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Tribe痴 Purchase of Grand Traverse Resort Completed; Facility Improvements to Begin

4/1/2003

PESHAWBESTOWN, MI � The Grand Traverse Band of Ottawa and Chippewa Indians today announced the purchase of the Grand Traverse Resort & Spa from KSL Recreation, Inc

Representatives from both entities signed closing papers today that completed the transaction. The purchase price was not disclosed.

A series of facility improvements will begin at the Resort immediately, including new health club equipment, tower suite renovations, golf course and grounds upgrades, information technology infrastructure improvements, and all-new laundry equipment. Management is also planning changes to the Trillium Restaurant, as well as facelifts to several areas of the building complex. Capital expenditures through the balance of fiscal year will exceed $1.5 million, and most of the 2003 work will be completed prior to the start of the summer season. Planning continues for additional facility improvements in 2004.

Already among the largest employers in northern Michigan, the purchase of the Grand Traverse Resort is expected to move the Grand Traverse Band into a leadership position among Indian gaming operations nationally, as well as among Michigan tourist destinations. It is believed to be the first time an Indian tribe has purchased a full-service resort in lieu of building its own. Tribal officials said the facility will retain the name Grand Traverse Resort & Spa.

Tribal officials hailed the purchase as an excellent opportunity that will be good for the Tribe and the Grand Traverse Resort.

?Our EDC Board and management worked diligently over the course of more than a year to bring this moment to reality,? said Economic Development Corporation Chairman John Concannon. ?Now our real work begins in finding ways to maximize this investment and other properties in our portfolio.?

?On behalf of all the members of the Grand Traverse Band, I am thankful, proud and enthused about the future,? said Tribal Chairman Bob Kewaygoshkum. ?As one of the first tribes in the United States to open a casino back in 1984, we are again breaking new ground in Native American business with the acquisition of this world-class property.?

In addition to the ownership of the Grand Traverse Resort & Spa, the Grand Traverse Band of Ottawa and Chippewa Indians has been in the casino gaming business since 1984 and also operates other economic development ventures. The Band?s gaming operations include Leelanau Sands Casino in Peshawbestown and Turtle Creek Casino in Williamsburg. The Tribe also owns and operates one small hotel, several restaurants, a conference center and a convenience store.

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