GINN RESORTS ASSUMES OPERATIONS AT OLD BAHAMA BAY

Grand Bahama Island, The Bahamas, Jan 9, 2007 – Ginn Resorts today announced the signing of an option and management agreement with West End Resorts Limited that puts the company in control of the resort operations, sales and development of Old Bahama Bay Resort & Yacht Harbour located at West End, Grand Bahama Island.

The agreement includes the 142 acres of resort land and undeveloped property, a 63 slip marina, restaurants, marine store and resort amenities.  Effective immediately, Ginn Resorts assumes the operations of hospitality, real estate sales, marina operations and the resort’s 73 guestrooms and suites, including the resort’s 175 employees.

Ginn Resorts is currently developing Ginn sur Mer, a 2,000 acre resort community adjacent to Old Bahama Bay that will contain more than 4,400 condominium and hotel units, nearly 2,000 single family residential homesites, Signature golf courses designed by Jack Nicklaus and Arnold Palmer, clubhouses, two large marinas, a private airport, a Monte Carlo-style casino, water and swim pavilions, a beach club and a spa.  It will serve as Ginn Resort’s flagship Caribbean development.

Bahamas Minister of Tourism and Member of Parliament for the West End constituency, The Honourable Obie Wilchcombe welcomed the acquisition, saying “Whilst we appreciate that Old Bahama Bay has managed to maintain the economy in the last few years, the Ginn Resorts takeover will certainly add to the opportunities for Bahamians and catapult West End almost immediately to a higher quality and acceptance in the resort community.”

Bobby Ginn, President and CEO of Ginn Resorts, said of the purchase “The addition of Old Bahama Bay to our resort portfolio will enhance our member and guest experience and add great value to the future development of Ginn sur Mer.  This management agreement allows us to further deliver on our promise to create not only a world-class resort destination, but a revived economy for the West End community.”

About Ginn Resorts
Ginn Resorts is a privately-held resort development and management firm specializing in exclusive leisure lifestyle and vacation destination communities. The firm owns and operates communities across the United States and the Caribbean. Headquartered in Celebration, Fla., the firm’s principals have more than three decades of experience in creating large-scale, master-planned resorts and recreation-oriented communities. For more information, visit www.ginnresorts.com or call (321) 939-4700.