SKYSERVICE COMPLETES INVESTMENT IN FONTAINEBLEAU AVIATION

Skyservice begins partnership with Fontainebleau luxury brand in South Florida

TORONTO, Dec. 20, 2023 /PRNewswire/ - Leading aviation company Skyservice Business Aviation ("Skyservice") today announced the completion of its investment in Fontainebleau Aviation's fixed-based operator (FBO) at Miami Opa-Locka Executive Airport ("OPF").  Additionally, customary approvals for Skyservice's investment in a new FBO at Fort Lauderdale-Hollywood International Airport ("FLL") -- currently under development by Fontainebleau Aviation -- are still underway. This collaboration between Skyservice and the esteemed Fontainebleau luxury brand, announced earlier this year, is set to create unparalleled opportunities in the business aviation sector.

"The completion of this transaction marks the beginning of an exciting chapter for Skyservice as we continue our expansion to better meet the needs of our clients and the growing demands of our industry," says Skyservice President and Chief Executive Officer Benjamin Murray. "Together, we are well positioned to accelerate growth across our platform while enhancing our customers' travel experiences. Fontainebleau Aviation's OPF FBO is a welcome addition to our portfolio of 11 FBOs across North America, and a beacon of personified luxury in business aviation."

The Fontainebleau Aviation FBO at OPF, the eighth-busiest U.S. airport, is located near downtown Miami and provides premier services for business aviation travelers with approximately 270,000 square feet of hangar space, an executive terminal and office facilities.

"We are thrilled to partner with Skyservice, beginning with our premier Miami location at OPF," says Fontainebleau Development Chairman and Chief Executive Officer Jeffrey Soffer. "As we focus on expanding our portfolio of premier destinations and one-of-a-kind luxury experiences, Skyservice is the ideal steward and partner due to its strong pedigree and reputation for excellence in the industry."

Financial terms of the transaction were not disclosed. Skyservice was provided with legal advice by McCarthy Tétrault LLP and DLA Piper LLP. Fontainebleau Development was represented by Cooley LLP and advised by William Blair & Company.

About Skyservice™
Skyservice is a North American leader in business aviation dedicated to innovation, responsible operations, safety, and service excellence. Celebrating over 37 years of distinction, Skyservice is at the forefront of the business aviation industry, with best-in-class facilities across North America. Our skilled maintenance teams, award-winning fixed base operation facilities, first-class aircraft management, private jet charter services, aircraft sales, and acquisitions teams combine to deliver an exceptional experience to our valued customers. At Skyservice, we aim higher and reach further to best serve our clients. To learn more, visit http://www.skyservice.com/.

About Fontainebleau Development
Fontainebleau Development, founded by Chairman and Chief Executive Officer Jeffrey Soffer and led by his partner Brett Mufson, is one of the country's premier real estate development and hospitality groups, with a diverse portfolio that includes properties in the hospitality, gaming, residential, retail, commercial, and luxury services sectors.  The company builds, owns, markets, and operates their properties, providing expertise in each stage of a project's life cycle with a relentless focus on delivering the best quality in everything they do. Fontainebleau Development has established a diverse portfolio of premier assets such as Big Easy Casino, Fontainebleau Miami Beach, JW Marriott Turnberry Resort & Spa, Hilton Downtown Nashville, and numerous residential landmarks such as Turnberry Ocean Club, Turnberry Ocean Colony, Porto Vita, the Tresor and Sorrento towers at Fontainebleau Miami Beach. The company has also built nine residential towers in Las Vegas, including Turnberry Towers and Signature (in partnership with MGM Resorts International), and will open the 67-story Fontainebleau Las Vegas luxury resort and casino on the Las Vegas Strip in December 2023. Its luxury services division includes Fontainebleau Aviation, Turnberry Yacht Club & Marina, Turnberry Isle Country Club, and some of the highest grossing and well-known nightlife, dining and health and wellness destinations in the world. Over a 70-year history, Fontainebleau has been involved in over 100 projects representing in excess of $38 billion in total transaction value.

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SOURCE Skyservice Business Aviation Inc. - Mississauga, ON