MIAMI, RFR Holding and Tristar Capital announced the closing of $370 million in construction financing to build the new W South Beach Hotel & Residences in the cultural heart of Miami Beach. Hypo Real Estate Capital Corporation is providing financing for construction of the 750,000 square foot, 20-story luxury condo-hotel. The financing of the building is the third loan that RFR Holding has received from Hypo Real Estate Capital and is the single-largest project loan in the Company's history.

David Edelstein, owner of Tristar Capital, said, "We are thrilled with the closing of the construction loan. This is a momentous occasion and a we are incredibly excited to be moving forward on time and on schedule with the project."

W South Beach Hotel & Residences is scheduled to open in late 2008, this 419-unit condo hotel will feature magnificent views of the Atlantic ocean from every room and offer unique amenities, such as the luxurious Bliss Spa(R) and celebrity-magnet Mr. Chow's restaurant, making the W South Beach the crown jewel of Miami's cultural renaissance. Along with Yabu Pushelberg, which also designed the W Times Square and 930 Restaurant at the W Los Angeles, New York City based Kondylis & Partners and Florida-based architect John Nichols of Nichols Brosch Wurst Wolfe & Associates were also chosen to work on the W South Beach. The Related Group is developing the project on behalf of RFR Holding and Tristar Capital. Related Cervera is heading up project sales, with preliminary groundbreaking scheduled for Fall 2006.

About W Hotels | W Hotels is a global lifestyle brand with 21 properties in the most vibrant cities around the world. Inspiring and indulging its guests with thoughtful, refreshing and stylish experiences, signature restaurants, bars and destination spas, W has become the fastest growing luxury hotel brand in the world. Each hotel offers a unique mix of innovative design, comfort and cultural influences from fashion to music to art and everything in between. W's first Retreat & Spa, W Maldives, opened in September of 2006 following a highly successful opening of the brand's first residential property, W Dallas- Victory, in June of 2006. W Residences, offering the W lifestyle at home, have been announced for South Beach, Fort Lauderdale, Austin, Las Vegas, Hollywood, Phoenix, Scottsdale, Philadelphia, Downtown Atlanta, and Hoboken. Internationally, W has announced plans for hotels in Vieques, Barcelona, Hong Kong, Shanghai, Santiago, Athens, Istanbul, Doha, Dubai and Koh Samui. For more information, visit .

About Tristar Capital | Tristar Capital is a real estate company led by dynamic real estate developer David Edelstein. Operating in the New York metropolitan region over the past 20 years, Edelstein has expanded into vibrant markets including South Florida, Las Vegas and the West Coast. With billions in real estate transactions to his credit, Edelstein continues to be a leader in the industry, bringing together premier Wall Street investment banks to execute a multitude of innovative projects. The most outstanding of Edelstein's numerous South Beach investments to date is the historic Lincoln Road pedestrian mall in Miami. Along with his many high rise developments, Edelstein has completed two world-class buildings on New York's famed Central Park West, the Park Laurel and 279 Central Park West. Among the other outstanding projects on the West Coast, Tristar along with RFR Holdings owns and operates the 500,000 square foot Desert Passage shopping mall in the heart of the Las Vegas strip. Additionally, Edelstein is also in the process of developing an 8 million square foot master planned Las Vegas project that will include hotels, casinos and condos along with retail and restaurants. With Edelstein at the helm, Tristar Capital prides itself on its ability to identify undervalued assets creating landmarks of enormous value.

About RFR Holding | RFR Holding is a privately held Manhattan-based real estate investment, development and management company wholly owned by Aby Rosen and Michael Fuchs. Established in 1991, RFR controls approximately seven and a half million square feet of prime office space in Manhattan, one and half million square feet of retail space in Manhattan, South Beach and Las Vegas, as well as 2,500 luxury residential apartments in Manhattan. The office and retail portfolio grew through acquisition and repositioning of existing properties in prime New York City locations and includes such premier buildings as 375 Park Avenue (The Seagram Building) and 390 Park Avenue (Lever House). The residential portfolio, comprised of luxury Manhattan apartments, has been established primarily through new construction. RFR Holding has a full service platform with construction, property and asset management and leasing companies within its organization.

Related | Related is a fully integrated real estate firm with divisions specializing in development, acquisitions, finance, property management and sales. With over $10 billion worth of completed real estate assets and another $7 billion of development in the pipeline, Related stands as the most prominent privately owned real estate company in the country. Founded in 1972 and headquartered in New York City, Related has become synonymous with architectural excellence throughout the country and has major developments, partners and offices in Miami, Chicago, Los Angeles, San Francisco and Boston. Related's historic development of the $1.7 billion, 2.8 million square foot Time Warner Center has transformed Columbus Circle into one of New York City's premiere destinations. Related is also the largest shareholder in CharterMac, the country's largest financier of affordable housing in the United States, with approximately 250,000 units in 44 states. For more about Related, please visit: / .