Board Declares 2002 Fourth Quarter Dividend

The CIRI Board of Directors has declared a 2002 fourth quarter dividend of $7 per share and a special Christmas distribution of $3 per share. Shareholders with 100 shares of stock will receive a fourth quarter dividend totaling $700 and a special Christmas distribution totaling $300. This amount represents taxable income to shareholders.

This year, the fourth quarter dividend and special Christmas distribution will be combined into one distribution, which means shareholders will receive one check instead of two. Checks will be mailed on Friday, Dec. 13. Shareholders with 100 shares of stock will receive a check totaling $1,000. For those participating in direct deposit, dividends will be electronically transmitted to accounts by 5 p.m. (Alaska Standard Time) on Friday, Dec. 13, and a voucher showing the amount deposited will be mailed.

After nearly two years of construction, The Westin Kierland Resort & Spa opened five months ahead of schedule on Nov. 3. This is CIRI's second partnership with Woodbine Development Corp., also an investor in and developer of the Hyatt Regency Lake Las Vegas Resort. "It's highly unusual for a property to announce a project is opening ahead of schedule," said Bruce Lange, general manager of the hotel. "But, we take pride in exceeding our customers' expectations, and opening the resort early is just another example of our commitment to this promise."

The Westin Kierland Resort & Spa Opens

The 735-room destination resort hotel is located in northeast Phoenix along the Phoenix-Scottsdale border, within the 730-acre Kierland master-planned community. According to Lange, the area is already deemed the Mecca of shopping and dining.

"We've had a tremendous response from customers interested in staying at The Westin Kierland this fall," Lange said. "We will achieve our goal to have a fully operational resort upon opening just in time for the holidays and the high tourism season."

The greater Phoenix metropolitan area is widely recognized as one of the leading vacation and meeting destinations in the American Southwest. The area caters to business travelers, golfers, families and outdoor enthusiasts, offering them an incredible array of meeting facilities, entertainment choices, dining options, and creative recreational activities. The tourism and convention industry continues to grow stronger every year as more people discover the area as the perfect location for a business meeting or family vacation.

The Westin Kierland Resort & Spa features 735 rooms with 63 suites and 32 casita units; 160,000 square feet of indoor and outdoor function space; eight food and beverage venues; a full-service spa and fitness studio; an elaborate water park; Westin Kids Club; and the 27-hole Kierland Golf Club, which opened in 1996. As an added benefit, The Westin Kierland is adjacent to and a short walk from Kierland Commons, one of the hottest new shopping and dining districts in the Valley.

Westin Hotels & Resorts has more than 120 hotels and resorts in 26 countries. The Westin brand has been named No. 2 in the upper-upscale category of Business Travel News' "Survey of Top Hotel Chains" for the second year in a row.

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