Blackstone Group to Acquire Boca Resorts

Boca Resorts, Inc. ,
an owner and operator of luxury resorts in Florida, announced today that
it had signed a definitive merger agreement to be acquired by an affiliate
of The Blackstone Group for $24.00 per share. The price represents a
premium of 28% over yesterday’s closing price of $18.76. The total value
of the transaction, including debt, is approximately $1.25 billion. The Board of Directors of Boca Resorts, Inc. has approved the merger
agreement and recommended that its shareholders approve the Agreement.
Shareholders will be asked to vote on the proposed transaction at a
Special Meeting that will be held on a date to be announced. The Company’s
Chairman and Chief Executive Officer, H. Wayne Huizenga, who holds
approximately 98% of the Company’s vote, has agreed to vote his shares in
favor of the transaction, consistent with the recommendation of the Board
of Directors. The transaction is subject to shareholder approval and other
customary conditions and is expected to be completed in late 2004 or early
2005. The Annual Meeting of the Company’s shareholders, scheduled for
November 4, 2004, has been postponed pending the outcome of the
shareholder vote to be held at the Special Meeting.

In commenting on the transaction, Mr. Huizenga noted, “During the past 8
years we have been fortunate to successfully operate a group of the most
distinctive hotel and resort properties in the United States. Our
experienced senior management and seasoned staff have been responsible for
growing our business while enhancing the reputation of Boca Resorts, Inc.
as the owner of one of the most guest-oriented collection of properties in
the lodging and hospitality industry.” Mr. Huizenga added, “South Florida
is one of the most important markets in this industry and to thousands of
vacationers, business travelers, and meeting planners, our properties
personify the South Florida Experience.”

Jonathan D. Gray, Senior Managing Director at The Blackstone Group said,
“We are excited to be part of this world-class collection of resorts,
which brings with it tremendous employees and loyal club members. We look
forward to continuing the Company’s tradition of re-investing in its
properties, as we did during our previous ownership of the Savoy Hotel
Group in London.”

Stephen A. Schwarzman, President and CEO of Blackstone, added: “Our long
history and expertise in managing prestige hotels around the world will be
invaluable in working with management to enhance the value for everyone
involved in this quality group of hotels and resorts.”

Deutsche Bank Securities, Inc. and Allen & Company LLC acted as financial
advisors to Boca Resorts, Inc. in the transaction and Bear Stearns,
Citigroup and Merrill Lynch advised The Blackstone Group. Acquisition
financing is being provided by Bank of America, Bear Stearns and Merrill
Lynch.
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