that delivers cost-effective solutions for the users of office, industrial and retail space. It has extensive experience in strategic consulting, site selection, acquisition, disposition, construction consulting / project management, real estate administration, portfolio management, financing and capital solutions. 1,400 people in 64 offices throughout the Americas represent Staubach’s 2,850 clients. At a value of $26.2 billion, Staubach completed more than 6,750 transactions totaling 835 million square feet in the company’s fiscal year ending June 30, 2006. Worldwide, the DTZ Staubach Tie Leung partnership has 12,000 professionals delivering services and solutions to multinational clients.