DC4MS

BelleHavens Expands Through Acquisition Move Industry Benefits from Consolidation Trend as Fewer Clubs Gain Strength and Sustainability

SALT LAKE CITY, UT – March 1, 2007 – BelleHavens Equity Destination Club has collaborated with the management of the Havens Club to acquire approximately 40 Havens members and certain real estate assets. The transaction provides substantial benefits to all parties involved and is consistent with the growth objectives that BelleHavens is pursuing. Coming on the heels of the recent investment by Hunt Realty Corporation, this move further secures BelleHavens’ position among the top ranks of sustainable destination clubs in the industry.

The transaction between the two clubs will allow members of the Havens Club to secure use privileges of the portfolio of properties available to BelleHavens members. (There is no relationship between the two clubs, despite the similarity in name.) The majority of Havens members have submitted letters of intent, providing their collective support for the transaction. The transaction will immediately provide Havens members with the outstanding vacation experiences currently enjoyed by BelleHavens members, and it will enable BelleHavens to accelerate its efforts to secure additional multi-million dollar properties ahead of membership levels.

Although BelleHavens is an equity club, the transitioned Havens members will be absorbed on a non-equity basis, due to the terms on which they joined their previous club. Those members will have the option to upgrade to equity status anytime during the next three years. By converting to equity status, the transitioned members would become owners of BelleHavens’ diversified portfolio of wholly-owned, debt-free real estate. Havens members who do not opt to convert to equity status will still enjoy BelleHavens personalized service and home benefits, albeit with some modified usage rights.

“We saw this as a strategic and beneficial move for both clubs,” says Darin Gilson, President and CEO of BelleHavens. “We welcome the Havens members to the BelleHavens family, and we know they will enjoy the exceptional properties and service that we offer to our members. BelleHavens will benefit from additional properties that will be made available as a result of this transaction, and we’re also pleased to eliminate any brand name confusion between the two clubs in the marketplace.”

“The Havens members are genuinely thrilled about transitioning into BelleHavens,” said Irwin Gross, a Havens member based in Boca Raton, Florida. “During our thorough due diligence we found BelleHavens to be an impeccably managed Club. The high member satisfaction and dedication to providing stellar member service were among the key selling points.”

The membership transition will be completed over the next several days, and the property transitions will be finalized in March. BelleHavens will also announce its next wave of property acquisitions in the coming weeks. Gilson notes, “the destination club industry offers an amazing and sensible alternative for luxury travel and second home ownership. We’re pleased to be a part of this rapidly expanding industry, and we look forward to rolling out additional growth initiatives in the coming weeks and months.”

BelleHavens was launched in late 2004. It is the leading equity destination club and the only member-owned club in the industry. BelleHavens offers members superior asset protection and the opportunity for customized luxury travel experiences. The Club’s private homes are located in popular resort destinations around the world. Current locations include mountain settings such as Jackson Hole, Wyoming in Teton Village and Deer Valley Resort in Utah. Sun, beach and golf destinations include La Quinta, California; Great Exuma, Bahamas; Hilton Head Island, South Carolina; Cabo San Lucas, Mexico; Riviera Maya, Mexico and the Kohala Coast of Hawaii. Members can also take advantage of an urban pied a terre in the heart of Manhattan. All homes feature custom designed interiors featuring locally inspired textiles, artwork and décor, as well as marble baths, gourmet kitchens with professional-grade appliances, and state-of-the-art sound systems and flat-screen televisions. Personalized service is provided by a destination concierge and a team of Member Experience Managers, assigned to each member during their stay. For more information visit BelleHavens | Private Residence Club | Destination Club.