Celebrity Resorts and Hanalei Bay Resort Owners Reach Agreement

Kauai, Hawaii, October 11, 2009- Summer-long negotiations between Celebrity Resorts and attorneys representing members of the VOA and AOAO Board of Directors for Hanalei Bay Resort have finally reached an agreement on the management of the resort.

Under the terms of the agreement California-based Trading Places International will assume management duties at the resor, while Celebrity Resorts will continue to own Bali Hai restaurant and Happy Talk Lounge. Celebrity Resorts will also continue to have exclusive rights to market timeshare sales at the resort and to rent unused timeshare weeks.

Timeshare owners and the HOA boards had expressed dissatisfaction with the management by Celebrity Resorts and sought to terminate the contract in early summer of this year, but Celebrity objected and the fight began. TPI was one of 6 companies being considered by the boards.

During a transition period an auditor will review all income, expenses and advances made by Celebrity for both of the association’s financials to generate a final monetary settlement.

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