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P. 304

2003


               2004   July: the Kona Village Resort acquired

                      Sept.: The Mankarios Partnership, engaged as the management
                      company of the Kona Village Resort and as the Asset Manager of
                      Las Ventanas al Paraiso.

                      November: The Mankarios Partnership engaged to direct and
                      oversee the rejuvenation and enhancement of the luxury Hawaiian
                      resort and Las Ventanas al Paraiso in Los Cabos, Mexico.
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