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Grand Residences by Marriott Announces New Panama City Beach Real Estate Offering

Condominiums Situated on One of the Final Parcels of Land in the Bay Point Community

Press Release: Grand Residences by Marriott
July 26, 2005
PANAMA CITY BEACH, FL -- Grand Residences by Marriott, an innovative second home ownership brand within Marriott International, Inc. (NYSE: MAR), announced yesterday development plans for one of the last remaining parcels at Bay Point in Panama City Beach, Fla. The bay and golf view condominiums, Grand Residences by Marriott at Bay Point, are proposed to include 65 two- and three-bedroom residences surrounded by a wildlife sanctuary along the emerald waters of Grand Lagoon. Reservations for sales are scheduled to commence on August 13.

Grand Residences by Marriott offers carefree, luxury living with the rare pairing of panoramic golf and water views. Pricing for these unfurnished residences currently starts in the upper $500,000s. Construction completion is targeted for April 2007.

"We are excited about the uniqueness of this project," said Stephen P. Weisz, president, Marriott Ownership Resorts, Inc. "Grand Residences by Marriott at Bay Point will offer luxury living complemented by the beauty of the exclusive Bay Point community. Combining these attributes and the unprecedented growth of the real estate market, we anticipate brisk sales."

Offering multiple interior selections from a standard appliance package to fully-furnished residences, owners can personalize their condominiums ranging in size from approximately 1,600 to over 2,200 square feet of living space.

Residence features include:

    *  Nine-foot and limited ten-foot ceilings with crown molding
    *  Blend of tile flooring and carpet throughout
    *  Gourmet kitchens equipped with GE Profile appliances
    *  Granite countertops with under-counter sink

Additionally, owners can enjoy the convenience of the public amenities within the community, including: Bay Point Marina, the Kingfish restaurant and Limes Bar & Grill at the Bay Point Marriott Resort, as well as dining at Bay Town's 30 Degrees Blue.

For information, please call 866.915.5665 or visit http://www.marriottgrandresidences.com

Grand Residences by Marriott provides innovative second home options through fractional real estate offerings and select whole ownership opportunities. Designed for regional second home destinations, Grand Residences by Marriott is dedicated to providing carefree property ownership through Marriott management expertise.

MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company with more than 2,600 lodging properties in the United States and 65 other countries and territories. For information or reservations, please visit http://www.marriott.com

Source: Grand Residences by Marriott