Andrew Dolce, Chairman and Chief Executive Officer of Dolce International, said �After four and a half years of managing Skamania Lodge, we are fortunate to partner with DLJ Real Estate Capital Partners in acquiring this property. Our first act will be to rename and reposition the property as �Dolce Skamania Lodge.�  Dolce Skamania Lodge will join our impressive portfolio of conference destinations throughout North America and Europe.� 

Mr. Dolce continued, "This summer we will begin a $15-million expansion and renovation of the resort that will grow the property to 254 guestrooms and 35,000 square feet of total meeting space while also greatly enhancing the connectivity of the property.  When completed, this property will feature all branded Dolce International standards of service, and Dolce Skamania Lodge will be the premier conference destination in the Pacific Northwest.�

The additional 15,000 square feet of conference space being added to Dolce Skamania Lodge will consist largely of mid-size meeting rooms, breakout rooms and boardrooms located in a two-story extension of the existing conference wing. A Technology Resource Center, featuring numerous computer workstations, will also be constructed in the conference wing and available to guests 24 hours a day. 

In addition to the construction of 59 additional guestrooms, the 195 existing guestrooms will be completely renovated and upgraded to provide Internet access. The River Rock Lounge, the property�s casual bar and restaurant, will also be significantly expanded. The expansion and renovation project is scheduled for completion in the fall of 2002.

Just 45 minutes east of Portland International Airport in the majestic Columbia River Gorge, Dolce Skamania Lodge was built in the Cascadian-style and is appointed with Pendleton fabrics, Arts and Crafts-style furnishings, and stone and timber indigenous to the Pacific Northwest. The Lodge also boasts a significant Northwestern art collection featuring numerous Native American pieces, petroglyph oil rubbings by Jeanne Hillis, and carvings by Roy Setziol.

The conference resort also offers an array of leisure amenities including the 18-hole Golf Course at Dolce Skamania Lodge that weaves through the designated Columbia River Gorge National Scenic Area; a complete fitness center with spa services; an indoor pool; tennis courts; and an outdoor Jacuzzi featuring panoramic views of the Gorge. Three different nature trails, mountain biking trails, and horseback riding trails offer opportunities for guests to enjoy the resort�s magnificent surroundings. The U.S. Forest Service Information Center, located in the lobby, also provides maps, directions and booklets of numerous area nature excursions including Mt. Hood, Mt. St. Helens and Multnomah Falls. 

DLJ Real Estate Capital Partners is a dedicated team of real estate merchant banking professionals focused on opportunistic real estate investments throughout the world.  DLJ Real Estate Capital Partners is responsible for the global real estate private equity business of CSFB Private Equity, the private equity arm of Credit Suisse Group.  DLJ Real Estate Capital Partners has forty professionals located in New York, Los Angeles, London, Tokyo, and Denver, with $2 billion in capital under management.

David Weil, co-chairman of DLJ Real Estate Capital Partners, said, �We are thrilled by the opportunity to partner alongside Dolce International.  Skamania is truly an irreplaceable asset with exciting growth potential.�

Dolce's co-investment with DLJ Real Estate Capital Partners is part of Dolce's strategic direction to co-invest with prominent U.S. investment banking firms to acquire properties in North America.  Dolce recently completed a deal with Soros Real Estate Investors, C.V. which provided Dolce with a souce of capital for such strategic investments.

Dolce Skamania Lodge is one of a growing portfolio of prestigious conference hotels, conference resorts and private/corporate centers in the United States, Canada and Europe.