Urgo Hotels Acquires Two-Year Old, Luxury Singer Island Resort, Converts Hotel to Palm Beach Marriott Singer Island Beach Resort & Spa Brand

SINGER ISLAND, Fla. and BETHESDA, Md., Nov. 12 /PRNewswire/ -- Urgo Hotels, a major developer, owner and operator of upscale hotels, today announced the acquisition of the luxury Resort at Singer Island from WCI Communities for $7.1 million. Urgo immediately rebranded and repositioned the 239-suite condo-hotel, converting it to the Palm Beach Marriott Singer Island Beach Resort & Spa. The acquisition included four, three-bedroom residential condo apartments, 14 condo-hotel units, all of the hotel's facilities and amenities including the common areas, restaurants, lounges, conference and function rooms, spa, fitness center, recreational areas, and operating agreements.

"The acquisition and repositioning of the Resort at Singer Island is consistent with our proven track record on selective growth, and signals our intent to step up our acquisition and third-party management programs," said Kevin Urgo, senior vice president of Urgo Hotels. "We have the financial power to acquire and/or joint-venture with others. And, we have expertise and the infrastructure in place to comfortably add more third-party management contracts. We have an active pipeline in the U.S., Canada and the Caribbean. Florida is particularly attractive to us."

Urgo noted that the company has a 25-year proven track record developing upscale hotels that exceed brand standards, and the acquisition, re-positioning, re-branding, and conversion of underperforming properties. The company's strategy had resulted in a portfolio of award-winning properties that consistently out perform their market competitors.

"We purchased this luxury resort, which opened in 2007, out of bankruptcy at an attractive price," he said. "By rebranding and repositioning the property and installing our proprietary management systems, we believe we can make an immediate impact on the property. The economy and the hotel industry remain mired in difficulty over the short term, but we believe the outlook for this resort offers great promise."

The hotel is located on six acres of prime beachfront with 300-foot frontage on the Atlantic Ocean in Palm Beach County, Fla. It is 15 minutes from Palm Beach International Airport and is near the heart of Palm Beach shopping, restaurants, and night life, as well as a multitude of options in nearby Palm Beach Gardens.

Property amenities include an 8,500-square-foot-spa with eight treatment suites and an 1170 square-foot, state-of-the-art fitness center. A lagoon-style, outdoor, infinity swimming pool, highlighted by a two-story waterfall and slide, is surrounded by cabanas and a whirlpool.

Solu, the property's signature restaurant and bar, will feature American grill cuisine and stunning oceanfront views. The Lagoon provides poolside dining, while the Reef provides guests with the opportunity to literally dine on the beach. The Cafe offers coffee, pastries and sundries.

The resort is ideal for business meetings, weddings and social events.

The hotel's 239, luxurious one- and two-bedroom suites feature fully equipped kitchens, with imported granite counter tops, European wood cabinetry, washer and dryer, and stainless steel appliances. All suites offer spacious luxury bathroom, and balconies with views of the Atlantic Ocean and Intracoastal waterways.

About Urgo Hotels
Urgo Hotels, a Bethesda, Md.-based hotel company that develops, owns and operates approximately 20 distinctive and unique hotels and resorts in major markets and resorts in Canada, the Caribbean and the United States. The company develops, builds, and operates for its own account as well as provides third-party management and asset management services. Additional information about the company may be found at www.urgohotels.com.

    Contact:  Jerry Daly or Chris Daly
               (703) 435-6293