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Press Release

Deerhurst Resort in Muskoka Purchased By Skyline Hotels & Resorts

Canada NewsWire

TORONTO, March 3 /CNW/ - Skyline Hotels & Resorts, a division of Skyline International Development Inc. has bought the 425-room landmark Muskoka resort, Deerhurst, in Huntsville.

Skyline, which is headquartered in Toronto, acquired Deerhurst Resort one of Canada's most significant pieces of resort real estate to come on the market this decade, from an advisory client of Hartford, Connecticut's Cornerstone Real Estate Advisers LLC, who has owned Deerhurst since 1998.

Terms of the hotel sale, which closed March 2, were not revealed. Management and staffing at the property remain unchanged.

"For our guests, our group meeting clients and our colleagues, it's very much business as usual throughout Deerhurst Resort," said General Manager Joseph Klein.

"New ownership, particularly by specialists like Skyline Hotels & Resorts, is exciting because it brings a new vision and different opportunities," Klein noted.

"While we work with Skyline to research, plan and capitalize on Deerhurst's potential, our collective focus as hoteliers is, and will remain, offering that real retreat that makes Deerhurst and our Muskoka destination such a draw for so many."

Skyline Hotels now has an ownership interest in over 1,100 hotel rooms in Southern Ontario. Key assets that the company owns and operates also include downtown Toronto boutique properties the Cosmopolitan Hotel and the Pantages Hotel, plus Horseshoe Resort in Barrie, and Toronto's King Edward Hotel, managed as a Le Meridien Hotel by Starwood.

"Given our strategic locations, growing collection of hotel assets, existing land banks and hospitality expertise, Skyline is now ideally positioned to extend and develop uniquely attractive destination communities surrounding Ontario's largest urban area," said Kevin Toth, President & COO, Skyline Hotels & Resorts.

Their affiliate, Skyline Destination Communities, is a market leader in recreational community development with the waterfront master-planned Port McNicoll, the resort community at Horseshoe Valley, and potential enhancements to the Deerhurst community.

"Skyline is committed to being the premier operator and developer of Ontario destination resort communities. And we look forward to introducing several exciting developments over the coming months," confirmed Michael Sneyd, CEO of Skyline International Development.

Initially, plans for the 760-acre Deerhurst Resort purchase will focus on condominium potential and presenting 95 existing serviced residential lots surrounding the top-rated Deerhurst Highlands golf course to the market.

In its 115-year history, Deerhurst has earned renown for serving as host venue for the 2010 G8 Summit, being the forerunner of Muskoka's emergence as a major Canadian golf destination, and as the place where Shania Twain performed right before launching her recording career.

About Skyline International Development

Skyline International Development Inc. ("Skyline") is a real estate and development investment company founded in Toronto in 1998 by Gil Blutrich, Ernst and Young's 2004 Entrepreneur of the Year. The Skyline Group of Companies is Canada's leading creator of lifestyle enhancing properties, with a portfolio that includes the Pantages Hotel Toronto Centre, the Cosmopolitan Hotel, The King Edward Hotel, Horseshoe Resort and the Port McNicoll community development. In 2008, Skyline purchased the land for the development of the Skyline Tower, which will comprise 624,000 square feet of office and condo suites in the heart of downtown Toronto. Skyline's shareholders are two public companies, Mishorim & ILDC, both of which trade on the Tel-Aviv stock exchange (MSHR, ILDC). For more information go to www.skylineinvestments.com

About Deerhurst Resort

Although Deerhurst Resort emerged on the world stage when it welcomed leaders like Obama, Sarkozy, and Merkel as host venue for the 2010 Group of Eight Summit, the lakeside retreat has been evolving into an Ontario landmark throughout its storied 115 year history. The 425-room Muskoka hotel also encompasses 45,000 sq. ft. of meeting venues, two 18-hole golf courses, a spa, an extensive waterfront, a live stage show, a private airstrip, Adventures in Excellence teambuilding and the most on-site activities of any resort in Eastern Canada. A founding member of the Savour Muskoka culinary trail, Deerhurst is the only resort in North America to produce both its own maple syrup and wildflower honey, as well as shiitake mushrooms, herbs and other foraged produce on property, one hallmark of its commitment to local sustainability. To plan your getaway, meeting, reunion and more visit www.deerhurstresort.com

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