Coastal Const./Nichols, Brosch and Sandoval Announce A 'Sweetheart' of a Real Estate Deal...Prominent Miami Businessmen Purchase Valentines Resort and Marina in The Bahamas.

Business Editors/Travel Writers/Real Estate Writers

MIAMI--(BUSINESS WIRE)--Feb. 12, 2003

Two prominent South Floridians have fallen in love with the Bahamas and have closed a sweetheart of a deal to show their commitment.

Miami builder Tom Murphy, Jr., President of Coastal Construction Group, and architect John R. Nichols, President of Nichols, Brosch and Sandoval, have purchased Valentines Resort and Marina in Harbour Island, a longtime yachting, fishing and scuba diving destination among the "yacht-set." Long time developer Harper Sibley Sr., one of the original developers of Key Largo's Ocean Reef Club also joins Murphy and Nichols as an investor in the project. The resort and marina will be operated by investor and hospitality veteran Harper Sibley, Jr.

Located just north of Eleuthera and 240 miles southeast of Miami, Harbour Island is one of the most picturesque Out Islands of The Bahamas. Called the "Nantucket of the Bahamas," Harbour Island offers fine accommodations, restaurants, boutiques, nightclubs and three miles of powder-pink sand beaches and turquoise seas. The town's 19th century buildings are painted in pastel colors, with charming white picket fences and hilly streets that are reminiscent of New England. Guests may fly via commercial or private air service from Miami, Fort Lauderdale, Palm Beach or Nassau to North Eleuthera Airport, then take a five to seven-minute water taxi ride to the island.

Valentines Resort and Marina was rebuilt in 1999 after Hurricane Floyd, and today consists of a 9-room hotel, restaurant and 39-slip marina. It is one of several acclaimed operations on Harbour Island, including noted properties such as Pink Sands, Coral Sands, Dunmore Beach Club, Runaway Hill and the Romora Bay Club.

Murphy and Nichols are highly experienced in resort and residential real estate design and construction and have combined their talents to create several successful South Florida hospitality projects including all three Ritz Carlton Hotels in Miami and portions of Ocean Reef Club in Key Largo.

Murphy and Nichols plan to enhance the existing Valentines Resort and Marina by immediately building a new waterside restaurant, bar, dive shop and marina facilities. Plans also call for 46 new condo/hotel units to be constructed in four separate two-story buildings. "In keeping with Harbor Island's heritage, the one and two story pastel painted condo-hotels will feature covered front porches with rocking chairs, dormer windows, steeply pitched roofs, wood siding, and dark hardwood floors," says Nichols.

Prices for units will begin at $390,000 for studio suite and will range up to $720,000 for a two-bedroom suite.

"One of the things that makes Valentines Resort and Marina so special," adds Murphy, "is that we have the only deep-water marina on the island. That is highly appealing to yachtsman, sailors and sportsfisherman." In fact, Valentines is the only marina in the Central Bahamas offering true deep-water access and dockage capable of handling mega-yachts up to 175 feet with a draft of 13 feet.

Murphy's Coastal Construction is a family-owned company with more then 30 years construction experience from Key West to Tampa. The award-winning company operates in five divisions: Coastal Construction, specializing in hospitality, commercial, industrial and academic projects; Coastal Homes, building one-of a kind ultra high-end homes; Coastal Condominiums, active in the construction of mid and high-rise condominiums; Coastal Government Services, which focuses on the institutional market; and Coastal Interiors specializing in building interiors of fine homes, offices and commercial spaces.

Nichols founded NBS in 1967 and today leads a firm that is nationally recognized for its design of hotels, resorts and mixed-use projects throughout the United States, the Caribbean and Mexico. NBS has been involved in the planning and design of hotels and resorts encompassing over 30,000 hotel rooms, and has worked with Hyatt, Marriott, Hilton, Ritz-Carlton, Four Seasons, Loews, Sheraton, Westin, Grand Bay Hotels, Diplomat Hotels, etc., as well as numerous European and Asian operators such as Nikko, ANA Hotels, and Rafael Hotels. The firm's clients include boutique five-star hotels, island destination resorts, commercial / business hotels, and large urban 700 to 1,500 room convention hotel complexes.