ATLANTA — June 8, 2006 — As cities around the United States experience a resurgence, condominium sales at TWELVE SM Hotel & Residences Centennial Park (TWELVE Centennial Park), a development of Novare Group Holdings, LLC, indicate continued strong demand for intown living in Atlanta. As of today, half of the 517 residences in the development’s first phase are under contract. The halfway milestone was reached just a little more than six weeks after sales began on April 20.

“We are very pleased with the reception TWELVE Centennial Park has received, and we absolutely believe that it is the value proposition for this community that is driving the sales,” said John Akin, Novare senior vice president, who has led development on the project. “Proximity to Downtown, Midtown and the Centennial Park area, as well as the hospitality amenities that residents will enjoy, makes high-rise residences at these price points an exceptional value.”

The 517 residences currently being offered are part of the first phase of the development, which also includes a 102-suite TWELVE Hotel, 12,800 square feet of street-level retail, 12,500 square feet of office space and 5,000 square feet of restaurant/bar space. The Residences at TWELVE Centennial Park include the features for which Novare Group is well known—contemporary architecture, floor-to-ceiling glass windows, large balconies, kitchens with granite and stainless steel finishes, 10-foot ceilings, 24-hour concierge services, a full array of high-tech features including ultra-high-speed Internet access, private elevated park with swimming pools, an upscale fitness center and clubroom. Additionally, with TWELVE Hotel as part of the development, residents also have access to services seldom found outside the luxury tier—housekeeping, car valet and room service direct to their homes from the hotel’s restaurant.

Located at West Peachtree Street and Ivan Allen, Jr. Boulevard, TWELVE Centennial Park is in the heart of Atlanta’s Centennial Olympic Park district. “TWELVE Centennial Park brings hundreds of new residents to Downtown Atlanta, as well as adding vibrant hospitality and retail components,” commented A.J. Robinson, president of Central Atlanta Progress and the Atlanta Downtown Improvement District, which advocate for the well-being and economic momentum of Downtown Atlanta. “This project supports all that we envision for the future of our growing neighborhood. This kind of sales demand sends strong signals about the viability of living in Downtown.”

TWELVE Centennial Park is the second development of Novare Group’s TWELVE Hotels & Residences subsidiary. The first development, TWELVE Atlantic Station, welcomed its first residents in December 2005, while the hotel component opened in February 2006. The hotel was recently named to Condé Nast Traveler’s 2006 “Hot List” of world’s hottest hotels, one of only 15 hotels across the U.S. to be selected. The 380 residences at TWELVE Atlantic Station sold out in less than 90 days.

The sales center for TWELVE Centennial Park is located at 817 West Peachtree Street, Suite E-105, on the ground floor of The Biltmore. For more information, visit the website at www.twelvecentennialpark.com or call the sales center at (404) 961-8889.

About Novare Group
Novare Group is a leading developer of high-rise residential communities in urban markets, with more than 5,000 condominium units under development in Atlanta, Austin, Charlotte, Nashville and Tampa. Elevating urban living to a new standard, the Company’s high-rise communities feature contemporary designs, rich amenities, and cutting-edge high technology features at attainable price points. For more information, please visit the Company’s Web site at www.novaregroup.com.

About TWELVE Hotels & Residences
TWELVE Hotels & Residences combines a premier boutique hotel with upscale urban condominiums, offering condominium homes at attractive price points and hotel suites at business rates. The coexistence of hotel and condominium creates synergies in amenities and services that are seldom found outside the luxury tier. The company was established in 2004, under the umbrella of Novare Group Holdings, LLC, a leading developer of high-rise condominiums in several US markets. For more information, visit www.twelvehotels.com.