Halekulani Corporation Engages Peter E. Shaindlin as Chief Operating Officer

HONOLULU, Aug. 12 Halekulani Corporation, which owns and manages both the Halekulani and the Waikiki Parc hotels on Oahu, has engaged Peter E. Shaindlin to serve as Chief Operating Officer, effective September 1, 2003.

Halekulani In his capacity as Chief Operating Officer, Mr. Shaindlin will be responsible for the future vision, management, operations and financial performance of the Corporation and its properties. Mr. Shaindlin will be based at Halekulani Corporation's offices in Honolulu, and will work closely with the property management teams on a day-to-day basis.

The announcement was made by Mr. Yuri Giga, President and Chief Executive Officer of Halekulani Corporation. Mr. Giga, who joined Halekulani Corporation initially in 1981 and played an instrumental role in furthering the preeminent reputation of Halekulani as well as in enhancing the qualitative and experiential standards for the property, will be relinquishing his current responsibilities and returning to Tokyo to work with Mitsui Fudosan, the parent company of Halekulani Corporation, to explore strategic plans for their extended hotel business opportunities.

Said Mr. Giga, "Peter's extensive experience, together with his well balanced management philosophy, respectful personality and dynamic enthusiasm, will be a significant addition to our management resources and be instrumental in our future business growth. Peter's engagement is particularly significant in that it is the first time Mitsui Fudosan, which is aggressively expanding its business as a real estate solutions and services provider in the global market, has chosen an individual from outside of the Company and Japan to play a leading role in any of its businesses."

Peter E. Shaindlin is an outstanding hospitality industry professional as well as a consummate property management and operations specialist with over twenty-five years of experience. He has established an outstanding reputation for visionary leadership, dynamic management and exceptional financial acumen in the luxury hospitality industry and has achieved international recognition for developing, managing and operating iconic properties. Prior to joining Halekulani Corporation, Mr. Shaindlin was founding principal of Lotus Luxury Group and previously served as Regional Vice President, Caribbean, of Rosewood Hotels & Resorts, Inc., in which capacity he was responsible for the management, operations and sales and marketing of the largest, most acclaimed and profitable portfolio of luxury properties in the Caribbean, which included Caneel Bay, Carenage Bay, Little Dix Bay and Martineau Bay. During this period, Mr. Shaindlin also served as Managing Director of Little Dix Bay, a position he had formerly assumed in 1994.

Said Mr. Shaindlin, "I am honored at this opportunity to lead the legendary and coveted Halekulani and Waikiki Parc hotels into the future. Building upon the accomplishments of Mitsui Fudosan, Mr. Giga and the remarkable staff of these properties, we will continue to offer both returning and first time guests the type of warmth and graciousness that has been established over the years, while continually enhancing our services and amenities and respecting the resorts' traditions and unique character."

Mr. Shaindlin's joining Halekulani represents the culmination of a strategic management initiative that commenced in 2001, the mandate of which was to reassess and evolve its management, operational and performance standards in order to further enhance the level of service and exemplary guest experience, as well as to maintain its leadership role and continue to set new standards of excellence in the luxury hospitality industry and, subsequently, to develop and expand the Halekulani brand and the properties which it comprises. Halekulani recently completed a multi-million dollar refurbishment program that reflects the property's ongoing commitment to accommodate the ever changing needs of its guests and in April, 2003, opened SpaHalekulani, an innovative and soothing spa that transports guests on a cultural, emotional and spiritual journey to uncover the mystical cultures of Asia, Hawaii and the South Pacific. The spa has become the quintessential destination for relaxation and discovery in Hawaii and accentuates Halekulani's rich history and reputation for impeccable service by making spa treatments a hallmark of the guest experience.

Halekulani was just voted among the top five properties in the 2003 Travel + Leisure annual World's Best Awards Readers' Survey. Halekulani ranked fourth in the "Top 100 Overall" category, and came in first in the "Top 25 Hawaii." Halekulani's ratings were higher than any other surveyed property in the United States and Canada. In addition, Halekulani was voted as the "Best Hotel for Service in Hawaii," with ratings that placed the property amongst the top five for service in the United States and Canada. Since its opening in 1984, Halekulani has garnered the travel industry's and media's most prestigious awards and accolades as one of the finest hotels in the world because its standards are among the finest and most exacting in the luxury hotel industry.

Halekulani is a member of The Leading Hotels of the World, Preferred Hotels & Resorts Worldwide and Okura Hotels & Resorts, three exclusive organizations comprised of the finest hotels, pursuing standards and service excellence of the highest quality. Halekulani is managed by the Hotels and Resorts of Halekulani, a brand management division of the Honolulu-based Halekulani Corporation.

Logos, product and company names mentioned are the property of their respective owners.