Hotel Business and Related Assets in Florida

Auction Sale of substantially all of assets of the 550 Seabreeze Development LLC. The company is the owner of a partially completed, 12 story resort hotel to be known as the “Las Olas Ocean Resort” located at 550 Seabreeze Boulevard, Fort Lauderdale Florida (the “550 Property”). Upon completion, the 550 Property will have 136 rooms, public areas, a salon, fitness and meeting rooms, as well as a state of the art automated 4 level (approximately 260 car) parking garage. The company also owns (i) certain items of personal property, including construction materials, that it acquired for the completion of construction of and for use in the 550 Property, and (ii) certain architectural drawings, plans and governmental permits (collectively, the “Personal Property”).