MIAMI, FL - May 30, 2002 - Orlando based ZOM Development, Inc. will break ground this week to restore and expand the historic Victor Hotel, located on Ocean Drive in the heart of Miami's vibrant South Beach. The new Victor Hotel will open to guests in Fall 2003.

The hotel will be owned and developed by ZOM, which recently completed the 35 story Waverly residential tower in South Beach and will be operated by Chicago based Hyatt Hotels Corporation. ZOM Development Inc. has won numerous regional and national awards for design and development excellence.

The original Victor Hotel, designed by Art Deco architect L. Murray Dixon, originally opened in 1937. The projects revival has been pursued by many over the last decade, but now made reality through the collaborative efforts of Steve Patterson, ZOM C.E.O and Nicholas J. Pritzker, Chairman, Hyatt Development Corporation. Internationally renowned interior designer, Jacques Garcia will be designing the hotel's interiors. Based in Paris, France, Mr. Garcia has been instrumental in the design of several landmark hotels in Europe, including the stylish Hotel Costes in Paris. He has also been involved with interior design of many restaurants and lounges, including Danube in New York City and Le Passage in Chicago.

"Having a presence in this exciting market is something new to Hyatt and we look forward to being associated with this vibrant community and the people at ZOM who we believe to be capable of creating a truly special place on the beach. We are looking to deliver our traditional high level of service in a very non-traditional format at the Victor that will attract new customers to this upscale boutique hotel", said Nick Pritzker.

The Victor Hotel is situated on Ocean Drive, adjacent to the famed Versace mansion. The Victor Hotel's construction lender is an affiliate of ING Bank, based in the Netherlands, and the contractor is Milton Construction. The architect spearheading the project is the Miami office of Perkins and Will.

"The Victor Hotel is in a choice location and the chance to develop this project with one of the most respected hotel companies in the world represents a great opportunity for us", said Steve Patterson. "It has been a difficult road in bringing this project to fruition and the news of the Victor's repeated death have not always been exaggerated. Persistence and a commitment to recreating an historic space with a fresh look unique to South Beach have prevailed. The Victor will offer an unusual amount of lobby and terrace level space that will present retail, pool, spa, lounge and dining venues quite unique to Ocean Drive. The 91 guest rooms will offer a level of comfort and finish currently missing in the South Beach market.

Currently, there are 202 Hyatt hotels and resorts around the world. The Victor will be affiliated with this family of hotels, but operate as a one of a kind luxury boutique. Hyatt Corporation and its affiliates manage, franchise or operate 121 hotels and resorts in the U.S., Canada and the Caribbean. Affiliates of Hyatt International Corporation manage, franchise or operate 81 hotels and resorts in 38 countries. In the U.S., Hyatt worldwide reservations for individuals and groups can be reached at 1-800-233-1234. Outside the U.S., contact the local Hyatt sales office or representative. For more information about Hyatt hotels and resorts, visit Hyatt on the Internet at www.hyatt.com.