News Release

Watermark Capital Partners, LLC Announces Staff Addition

Chicago, IL - September 15, 2008 - Watermark Capital Partners, LLC, a Lake Forest, Illinois-based private real estate investment firm, announced today that Gil Murillo has joined the company as an Associate. Mr. Murillo will focus on the underwriting and execution of new investments and the asset management of the firm's existing assets.

"We are excited to welcome Gil to the Watermark team", said Michael G. Medzigian, Chairman and Managing Partner of Watermark Capital Partners, LLC. "His strong financial experience and industry knowledge will be valuable as we continue to identify and execute successful real estate investments".

Prior to joining Watermark, Mr. Murillo was an Associate in the Gaming & Lodging Equity Research Group at Citigroup and an Analyst at a boutique investment bank. Mr. Murillo received his Bachelor of Science degree from Fordham University and holds a Master of Science in Real Estate from Columbia University.

Watermark Capital Partners, LLC is a Lake Forest, Illinois based private investment firm that specializes in real estate private equity transactions. Watermark is led by Michael G. Medzigian who has been responsible for over $13 billion of real estate investments and has an exceptional track record of integrity and for sourcing proprietary opportunities, creatively enhancing value and delivering superior risk-adjusted returns to his investors. Watermark's primary investment focus is on assets that benefit from specialized marketing strategies and demographic shifts including hotels and resorts, golf and recreation, resort residential, fractional and club programs, and mixed-use projects. Additional information regarding Watermark is available at www.watermarkcap.com.

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