DESTINATION HOTELS & RESORTS IS NAMED NEW MANAGER OF THE POINTE SOUTH MOUNTAIN RESORT IN PHOENIX

FOR IMMEDIATE RELEASE   June 12, 2000   
Contact: Sally Cooper/Valerie Lee Poulos
    CooperLee Marketing
    (480) 946-9446
         Allison McGee Johnson
    Destination Hotels & Resorts
    (303) 268-6823                        

DESTINATION HOTELS & RESORTS IS NAMED NEW MANAGER OF THE POINTE SOUTH MOUNTAIN RESORT IN PHOENIX

DENVER -- Destination Hotels & Resorts has been selected by MONY/PSM Properties to manage The Pointe Hilton South Mountain Resort in Phoenix, Ariz. The transition of the property to Destination Hotels & Resorts management will take place August 21, 2000. The 638-suite resort will retain The Pointe name and world-class amenities.

We are pleased to bring this distinctive, award-winning resort into our portfolio of luxury properties," said Mark Hickey, senior vice president of Destination Hotels & Resorts. Our company has garnered a reputation for delivering unique hotel experiences to its customers, with each property being distinct in character and location. Our hotels are managed at the property level, enabling the staff to deliver a one-of-a-kind experience, while maintaining service levels consistent with Destination Hotels & Resorts standards of quality."

During the management transition of the resort, reservations will continue to be taken by Hilton central and regional reservations offices, toll-free at (800) 876-4683. On August 21, the resort will officially become the Pointe South Mountain Resort, with on-site marketing, sales and reservations teams. The resorts current telephone number -- (602) 438-9000 -- will remain after the transition.

The Pointe Hilton South Mountain Resort is owned by MONY/PSM Properties, a subsidiary of MONY Life Insurance Company. MONY Life Insurance Company is a subsidiary of the MONY Group Inc. (NYSE: MNY), which manages a $1.5 billion commercial mortgage and equity real estate portfolio through its subsidiaries.

Located at 7777 South Pointe Parkway, the Pointe Hilton South Mountain Resort is a 142-acre, all-suite destination resort at the base of the landmark South Mountain with 18 holes of championship golf, four themed restaurants, a 40,000 square foot fitness center and spa, 10 tennis courts and more than 70,000 square feet of meeting and function space including a 20,000 square-foot ballroom and a 20,000 square-foot outdoor exhibit pavilion.

About Destination Hotels & Resorts
Based in Denver, Destination Hotels & Resorts currently manages the historic Royal Palms Hotel and Casitas in Phoenix and the Tempe Mission Palms Hotel and Conference Center in Tempe. Since commencing management of the Royal Palms in 1998, the hotel has been recognized as a Grand Award Winner in 1999, the highest award from Andrew Harpers Hideaway Report. In 1992, Destination Hotels & Resorts began managing the Tempe Mission Palms Hotel and Conference Center, which received certification from the International Association of Conference Centers (IACC) in 1999.

With the addition of the Pointe South Mountain Resort, Destination Hotels & Resorts will offer a collection of 26 upscale and luxury hotels and resorts featuring more than 6,600 guest rooms, 12 golf courses and four full-service spas spanning the United Kingdom and nine U.S. states including Arizona, California, Colorado, Florida, Hawaii, Illinois, North Carolina, Oregon and South Carolina, as well as the District of Columbia.

Each distinctive, well-situated Destination Hotels & Resorts property offers exceptional recreational opportunities and conference facilities. Properties include the Hotel del Coronado and LAuberge Del Mar near San Diego; the Inverness Hotel & Golf Club near Denver; the Royal Palms Hotel & Casitas in Phoenix; Tempe Mission Palms Hotel in Tempe, Ariz.; Eden Roc Resort & Spa in Miami Beach; Sunriver Resort in Sunriver, Ore.; and Tenaya Lodge in Yosemite, Calif. You can visit the Destination Hotels & Resorts properties online at www.destinationhotels.com.

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June 00 DH&R to Manage The Pointe South Mountain Resort. Doc   
10333 East Dry Creek Road Suite 450 Englewood, Colorado 80112-1562
303-799-3830   Fax: 303-799-6011
www.destinationhotels.com