FOR IMMEDIATE RELEASE CONTACT: Cheryl Bame
June 09, 2006                                                              310-312-8800
                                                                                   Cheryl@BamePR.com


FIFIELD COMPANIES PURCHASES FUTURE SITE OF ALLURE WAIKIKI

Honolulu, Hawaii Fifield Companies is pleased to announce the purchase of a 2.3 acre site on Kalakaua Ave. for the future home of Allure Waikiki.  The property, located in the heart of Waikiki near the Convention Center and Ala Wai Canal, was purchased from Los Angeles-based Oaktree Capital Management LLC for an undisclosed price. The buildings and vacant parking lot currently occupying the site will be demolished later this year, making way for a 35 story, 305 unit luxury high-rise building which will include 12,000 square feet of restaurant and retail space as well as private and public open spaces.

³Fifield is excited to be a part of the renaissance of Waikiki,² says Tim O¹Brien, West Coast Partner of Fifield. ³This proposed development will serve as a link from Ala Wai Canal to the beachwalk of Waikiki and continue the resurgence of new development that the City desires for this area.²

The project, being designed by Architect Hawaii, Ltd., will reflect classic Hawaiian architecture and offer for sale, two bedroom units with high end appointments, incredible amenities for building owners as well as a swimming pool.

³This project represents our first development opportunity in Hawaii,² says O¹Brien. ³We look forward to offering more luxury products and becoming a permanent part of the community.²  

Fifield anticipates submitting the Environmental Assessment in June 2006.  Allure Waikiki¹s project team has been working with the Department of Planning and Permitting of Honolulu and local stakeholders to create favorable plans and designs. Sales for Allure Waikiki will begin in the fall 2006 and the start of construction could begin in the second quarter of 2007.  

About Fifield

The Fifield Companies is a national real estate developer focused on the creation of new urban infill high rise buildings in core markets. Diversity in the development field is beneficial to the long term strength of a real estate company whether by product or by market. Based on our 33 years of development experience, we have refined our core business strategy to three key arenas in four markets. This strategy allows us to diversify our holdings in markets with excellent long term prospects and to utilize our expertise in three product types that we understand thoroughly.