The resort, situated around ruins of an ancient fishing village and natural brine tidal ponds fronting Kahuwai Bay at Ka�upulehu, was established in 1965 by John M. �Johnno� Jackson as a retreat for his family and wealthy associates who flew in on the property�s private airstrip. 

Kona Village has 125 individually thatched roof cottages throughout the resort on the Big Island of Hawaii.  The legendary property is known for its beautiful crescent beach and 82 acres of pristine tropical vegetation.  The Kona Village Resort is one of a kind in Hawaii, with the bungalows in the authentic style of several Polynesian cultures.

Greg Rice, Director of Development of Ty Warner Hotels & Resorts said �This upscale retreat will be very synergistic with our current hotels in Santa Barbara.  The company is reviewing seven building sites in Cabo slated for luxury hotels to find the best site to build the most luxurious and intimate resort in the Cabo market.�  Mr. Rice stated that �With these Properties, we will offer the most comprehensive collection of romantic properties catering to the affluent California market.�

Bruce Baltin, Senior V.P. of PKF Consulting said of the transaction, �It is a unique resort catering to the discriminating customer looking for a different experience than the typical hotel. This property typifies the kind of unique trophy properties which Ty Warner has been collecting.�

Fred Duerr, General Manager of the Resort since 1975, said of the transaction, �The entire staff feels indebted for the commitment shown to us and to the Resort by Kona Village Associates these past fifteen years.  We look forward to keeping The Kona Village the very special place that it has been and are excited by the new opportunities that Ty Warner Hotels & Resorts brings.�
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Ty Warner is ranked by Forbes Magazine as the 30th wealthiest individual in the U.S. with a net worth of six billion.  He is known for his generosity, most recently donating six million dollars to the Andre Agassi Charitable Foundation for his underprivileged children�s school in Las Vegas.  He also completed an 8.1 million dollar building fund for the Ty Warner Sea Center in Santa Barbara, California.  Recently, Mr. Warner donated soft toys valued at Y300 million to promote a Red Cross Blood Drive in Japan.

About Ty Warner Hotels & Resorts, LLC

Ty Warner Hotels & Resorts was founded and is solely owned by Ty Warner.  Properties owned by the company include the Four Seasons New York located on 57th Street.  This Hotel was designed by I.M. Pei, the world renown architect who also designed the Miho Museum in Kyoto Japan, and the Pyramide du Louvre in Paris France.  Other properties include the 75 year-old Four Seasons Biltmore in Santa Barbara and the romantic San Ysidro Ranch retreat which sits on 500 acres in the affluent Montecito community in beautiful California.  Mr. Warner also owns the magnificent Sandpiper golf course which is situated on a Pacific Ocean bluff.  All of the properties are currently involved in extensive renovation programs according to Mr. Warner�s vision.

About Ty Inc.:

Founded in 1986 by Ty Warner, creator of the wildly popular Beanie Babies®, Ty is the world leader in the sale of plush toys. In Japan, collectors have been known to wait in line overnight to purchase some of Ty Inc.�s exclusive new releases.  In addition to the Beanie Babies® line which is celebrating its 11th anniversary, the company�s product line includes: Beanie Buddies®, Classic®, Beanie Boppers®, Punkies®, Pluffies® and Teenie Beanie Boppers®. The Ty Heart Logo® recognized around the world, can be found on all Ty products available at finer specialty gift retailers. Visit Ty on the Internet at http://www.ty.com.

Greg Rice
Ty Warner Hotels & Resorts
(805) 695-8887, Ext. 21