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Buenos Aires, Argentina - August 5, 2008: Pablo Veloso, former General Manager of the renowned Mantra resort, has been selected to run Algodon Mansion, Buenos Aires' new luxury boutique hotel scheduled to open in 2009 in the city's stylish Recoleta district. The announcement was made by New York City-based Invest Property Group, LLC (IPG), developer of Algodon Mansion.

Pablo Veloso
Mr. Veloso has extensive experience in the luxury hotel industry, launching and managing Punta del Este's Mantra Resort, as well as its predecessor, the Cipriani Resort. Additionally, he helped launch the Isla Victoria, a 20-suite luxury lodge in Bariloche owned by the Familia Iacheti (owners of the five-star Mares Sur Hoteles), and he began his career by opening the four-star Cristoforo Colombo in Buenos Aires. Mr. Veloso holds a degree in tourism and hotel management from El Salvador University in Buenos Aires.

"Algodon Mansion will be committed to serving the most discerning guests and providing a truly luxurious, world-class experience that reflects the charm and sophistication of Buenos Aires. Pablo Veloso is uniquely qualified to spearhead this property. His focus on quality and service is unmatched," said Scott Mathis, chairman of IPG.

About Algodon Mansion:
Algodon Mansion will have 10 spacious luxury suites - some exceeding 1,200 square feet and all in keeping with the house's Belle Epoque architecture. Exuding old-world Argentinean charm while providing state-of-the-art luxuries, the Mansion will include 24-hour butler and concierge service, a fine-dining restaurant serving Argentine and French-fusion cuisines, a wine cellar, library bar, a covered outside patio and fireplace, and a luxurious rooftop pool, sauna, spa and bar. Additionally, a four-story waterfall will stretch from the roof to the ground floor lobby and may be viewed from virtually every suite.

In addition to Algodon Mansion, IPG operates Algodon Wine Estates in San Rafael, Mendoza, a unique new wine estate with a championship golf course, luxury resort and, for those interested in vineyard living, the option to purchase private residences.

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