Har December 9, 2009 [Insert Name] Re: Fontainebleau Miami Beach Resort Dear Steve Haggerty Global Head Real Estate and Development 71 South Wacker Drive Chicago, IL 60606 Telephone : 312.780.5833 Fax : 312.780.5

your recent conversations with our Chairman, Mr. Tom Pritzker, I am pleased to confirm Hyatt's interest in pursuing management of the Fontainebleau Miami Beach Resort as a Hyatt branded resort hotel. We believe that the Fontainebleau is particularly well suited to benefit from Hyatt's leadership position in the m