TOURNAMENT PLAYERS COURSE OF CANCUN ANNOUNCED

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Ponte Vedra Beach, Florida, December 1, 2003

The PGA TOUR and Buena Vista Hospitality Group announced today that they have entered into a license agreement for a new Tournament Players Course in Cancun, Mexico.

The TPC of Cancun will be the centerpiece for the first phase of a gated residential golf community of over 2,000 acres to be known as La Roca Country Club. The TPC of Cancun golf course is being designed by PGA TOUR member Nick Price, who was recently inducted into the World Golf Hall of Fame. Construction of the golf course and the infrastructure of the residential areas are scheduled to begin March 2004. The TPC of Cancun is expected to be ready for play during the third quarter of 2005.

The PGA TOUR will provide technical assistance to the developer and operator of the TPC of Cancun, Buena Vista Hospitality Group-Mexico (BVHG-Mexico), an international resort and golf club development and management company.

The TPC of Cancun will take its place among the clubs within the PGA TOUR's TPC Network, says PGA TOUR Golf Course Properties President Vernon Kelly. We are excited to bring to the Cancun area the quality golf experience that has established the TPC Network as a leader in the industry.

The Tournament Players Course of Cancun has been designed to challenge golfers of all skill levels. With the generous amount of land at our disposal, we will have the opportunity to create a golf course with a great deal of variety and interest that will provide golfers with an enjoyable golf experience, said Price, who has 18 PGA TOUR and 24 International victories to his credit, including two PGA Championships and a British Open Championship.

We are very excited about our relationship with the PGA TOUR and what it will mean for golf in Cancun, said Colin Wright, Senior Golf Partner for Buena Vista Hospitality Group. Our BVHG-Mexico team led by Santiago Badessich has done a remarkable job in making the La Roca project a reality.

Watch for additional information on the TPC of Cancun on www.pgatour.com and on the Buena Vista Hospitality Group's website, www.bvhg.com, and on Nick Price's website, www.nickprice.com.

About the TPC Network
The PGA TOUR's TPC Network is a collection of Tournament Players Clubs (operated by the PGA TOUR) and Tournament Players Courses (PGA TOUR Licensed Facilities) that represents a commitment to service and excellence unsurpassed in the golf industry.

Overseen by TOUR subsidiary PGA TOUR Golf Course Properties, Inc., the TPC Network continues to expand, with more than 30 facilities open or in the development stage. Throughout its history, the TPC Network has maintained the high standards that set it apart from other golf facilities. Whether private, daily fee or resort, each TPC embodies the traits that have been a trademark since the TPC at Sawgrass first opened its world-renowned Stadium Course in the fall of 1980. The TPC Network website is www.TPC.com.

About Buena Vista Hospitality Group
Buena Vista Hospitality Group (BVHG), a Tampa, Florida based international resort and golf club development and management company that got its start in the early 1970s. BVHG has managed renowned projects in the U.S.A. including PGA National Resort & Spa in Palm Beach Gardens, Fla.; LPGA International, home of the Ladies Professional Golf Association (LPGA), Daytona Beach, Fla.; and the Buena Vista Palace Resort & Spa, Walt Disney World Village.

Internationally, the company is the developer and operator of the 36-hole TPC-Cancun project in Mexico, and the exclusive licensee of the PGA (United Kingdom) for the branding of PGA International Resorts in Europe and the UK. Buena Vista Hospitality Group has project developments in the UK, Spain and Croatia that will carry the PGA International Resort branding. Other international projects are located in France, Canada, Italy, Cyprus and the Dominican Republic. The European operations are headquartered in Central London.

BVHG has successfully provided a full range of development and management services for more than 50 hotels, resorts, golf communities and clubs globally. More information about BVHG can be found at www.bvhg.com.

For more information about the International Plaza Resort & Spa, visit the official website at www.InternationalPlazaResortAndSpa.com. For the Vista Club Hotel, visit www.VistaClubOrlando.com.

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