Boca Resorts, Inc.

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International Guild of Hospitality & Restaurant Managers

501 E. Camino Real
Boca Raton , FL 33432

Phone: (561) 447-5300
Fax: (561) 447-3183

http://www.bocaresortsinc.com/

Boca Resorts, Inc. is an owner and operator of five luxury resorts located in Florida with hotels, conference facilities, golf courses, spas, marinas and private clubs. The Company's resorts include the Boca Raton Resort & Club (Boca Raton), the Registry Resort at Pelican Bay (Naples), the Edgewater Beach Hotel (Naples), the Hyatt Regency Pier 66 Hotel and Marina (Fort Lauderdale) and the Radisson Bahia Mar Resort and Yachting Center (Fort Lauderdale). The Company also owns and operates two championship golf courses located in Florida (the Grande Oaks Golf Club in Davie and Naples Grande Golf Club in Naples) that serve as additional amenities to its resorts, as well as components of its exclusive social club, known as the Premier Club.

The Company previously owned an entertainment and sports business that primarily included the operations of the Florida Panthers Hockey Club (the Panthers) and related arena management operations. This business was sold on July 25, 2001 and, accordingly, the entertainment and sports business has been accounted for as discontinued operations.

Amenities and services at the resorts include conference facilities, golf courses, tennis facilities, spas, fitness centers, marinas, restaurants, retail outlets, swimming pools and other activities and services. The diversity and number of amenities and services at the resorts provide the Company with substantial non-room revenue. For the year ended June 30, 2002, approximately 60% of resort revenue was generated from non-room sources. In addition, these luxury amenities and services allow the Company to maintain premium pricing for its rooms.

In January 2002, the Company completed the new Yacht Club in the Boca Raton. The Yacht Club consists of 112 water-view luxury guestrooms, additional meeting space and reconfigured marina slips. In December 2001, the Company completed a new 50,000-square-foot spa complex and a new golf clubhouse and casual restaurant. The Registry's 395 tower rooms are undergoing a complete renovation, which will include five fixture bathrooms and all new case goods. Edgewater Beach Hotel completed a renovation of all of its tower guestrooms in December 2001 and is expected to renovate most of the remaining rooms by December 2002. The renovation of the Radisson Bahia Mar Resort and Yachting Center is expected to begin in November 2002 and is expected to result in a yachting center with 242 reconfigured boat slips, sized to accommodate larger yachts ranging from 80 feet to 200 or more feet, without reducing the linear rentable feet.

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The data included within the Financial section is solely for information and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly advised to obtain professional advice with qualified individuals or corporations for any investments of funds.

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