Modernized Interior and Exterior Renovations and Continued Influx of Brand-Name Retailers to Continue While Operating Under the New Name

LAS VEGAS, April 2 /PRNewswire/ -- The Shops in Desert Passage at the Aladdin will begin operating as Miracle Mile Shops in May 2007.

With rapidly advancing exterior and interior reconstruction throughout the center, Boulevard Invest, the joint venture of Tri Star Capital and RFR Holding, and owners of The Shops in Desert Passage at the Aladdin, are proud to celebrate the shopping center's new name: Miracle Mile Shops.

Miracle Mile Shops, named in part to promote the 1.2 miles of retail space the mall covers, signals the center's transformation to a sleeker, more urbanized and contemporary space. The multi-million dollar makeover focuses on de-theming the original design for its transition into a more streamlined, contemporary look. The renovation is a move to create synergy with the over $1 billion renovation and re-branding of the Aladdin Resort & Casino into the Planet Hollywood Resort & Casino. Furthermore, the "Miracle Mile" name, synonymous with retail districts throughout the country, conveys a shopping environment and also alludes to the "miracles" that can happen in the adjoining casino.

The Miracle Mile name also serves to reflect the abundance of new, brand- name and internationally recognized retailers that have acquired retail space inside the center. Miracle Mile Shops has already welcomed the funky, trendy men's and women's clothes, accessories and home decor of Urban Outfitters, the chic British men's and women's wear of Ben Sherman, the world's leading outdoor sports lifestyle company, Quiksilver, the all-encompassing Steve Wyrick Entertainment Complex and the "churrasco"-style Brazilian restaurant, Pampas Churrascaria. Miracle Mile Shops will soon welcome the affordable fashions of H&M, Polynesian-fusion, food and fun at Trader Vic's restaurant, the trendy women's fashions of Marciano, authentic Greek cuisine at Taverna Opa and Hawaiian Tropic Zone, a dining and nightlife destination.

"Recent renovations and newly opened retailers such as Ben Sherman and Urban Outfitters are small signs of things to come as the center continues to transform while operating under the new name," said Miracle Mile Shops co- owner, David Edelstein of Tri Star Capital. "Miracle Mile Shops is fast becoming the most trendsetting shopping center on the Las Vegas Strip and we are confident our new look and feel will resonate with shoppers and retailers."

The architectural firms Gensler of Nevada and the Friedmutter Group, in conjunction with Studio B Design, are the creative teams that will continue to transition Miracle Mile Shops through its image revamping project and are responsible for the center's new name, logo, re-branding efforts and creative materials.

The designers and architects at Gensler of Nevada and Studio B Design have been charged with the task of making over the center's interior and creating an overall user-friendly environment. Enhancements currently underway include new, brighter interior lighting, streamlined and modernized storefronts and kiosks and a completely de-themed interior. Gensler of Nevada and Studio B Design have also designed a three-story sculptural facade element, which identifies the entry to the mall.

Renovations to the center's exterior, led by the team at The Friedmutter Group of Las Vegas, are making the mall more contemporary, accessible and user-friendly. Their design, currently under construction, includes adding people movers for better access into the shops, a backlit sidewalk water feature and state-of-the-art LED video offering continuous streaming imagery. Additionally, many of the mall's entrances and existing retail locations on the facade have already been made over with floor-to-ceiling glass vestibule doors and storefronts. A new patio and terrace is also being built to extend out to the sidewalk and invite potential customers inside.

Miracle Mile Shops' exterior renovations are projected to be carried out by June 2007. Miracle Mile Shops' interior renovations will continue to be completed in phases through 2007 and 2008. The center's general contractor, Flagship Construction Co., is overseeing the entire construction process.

About Miracle Mile Shops

Miracle Mile Shops, owned by Boulevard Invest and managed by The Related Companies, in conjunction with leasing and marketing consultant Robert K. Futterman & Associates LLC, is the 475,000-square-foot retail/entertainment complex at the heart of Las Vegas Boulevard. The center benefits from its excellent street access and serves the 38 million tourists who visit Las Vegas each year. Miracle Mile Shops features 170 specialty stores, 15 restaurants and live entertainment. For more information, visit www.miraclemileshopslv.com .

About Boulevard Invest:

Boulevard Invest is an investment partnership formed by RFR Holding and Tri Star Capital.

About The Related Companies:

Founded in 1972 by Stephen M. Ross, The Related Companies, L.P., is a fully integrated real estate firm with divisions specializing in development, acquisitions, financial services, and property management. Widely regarded as one of the nation's preeminent developers of luxury apartments and retail/mixed-use properties, recent residential projects include CityPlace in West Palm Beach, Florida, as well as The Chatham, The Park Imperial, The Strathmore, Tribeca Park, The Sagamore, One Union Square South, The Lyric and Time Warner Center at Columbus Circle in New York City. Las Vegas projects include the Icon condominium towers and the mixed-use property on Harmon with Centra. Related is also the developer of record for the 61-acre parcel in downtown Las Vegas and a partner in the World Market Center. As the largest shareholder in CharterMac, The Related Companies is also the country's largest financier of affordable housing in the United States, with approximately 250,000 units in 44 states and a real estate portfolio valued in excess of $8 billion.

Source: Miracle Mile Shops

CONTACT: Terri Maruca or Brad Seidel, both of Kirvin Doak
Communications, , for Miracle Mile Shops

Web site: http://www.miraclemileshopslv.com/