| FORT LAUDERDALE, Fla., July 27, 1999 - Florida Panthers
Holdings, Inc. (NYSE: PAW) announced today that its wholly owned subsidiary
has assumed all management responsibilities for the company�s Arizona Biltmore
Resort and Spa property in Phoenix, Arizona. The Arizona Biltmore terminated
its management contract with AZB Limited Partnership on June 9.
David Feder, who will oversee management of the Arizona Biltmore, has
been appointed Senior Vice President Managing Director of the Resort. Feder
has 20 years experience in the hospitality industry and most recently was
Vice President and General Manager of the Boca Raton Resort Club located
in Boca Raton, Florida. Feder previously held management positions with
the Breakers in Palm Beach, Florida, The Plaza in New York and the St.
Francis Hotel in San Francisco.
In response to its termination, the former manager has filed lawsuits
in Arizona state court against the Panthers and its affiliates.
Florida Panthers Holdings spokesperson Stan Smith stated, �The lawsuits
filed by the Arizona Biltmore�s former management are not only without
merit but are an outrageous response to the basic fact that they were rightfully
terminated.�
Florida Panthers Holdings
Business Operations
| The Company�s leisure and recreation business is anchored today by
six unique resorts:
Boca Raton Resort & Club, The Arizona Biltmore, The Registry Resort
at Pelican Bay in Naples, The Edgewater Resort in Naples, Florida, Fort
Lauderdale�s Hyatt Regency Pier 66 Resort Hotel and Marina and Radisson
Bahia Mar Resort and Yachting Center. Each of these properties is
distinctive in terms of location and amenities and cannot be easily replicated
due to land and environmental constraints.
The Company also owns and manages the popular Florida Panthers Hockey
Club. Five years ago, the Panthers played their first game and today they
are one of the most successful teams in the National Hockey League.
In addition to the Hockey Club, the Company owns and operates two ice
skating rinks where thousands of children and adults enjoy various hockey
and skating programs.
The Company also owns 78 percent of the partnership interests in Decoma,
a limited partnership which operates the Miami Arena, current home of the
Panthers Hockey Club.
The Company is developing, building, and will soon operate a new state-of-the-art
arena and entertainment facility. The arena, scheduled to open October
3,1998, and is being paid for primarily through tourist �bed tax� collections.
This arena will be home to the Florida Panthers Hockey Club and will also
be the preeminent venue for other sports and entertainment events in South
Florida.
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