Panoz sells resort property, does not affect PMSG

PANOZ SELLS ST. ANDREWS BAY RESORT

Braselton, Ga. - Scott Atherton, President and CEO of Panoz Motor Sports Group, confirmed today that Dr. Don Panoz has sold his St. Andrews Bay Resort - one of three resort properties that Panoz and wife Nancy have developed.

"I think it is important to make very clear, however, that Don's hospitality holdings and the motorsports group are completely autonomous," said Atherton. "This is simply a case of a very successful businessman acting on a good opportunity that was right for Don and his family at this time.

"We want to confirm that there is nothing for sale within the motorsports division. This sale pertains to one of Don's hospitality holdings. Motorsports is entirely removed from this part of Don's business, and this transaction has no bearing on the Panoz Motor Sports Group."

St. Andrews Bay, one of Scotland's top five-star resorts, was conceived, built and operated by Panoz since its opening in 2001. The purchase was made via a partnership agreement between Apollo European Real Estate Fund II, L.P. and Fairmont Hotels and Resorts, one of the world's premier hotel and resort corporations that will manage the property.

While the purchase figure was not announced, Apollo and Fairmont have committed to a 10 million pound refurbishment program that will include guest rooms, public areas, meeting rooms and technology upgrades.

For more information: www.apollorealestate.com or www.fairmont.com.

-alms/imsa-