Donald J. Trump and Irongate Announce Plans for Luxury Hotel-Condominiums at Waikiki Beach Walk; Trump Tower Waikiki Includes Hotel-Condos, Retail and Dining

The Trump Organization CEO Donald J. Trump and Irongate
principals Jason Grosfeld and Adam Fisher today announced the
development of a luxury hotel-condominium, part of Outrigger
Enterprises' Waikiki Beach Walk project.
Trump International Hotel and Tower Waikiki Beach Walk, at
Saratoga and Kalia roads, will include a 350-foot tower with
approximately 460 luxury hotel-condominium units ranging from
approximately 500 to 3,000 square feet. The building will consist of
approximately 775,000 gross square feet and will include four stories
of parking and 6,500 square feet of dining and retail space. The
building's lavish appointments will include a library, wine cellar,
lobby bar, cafe, outdoor swimming pool, sun terrace with ocean views,
indoor/outdoor dining and bar area, cabanas with tropical landscaping
and views of the ocean and neighboring Fort DeRussy park, a private
fitness center and spa, and separate residential and hotel lobbies.
"The addition of this luxury development to Waikiki Beach Walk is
a testament to the attraction of our city as one of the world's most
celebrated destinations. We are delighted to welcome Mr. Trump and
Irongate, whose shared vision will only further strengthen the drawing
power of Waikiki," said Honolulu Mayor Mufi Hannemann.
"We are honored to work with Donald Trump and his organization to
create the finest luxury experience in Waikiki, with stunning views of
the world's most famous beaches and gorgeous amenities. I want to
thank Mayor Hannemann and Outrigger for their efforts to create an
environment where Trump Tower is possible," said Jason Grosfeld,
co-founder of Los Angeles-based Irongate.
"Trump Tower will be the most luxurious development in one of the
most recognized resort destinations in the world today -- Waikiki
Beach," said Trump. "My partners and I look forward to setting a new
standard for luxury in Waikiki."
The lobby will be an extravagant two-story structure with
sprawling ocean views and will be attended by round-the-clock
concierge service. Trump Tower will pamper guests and residents with
24-hour room service, valet and porter service.
Outrigger Enterprises, the master developer of Waikiki Beach Walk,
sold the development rights for the Trump Tower site to Irongate last
year, and the two companies are working together to make the overall
development of Waikiki Beach Walk a resounding success.
"We are proud to welcome Trump Tower to the exceptional Waikiki
Beach Walk project, which will soon bring more energy than ever to the
heart of Waikiki," said David Carey, president and chief executive
officer of Outrigger Enterprises. "As the last word in luxury, this
project will send a message that the world's favorite resort is also a
world-class place to live and play," added Carey.
Trump International Hotel and Tower Waikiki Beach Walk is being
designed by the Manhattan, New York-based Guerin-Glass Architects in
conjunction with Benjamin Woo Architects of Honolulu. Brett Hill
Management will manage the design and construction of the project as
project manager. S&P Destination Properties and Karl Heyer will be
responsible for the sales and marketing of the hotel-condominium
suites. Public marketing and sales activities are expected to begin
later this spring, with construction starting in early 2007;
completion is slated for early 2009. Demolition of the existing
buildings on the site should be completed by the end of July 2006.

Donald J. Trump is the very definition of the American success
story. In 1980, he established The Trump Organization as the umbrella
company for all of his real estate development and other corporate
affiliates. He has continually set new standards of excellence while
expanding his interests in luxury residential real estate, world-class
hotels, office buildings, championship golf clubs, gaming,
merchandising and entertainment.
From project development to construction, sales and property
management, The Trump Organization and its affiliates have carried out
a variety of complex real estate deals.
In addition to being one of the largest developers and property
managers in New York, Mr. Trump is currently building residential,
hotel and golf club projects in Las Vegas, Chicago, Ft. Lauderdale,
Miami Beach, Los Angeles, the Caribbean, Westchester, N.Y. and
Bedminster, N.J. He also continues to be active with numerous literary
pursuits, charitable organizations and his worldwide number one hit
reality television show, The Apprentice.

Irongate is an integrated real estate development and investment
company. The Los Angeles-based company blends entrepreneurial
creativity, financial discipline, and environmental and cultural
sensitivity to each of its development projects. Irongate believes in
creating value by being thoroughly immersed in all aspects of its
projects from inception through realization, including design and
architecture. This philosophy has produced a track record of success
for its partners and affiliates. Irongate currently invests in five
asset classes: residential, office, retail, industrial and land. Until
now, the company's efforts have focused on high-end luxury residential
ground-up development, land acquisition, and single-tenant office
buildings.

S&P Destination Properties is a real estate company that
specializes in the design, marketing and sale of luxury and resort
properties throughout the Western United States, Hawaii, and Mexico.
S&P is committed to its customers in the ownership and enjoyment of
the world's finest real estate.

Guerin Glass Architects provides project-specific, contextual
architecture. Partners Scott Glass and Brendan Guerin have over 30
years of experience in the architecture, design and construction
fields, collaborating together on projects for nearly 20 years. Their
New York City-based firm, founded in 2004, has extensive residential
and institutional project experience and has worked on projects
throughout the United States and Mexico.

Benjamin Woo Architects LLP was established in January 2000, with
the goal of earning recognition for design excellence and exceptional
service to clients. The practice provides full architectural services,
including master planning, space planning and interior design. Most
recent projects have included the Hokua luxury condominium and the
Sub-Zero Wolf Showroom.

Brett Hill Management, founded in 1996, is a Hawaii-based project
management company representing developers with expert overall project
coordination, design and construction consulting and general
contracting expertise, to aid in the realization of successfully
constructed projects. Attention to team building and the smallest
details are emphasized to ensure the highest quality of work and
client satisfaction, as can be attested by over 25 successfully
completed high-rise projects in Hawaii alone.

Suzanne Nessel, formerly of Philpotts & Associates, is principal
of her own firm, SN Design. Leading the interior design for Trump
International Hotel and Tower Waikiki Beach Walk, Suzanne will work to
create a sense of timeless, seamless integration between interior
elements and the architectural concept. Suzanne's experience includes
residential projects at Hualalai, Kuki'o Beach Club Resort and The
Watermark Waikiki.

Outrigger Enterprises, Inc. is one of the largest and
fastest-growing hospitality services companies in the Pacific.
Outrigger is a family-owned company with almost 60 years of
hospitality experience and runs a highly successful, multi-branded
line of hotels and condominiums, including Outrigger Hotels & Resorts,
OHANA Hotels & Resorts, Outrigger Condominium Collection, Outrigger
Resort Club by Fairfield, and Embassy Suites Hotel-Waikiki Beach
Walk.(1) Outrigger currently operates over 50 properties representing
more than 12,000 guest rooms in Hawaii, Australia, New Zealand, Fiji,
Tahiti and Guam.
Outrigger Enterprises also operates and develops hotel properties
and hospitality-related retail and real estate opportunities for
partners in Hawaii, the Pacific, the mainland US and Asia. The
company's most recent initiative -- Waikiki Beach Walk, a $460
million, eight-acre hotel-retail-entertainment complex -- is the
largest development in the history of Waikiki, and is set to open in
December 2006.
For online information, log on at www.outrigger.com.

(1) Embassy Suites is a registered trade mark of Hilton Hotels
Corporation