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I.R.I. Golf Group Named New Managing Operator For The Raven Golf Club At South Mountain

June 20, 2006

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PHOENIX – I.R.I. Golf Group L.L.C. Chairman, Jeff Silverstein, announced today the company’s agreement to lease and manage the operations of the Raven Golf Club at South Mountainâ?¢ in Phoenix, Arizona. I.R.I. is leasing the property from CNL Income Properties Inc., an Orlando-based real estate investment trust focused on the acquisition of lifestyle properties.

The Raven at South Mountainâ?¢ golf course was built and designed by Gary Panks and U.S. Open Champion David Graham in 1995. Offering a unique golfing experience in the desert, the award-winning 18-hole course features plush, tree-lined fairways and multi-tiered greens. Located just seven miles from Sky Harbor Airport and downtown Phoenix, the club has been top-rated in guest service and features a 4,600 square-foot, full-service clubhouse, a pro shop, full grass practice facilities and a restaurant. The course offers multiple tee locations to ensure enjoyment for golfers of all skill levels, with the longest measuring 7,078 yards. The nationally-recognized course hosts a number of high-profile events including the Arizona Stroke Play Championship and is the official course for Major League Baseball’s Arizona Diamondbacks.

"CNL has an excellent reputation as a strategic partner in the lifestyle industry, and we are excited about working with them at a quality property like the Raven. We look forward to continuing to provide a premier golf experience for players and guests," said Silverstein.

I.R.I. Golf Group, L.L.C. owns and operates golf courses and provides course management and administration. The company has offices in Tucson, Arizona; San Diego, California; Dallas, Texas; and Charlotte, North Carolina. The addition of Raven at South Mountainâ?¢ takes the I.R.I. Golf Group’s Arizona portfolio to five golf facilities, expanding its portfolio to 20 golf facilities throughout the country. I.R.I.’s properties are located in Arizona, Nevada, North Carolina, South Carolina, Texas and Washington. Tucson, Arizona area courses include: Arizona National Golf Club, formerly the Raven at Sabino Springs; Forty Niner Country Club; San Ignacio Golf Club; Canoa Hills Golf Club.

Contact:
Terri Andres

The I.R.I. Golf Group, L.L.C.

(520) 749-3519 ext. 415

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