Park City, Utah -- (January 18, 2005) Promontory - The Ranch Club, Park City, Utah's exclusive second-home golf and recreational community has recorded its most successful sales season ever. In 2004, Promontory sold 180 lots, cabins and custom homes and took contracts on 30 more, generating a total of $70 million dollars, tripling its sales numbers from the previous year. Since initiating its sales program in 2002, Promontory has sold nearly 340 lots, cabins and custom homes totaling more than $111 million in gross sales.

"Our record-setting sales in 2004 demonstrate that Promontory is a major player in the second-home community," said Francis Najafi, CEO of Pivotal Group, developer of Promontory. "With our enormous commitment of capital and the completion of significant world-class recreational amenities, Promontory is now squarely on the map as one of the most premier recreational communities in the country."

2004 was marked by several milestones at Promontory that helped to put it on the path to a record breaking sales year which included the sale of three lots in excess of $1 million each. In addition to successful custom homesite sales, Promontory's first neighborhood of developer-built vacation homes sold out in less than a year representing nearly $38 million in revenue. And, the launch of The Homesteads neighborhood in the fourth quarter generated 43 lot sales in just one weekend and put Promontory over its original sales goal for the year.

"2004 was a stellar year for Promontory on so many fronts," said Rich Sonntag, Managing Director of Promontory. "We expanded our clubhouse facilities with the opening of our Ranch Clubhouse and these new athletic, tennis, ice rink, and spa facilities, together with our existing golf, ski, trail sports and kids' recreation offerings helped us to break all previous sales records. In doing so, we have demonstrated that Promontory is one of the strongest components of the Park City real estate market. Because of Promontory's unique positioning and amenities, I expect that homes and homesites here will continue to appreciate in value at a rate exceeding that of the general market."

Promontory is on pace for another successful sales year in 2005 with the release of several new neighborhoods and more developer-built cabins. Contracts and brisk reservation activity already indicate that 30 homesites will close within the first quarter of 2005.About Promontory - The Ranch Club

Promontory - The Ranch Club is a 6,500-acre10-square-mile recreational second-home and private ranch club community nestled in the heart of Utah's Rocky Mounta0ins just outside Park City and Deer Valley. Promontory's unique mountain ranch setting offers diverse year-round recreational amenities and activities for the multi-generational family. For more information, visit www.promontoryclub.com or call 435.333.CLUB.

About Pivotal Group
Pivotal Group (Phoenix, Arizona) - Promontory's development team is led by Pivotal Group, a Phoenix-based real estate investment and development company known for its success with other world-class properties, including Cimarron Hills Golf & Country Club in Austin, Texas, the Century Plaza Hotel & Spa and the St. Regis Hotel in Los Angeles, 650 California Street in San Francisco and Red Mountain Spa in St. George, Utah.

For more information about Pivotal Private Equity, visit www.pivotalgroup.com