NOVARE GROUP BREAKS GROUND ON TWELVE CENTENNIAL PARK

ATLANTA – October 31, 2005 – Novare Group Holdings, the Atlanta-based developer of high-rise condominiums in several Southeast markets, broke ground today on phase one of TWELVE┬« Centennial Park, an upscale hotel-condominium in Downtown Atlanta. The development will contain a total of 1,136 units – 1,034 moderately priced luxury condominium homes and a 102-unit all-suite boutique hotel. The first phase will contain 517 condominium units in a 39-story structure and a second structure with the 16-story hotel. Concentrics Hospitality, one of whose primary partners is Bob Amick, the man who brought Atlanta ONE. midtown kitchen, TWO. urban licks, and piebar, will develop, operate and manage the development’s 5,000-square-foot restaurant and bar, Lobby at TWELVE. The first Lobby at TWELVE will open in December at TWELVE Atlantic Station. The development also includes some 20,000 square feet of street-level retail space and more than 12,000 square feet of office space. “What differentiates TWELVE from other condominium hotels is a superior amenity package, ultra high-tech suite of offerings and a fabulous location in the heart of Downtown Atlanta, all for an affordable price,” said Jim Borders, president of Novare Group. The traditional hotel/condominium project, pioneered by luxury hotel chains, generally caters to an older, more settled audience and is most often found in resort/destination locations. However, TWELVE’s target is a younger, more casual professional seeking an upscale residential property with excellent service, advanced technology features and modern design in an urban setting. The hotel portion of TWELVE is intended to complement the residences. Condominium units will be available for pre-sale in the spring of 2007, with expected occupancy in mid-2007. Located at Ivan Allen Jr. Blvd. at W. Peachtree St., TWELVE is in the heart of Atlanta’s vibrant Centennial Olympic Park district – convenient to business, the Georgia World Congress Center, CNN and all the new attractions around Centennial Olympic Park, including the Georgia Aquarium and new World of Coca-Cola. This is the second property in the newly introduced TWELVE brand. The first property at Atlantic Station welcomes new residents beginning in December and hotel guests in February. Novare Group plans to develop other TWELVE Hotels and Residences in selected U.S. cities. ABOUT TWELVE HOTEL “TWELVE Centennial Park will be a more casual alternative for the upscale guest whose number-one focus is a great room and award-winning, innovative cuisine,” said Jim Veil, president, TWELVE Hotels and Residences. “In reality, the hotel rooms at TWELVE will be no different than the condominium residences above, averaging 750 square feet with a full kitchen and featuring technology services not available in the average home. Whether you are in Atlanta for a night or for a month, you are going to want to stay here.” The hotel at TWELVE Centennial Park will include 102 one- and two-bedroom suite-style hotel rooms, each offering the casual comforts of home, including a full-size kitchen equipped with stainless steel appliances, living room area and private balcony in a suite-style design unique to TWELVE. The restaurant, Lobby at TWELVE, will serve a full lunch and dinner menu as well as a modified breakfast menu. Room service from the restaurant will also be available. Innovative technology services and amenities will be featured throughout the hotel, including flat-panel televisions, DVD players and Wi-Fi. Every suite will also be equipped with an innovative technology system called the GHOST (Guest Hotel Operating System Terminal) – a flat-screen computer with a desktop application that allows guests to surf the Internet, check their emails, reference the guest directory or order room service. For guests who prefer to bypass the front desk, the hotel will also feature self-service kiosk check-in and check-out. These innovative technology features will provide guests with the unique ability to customize their service experience. Room rates are expected to begin under $200. An interactive web site (www.twelvehotels.com) provides the best available hotel rates and availability, as well as up-to-date information on the opening of the hotel, event space and restaurant. ABOUT TWELVE RESIDENCES TWELVE Residences, developed by Novare Group, will have access to many of the hotel’s amenities, including room service, in-house restaurant and bar, housekeeping, 24-hour concierge and valet parking. Other condominium amenities include an elevated pool terrace, fitness center, clubroom, controlled-access parking and ultra-high-speed Internet. “What we were trying to create was an unrivaled hospitality company that was designed from the beginning to be wrapped around both a residential and hotel experience,” added Jim Veil. “Many of our residents will simply want the same services that they receive on the road, such as room service and housekeeping, delivered to their condominiums. The boutique TWELVE Hotel’s being a part of the development provides a platform from which to deliver that.” Residences will begin on the seventh floor, offering premium skyline views, with units beginning in the $190,000’s. For more information on purchasing a unit, visit www.twelvecentennialpark.com. ABOUT NOVARE GROUP The primary focus of Novare Group is newly constructed residential high-rise communities with a distinctive urban architecture, rich amenities and quality construction at attractive price points. One of their first high-rise developments, Metropolis, is a 498-unit mixed-use project in Midtown Atlanta that met outstanding market acceptance. The group has several other high-rise projects in Atlanta including Eclipse and Realm in Buckhead, and Spire in Midtown. Novare also has projects underway in Charlotte, N.C.; Nashville, Tenn.; and Tampa, Fla.