The Plaza Companies and Classic Residence by Hyatt to Purchase Silverstone Site

Companies Plan to Develop Luxury Continuing Care Retirement Community

CHICAGO, IL, NOVEMBER 08, 2005

The Plaza Companies and Classic Residence by Hyatt, award-winning leaders in luxury senior living, have entered into a joint venture and reached an agreement to purchase a 35-acre parcel in Silverstone. The land is part of a 160-acre upscale mixed-use development located at the southeast corner of Scottsdale Road and Pinnacle Peak Parkway in North Scottsdale, Arizona. The Plaza Companies and Classic Residence by Hyatt plan to develop a luxury continuing care retirement community (CCRC) on the site with approximately 270 independent living residences and an on-site care center offering assisted living, Alzheimer's/memory support care, and skilled nursing care. Closing is expected to occur in mid 2006.

This will be the second joint venture for The Plaza Companies and Classic Residence by Hyatt, who currently own and operate a luxury CCRC located at 7501 E. Thompson Peak Parkway in Scottsdale. That community, which opened in 1999, is sold out of the 260 independent living residences and maintains a strong wait list. The Plaza Companies is also developing Splendido at Rancho Vistoso, a luxury senior living community in the Tucson region.

"We are delighted about this opportunity to bring another luxury CCRC to Scottsdale," said The Plaza Companies President and CEO Sharon Harper. "Silverstone is an area of upscale, innovative ideas, and the design and program will be an exciting opportunity for senior adults."

"Classic Residence by Hyatt's distinctive services and amenities will now be available to even more older adults who want to live in Scottsdale," said Classic Residence by Hyatt President Randy Richardson. "Our innovative culinary and wellness programs and beautiful design represent the very best in senior living."

The Plaza Companies is an award-winning leader in the development, acquisition, and management of senior living communities, medical properties and the co-developer of the recently announced Arizona State University Scottsdale Center for New Technology and Innovation. The company portfolio includes 3 million square feet of space in Scottsdale, Avondale, Anthem, Glendale, Goodyear, Peoria, Phoenix, and Tucson, Arizona. For more information, visit http://www.theplazaco.com/.

About Classic Residence by Hyatt
Classic Residence by Hyatt is a national leader in luxury senior living that currently owns, manages, and markets upscale senior living communities in Scottsdale, Ariz.; Monterey, Calif.; Palo Alto, Calif.; San Diego, Calif.; Aventura, Fla.; Boca Raton, Fla.; Hollywood, Fla.; Lantana, Fla.; Naples, Fla.; Plantation, Fla.; Pompano Beach, Fla.; Glenview, Ill.; Chevy Chase, Md.; Reno, Nev.; Teaneck, N.J.; Yonkers, N.Y.; Hilton Head Island, S.C.; and Dallas, Texas. Classic Residence by Hyatt’s three newest continuing care retirement communities are under development in Highlands Ranch, Colo., Dallas, Texas and Scottsdale, Ariz. A major expansion is underway in San Diego, Calif. Classic Residence by Hyatt communities have earned honors for being among the nation’s finest, including Platinum, Gold and Silver Achievement Awards from the National Association of Home Builders 50+ Housing Council. The toll-free corporate number is 1-800-421-1442, and the company’s Web site is at http://www.hyattclassic.com/.