The letter of intent signed between the two parties covers plansto build and operate multi-use projects including hotel, brandedresidential and commercial components. The agreement is non-bindinguntil negotiations are completed over the next 90 days.

Initial projects over the next three years include a hotel with28 luxury living units in South Beach's fashionable "South ofFifth" area; an oceanfront hotel in Cartagena, Colombia; and ahotel along Panama City's Avenida Balboa that will be part of amajor city-led waterfront development. Hamilton, Bermuda-basedOrient-Express will manage each of the hotels.

"Our development policy is clearly focused on high-end luxuryproperties which fit the Orient-Express customer profile andincreasingly those customers are also interested in real estateopportunities," Paul White, president and CEO of Orient-Express,stated in a release. He noted Related Group's experience as adeveloper of high-end condominiums and its innovative lifestyledevelopments.