FOR IMMEDIATE RELEASE

PEABODY PLACE ENTERTAINMENT AND RETAIL CENTER TO HOST 7^thANNUAL LATINO MEMPHIS FIESTA

Entertainment and Retail Center to Host Annual Celebration of Latin Culture

Memphis, TN (September 16, 2003) - Peabody Place Entertainment and Retail Center is set to be the hottest spot north of the border on Saturday, September 27, 2003 from 11:30 a.m. to 5:00 p.m. as the site of Memphis' 7^th annual Latino Fiesta

"We're proud to host Latino Fiesta at Peabody Place Entertainment and Retail Center for the second year in a row," said Andrew J. Groveman, senior vice president of Belz Enterprises, owner and developer of Peabody Place Entertainment and Retail Center.

The event is a celebration of Latino culture and offers a broad view of the many facets that make up the rich and diverse heritage of Memphis' Latino community, according to José Velázquez, executive director of Latino Memphis Connection, coordinator of the event.

The festivities will include a parade of nations and feature a wide variety of music, along with demonstrations of folkloric dance. This year's event is a tribute to the late Celia Cruz, one of Latin music's most respected vocalists, and focuses on salsa music. Dance lessons will be provided, where Mid-Southerners can learn to salsa and merengue.

Visitors wishing to gain insight into a day in the life of Latino youths may stop by the Fiesta to view "Latino Memphis," an exhibit on-loan from the National Civil Rights Museum of Memphis. The exhibit features photos take by teen-aged Latino youths that depict aspects of their everyday lives and cultural identities.

The event also will include a business fair offering Memphis-area businesses an opportunity to reach out to the Latino community, as well as other informative presentations and demonstrations. Velázquez notes that Memphis' Latino community has seen significant growth in recent years and estimates the current population in the Memphis area at approximately 100,000.

"You can see the presence of the Latino community everywhere, it is strong and real," said Velázquez.

About Belz Enterprises

Headquartered in Memphis, Tennessee, Belz Enterprises is a leading innovator in real estate development with interests throughout the Southern United States, including Peabody Place Entertainment and Retail Center at 150 Peabody Place. Throughout the nation, Belz develops, owns and/or manages more than 30 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels including The Peabody Hotels in Memphis, Orlando and Little Rock. Additional information about Belz Enterprises is available at www.belz.com .