MANDALAY BEACH ANNOUNCES CHANGE IN OWNERSHIP

Destin, Florida, Thursday, January 15, 2004~A 50% interest in Mandalay Beach Resort, a 154 unit condominium complex now under development on Panama City Beach has been purchased by Jim Adams, President of Adams Holdings, LLC. The announcement was made by Frank Kovach, President of Resort Investments, Inc. and Co-managing Member of Mandalay Beach LLC.
Kovach said, “We are delighted to have Jim Adams as a partner in Mandalay Beach and as a member of our development team. We know his experience and leadership will add great value to our development.”
Adams will join Kovach as Co-managing Member of Mandalay Beach LLC. Adams as been developing condominiums and residential real estate in the Destin area for the past 20 years. His developments include over 1000 residential and condo units at Mainsail, Pelican Beach, The Terrace, Gulf View, The Destin Towers and Caribe.

Kovach also announced, ” We are also pleased to announce that Hunter Harman, formerly with Arvida at WaterColor will become the Director of Marketing and Development for Mandalay Beach Resort. His responsibilities will include Marketing, Sales and coordination of development efforts for the project.” Hunter is a licensed Real Estate Broker and has many years of experience, having previously served as Broker for The Terrace and Pelican Beach.

Adams stated, “I am happy to be a part of this development team. The West End of Panama City Beach is a terrific place for this type of development. The Mandalay Beach with 185 feet on the beach is an excellent location and is only a few miles from the recently announced WaterColor North development, Carillon Beach and the new Pier Park development. Also, it is located just minutes away from the highly rated Sharks Tooth Golf Course and Camp Creek Golf Course which are two of this area’s finest courses.”

Mandalay Beach is a proposed 16-story condominium development located on Laguna Beach. Mandalay Beach Resort has sold over 70% of its proposed 156 units representing approximately $40,000,000 in sales since inception.

Adams said, “Sales of additional units are currently on hold. We are redesigning the units and floor plans which will increase the size of the existing units by an average of 20%. Also, this new design will offer all units direct Gulf views plus increased amenities. We expect this new design to sell out quickly after release to the public early next year.

Mandalay Beach Resort has made application for development permits and hopes to begin construction in summer, 2004. The $60,000,000 development has retained Bayne Collins as architect and will be furnished by Resort Interiors of Destin, Florida.

Resort Investments, Inc., parent company to Resort Interiors, specializes in home furnishings, interior design, real estate, and development. Located in Destin, Florida, the firm can be reached at 1-850-837-6886.

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