�We are thrilled that we can now move quickly forward in launching our partnership with Marty Belz and the Peabody Hotel Group,� said Masa Kasuga, President of New York-based Green Stamp America, Inc. representing the owners of The Excelsior Hotel. �We are pleased to have this opportunity to work with Marty and his talented team on the fulfillment of an exciting vision for this hotel and convention center.

�We look forward to the upcoming renovations and to a long and prosperous relationship between our two organizations - a relationship that we believe will greatly benefit this entire community.� �This was a most amicable process and augers well for the success of our joint venture,� said Martin S. Belz, Chairman/President of the Memphis, Tennessee-based Peabody Hotel Group. �I would like to express my sincere personal thanks to Masa Kasuga, the AP Commission, and the City Board of Supervisors for their hard work, good will and support throughout the negotiations.

�It is a great day for The Excelsior Hotel, the entire Little Rock community, and for all of us who have worked so hard to bring The Peabody Little Rock to reality.�

As previously announced, the Belz-Kasuga partnership will soon commence work on a $20 million renovation and redevelopment of The Excelsior Hotel, including the installation of the traditional marble fountain and Royal Duck Palace for The Peabody Little Rock Ducks.

The renovations, slated for completion by September 2001, will include the luxurious and comprehensive renovation and upgrade of all guestrooms, public areas, restaurants and meeting rooms.

Peabody Hotel Group, a member of Belz Enterprises, a leading United States development corporation, owns and operates 10 hotels: The Peabody Orlando, The Peabody Memphis, Ridgeway Inn, Memphis, TN., Holiday Inn, Boston-Randolph, MA., Hampton Inn, Boston-Natick, MA., The Greenville Hilton Towers, Greenville, SC., Hampton Inn Suites, The Peabody Place, Memphis, TN., and The Peabody Little Rock.

Green Stamp America, Inc., based in New York, NY., is a diversified investment and management company that is actively engaged in a broad spectrum of business activities. Included in the Green Stamp portfolio are ownership and management interests in real estate projects including hotels, commercial buildings, residential developments and golf course developments. Other activities include import and export, marketing services, retailing and more.