Cap Cana Achieves Record-Breaking Sales Figures in Second Phase Opening Over the Weekend; The Dominican Republic Fast Becoming the World's Next Great Destination.

Lifestyle Editors/Business Editors/Real Estate Writers/Luxury

Writers/Golf Writers

PUNTA CANA, Dominican Republic--(BUSINESS WIRE)--June 26, 2003

Now the most successful real estate project in the Caribbean this year and the fastest-selling ever in the Dominican Republic, Cap Cana, the luxury residential community in the Dominican Republic's Punta Cana area, achieved record-breaking sales at their second phase opening over the weekend totaling $58 million (US). Sales figures for the entire project now equal $130 million (US) to date, including $72 million sold at the founder event in May 2002. IMI Resort Holdings, responsible for the sales and marketing of the project, were key to the success of the project.

Weekend sales included 65 Beach & Marina condominiums totaling $30 million in sales, 27 home sites totaling $20 million, and 30 reserved home sites equaling $8 million in sales. Condominiums range in price from $275,000 to $740,000, including membership to the private club, Punta Espada, and home sites from $255,000 to $3,395,000. The group of international buyers came from the Dominican Republic, Puerto Rico, US, Canada, Spain, and UK.

Ricardo Hazoury, president of Cap Cana Group, commented, "We are thrilled that our second offering at Cap Cana nearly doubled our sales goals, breaking all records in the Caribbean. The international group of owners recognize the incredible opportunity they are a part of and the fact that the Dominican Republic is fast becoming the world's next great destination."

"Cap Cana will surely be the finest luxury resort in the Caribbean as it marks the entry of the Dominican Republic into the elite category of the world's finest resort destinations," said IMI Resort Sales Sr. Vice-President Paris Fruscione who oversaw the project.

According to Jack Nicklaus, designer of the resorts' three golf courses, "The owners at Cap Cana can rest assured that the resort is going to offer one of the finest golfing experiences in the Caribbean."

The property, located on the eastern tip of the Dominican Republic near Punta Cana, spans 30,000 acres, including 5.3 miles of ocean front property and 200 foot bluffs. Cap Cana is set to be a year-round vacation destination featuring the Caribbean's largest marina, three Jack Nicklaus Signature Golf Courses, several upscale boutique and full-service hotels, luxury estate residences, marina town homes and condominiums, yacht clubs, beach clubs, health spas and casinos.

IMI Resort Holdings is the leading sales and marketing consultant in the field of luxury resort real estate sales and development. Through its unique marketing and sales programs, the company assists developers in managing both the launch of the new development and the on-going maintenance of existing mature communities. IMI programs help to accelerate the build-out process by providing momentum in the early stages of the development cycle and the potential to sell out a property prior to opening. Each year, the company generates more than $300 million in sales of resort real estate.

For more information on Cap Cana, please visit us on the Internet at www.capcana.com or call 800-785-2198 in the U.S. or our office in Santo Domingo at 809-567-7258 or 809-567-7256.