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Claire Callen 305/777-7373

OCEANSIDE RESORTS, INC. ANNOUNCES ACQUISITION OF SHERATON CHARLOTTE AIRPORT HOTEL MIAMI BEACH, June 29, 2007 --- Claire Callen, president of Oceanside Resorts, Inc. ("Oceanside"), announced today that Oceanside has acquired the 8-story, 222-room Sheraton Charlotte Airport Hotel located in Charlotte, North Carolina. Oceanside, through its subsidiary Delta Management, LLC will manage the hotel. "Charlotte is a dynamic city and Sheraton is a fantastic, upscale, full-service brand. We are very proud to add this wonderful hotel to our portfolio. We look forward to a long relationship with the people of Charlotte and with Starwood Hotels & Resorts," stated Callen. "The hotel has a lot of great amenities, is in an excellent location and has unlimited potential. In order to maintain a leadership position in the Charlotte market, we plan to conduct a multimillion dollar renovation of the hotel's public areas and guest rooms," announced Callen. "Charlotte has emerged as a major banking and commerce center and we see its future as very bright. We want the Sheraton Charlotte Airport Hotel to be an important part of its continued growth." Located at 3315 Scott Futrell Drive, the Sheraton Charlotte Airport Hotel is ideally situated only two miles from the Charlotte Douglas International Airport, four miles from Charlotte Coliseum, five miles from downtown Charlotte, Bank of America Stadium and the Charlotte Bobcats Arena, and six miles from the Charlotte Convention Center. It is within a short distance of the Verizon Wireless Ampitheater, Concord Mills and the Lowe's Motor Speedway. In addition to its 222 guestrooms and suites, the Sheraton Charlotte Airport Hotel features over 14,000 square feet of flexible meeting space, an outdoor/indoor swimming pool, a fitness center, 24-hour business center, free airport shuttle service, on-site dining and room service, and highspeed wireless internet access. Oceanside Resorts, Inc. is a closely-held real estate acquisition, investment, management and development firm that specializes in hotel and Class A commercial properties. Founded in 1987 and headquartered in Miami Beach, Florida, Oceanside has owned and/or managed over a million square feet of prime hotel, office and retail properties located mainly along the eastern seaboard. Some of Oceanside's holdings include the Bank of America Place in Charleston, SC; the Holiday Inn Miami International Airport in Miami, Florida; and the Fairwind Hotel in South Beach, Florida. The historic Fairwind Hotel is currently undergoing a $18 million renovation and expansion and will reopen in late 2008 as a Kimpton Hotel. -30-


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