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January 11, 2008

The Abaco Club on Winding Bay undergoes ownership restructuring

By Pardhasaradhi Gonuguntla

ABACO, The Bahamas – Announced today, The Ritz-Carlton Hotel Company, LLC and Peter de Savary, founder and chairman of The Abaco Club on Winding Bay, A Ritz-Carlton Managed Club, restructured the ownership of the 534-acre property. Mr. de Savary’s investor group sold the remaining interests to an affiliate of The Ritz-Carlton – RC Abaco Holding Company, Ltd. – however, de Savary will remain involved in The Club as chairman.

Since The Ritz-Carlton’s entry into this secluded residential development in mid 2006 as both operator and a financial partner, the property’s growth and service evolution have been carefully planned to raise The Club experience to the next level of island luxury, and yet protect its unique character. With this transition, both signature Ritz-Carlton touches and expanded real estate development will be realized.

“My wish to develop a sporting retreat in the Abacos has been fulfilled with The Abaco Club,” said de Savary. “I am very proud of what we have created here, and particularly of the wonderful team of people who make the commitment every day to provide an exceptional experience for our Members. Now, with the restructuring, The Ritz-Carlton will continue with our plans and deliver a luxury lifestyle as only they can.”

“I will carry on in my role as chairman,” continued de Savary. “Though my team and I are currently developing several other projects in the Caribbean, I remain devoted to the staff and Members of The Club, as well as The Bahamas. The country’s allure kept me here for 31 years, and my passion for Abaco has grown through the development of The Club.”

“The Abaco Club is a stunning property,” said Peter J. Watzka, executive vice president and chief operating officer for The Ritz-Carlton Development Company, LLC (a Ritz-Carlton affiliate). “When Peter first approached us in 2005 to partner with his group, we quickly saw the property’s potential. Peter had a vision that collectively, we have refined over time. We look forward to unveiling the results of this work in the coming months.”

About The Abaco Club on Winding Bay, A Ritz-Carlton Managed Club Located on Abaco in The Bahamas, The Abaco Club on Winding Bay, A Ritz-Carlton Managed Club is an island sanctuary coupled with Founder and Chairman, Peter de Savary’s vision and the legendary service of The Ritz-Carlton. This 534-acre retreat offers estate home lots, cottages, cabanas, and golf and social memberships, all of which provide Members and Guest Members with a calming respite to escape from the modern world. Diversions are plentiful including: the world’s first Scottish-style links golf course in the tropics (designed by Donald Steel

The Abaco Club Undergoes Ownership Restructuring / 2

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and Tom Mackenzie), clubhouse, dining, spa, tennis courts, and fitness and equestrian centers. Snorkeling, diving, deep sea fishing and flats fly-fishing are also part of the Club’s available activities. Serviced by cities in Florida and Nassau, Bahamas, Abaco is easily accessed by commercial airlines or private jet to Marsh Harbour Airport. For those with private planes, The Abaco Club has its own terminal, inclusive of The Bahamas Customs and Immigration services. For information, please visit www.theabacoclub.com.

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