New York, October 04, 2016 -- Moody's Investors Service (Moody's) was informed that Istithmar Hotels FZE, a Free Zone Establishment incorporated in the Free Zone of the Port of Jebel Ali in Dubai, United Arab Emirates, the indirect owner of a 50.000001% interest in the owners of the One and Only Palmilla resort, located in San Jose del Cabo, Baja California Sur, Mexico (the "Property"), has requested to transfer such interest to ICD Hospitality and Leisure LLC, a company incorporated in Dubai, United Arab Emirates. ICD Hospitality and Leisure LLC will replace Istithmar Building FZE, a Free Zone Establishment incorporated in the Free Zone of the Port of Jebel Ali in Dubai, United Arab Emirates and the parent company of Istithmar Hotels FZE, as one of the limited recourse Guarantors and as one of the Environmental Indemnitors on the loan secured by the Property.

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