Jerry Cohen Named Canyon Ranch Ceo

TUCSON, AZ - January 15, 2001 - Mel Zuckerman, founder and Chairman of the Board of Canyon Ranch, announced the promotion of Jerry Cohen to the position of Chief Executive Officer effective January 1, 2001. Zuckerman, who held the title of CEO, will remain Chairman of the company.

Cohen has been associated with Canyon Ranch since its planning and inception in 1978. He has been serving as Canyon Ranch's President and COO since 1995. Cohen also serves on the company's Board of Directors as well as the Corporate Executive Committee, which oversees the management and future direction of Canyon Ranch health resort properties in Tucson, Arizona and Lenox, Massachusetts; Canyon Ranch SpaClub in Las Vegas, Nevada; Canyon Ranch at Sea and other Canyon Ranch ventures.

"Jerry has been my 'right hand man' since the day we opened in 1979," said Zuckerman. "He has been one of the principle driving forces behind Canyon Ranch's development and management. He has personally supervised virtually every business aspect of the Ranch and has served as our President, COO and CFO. Jerry shares my vision for the future of Canyon Ranch and is the ideal person to succeed me. He also shares my passion for excellence and an unwavering desire to create environments in which people can find the support, critical information and tools to make fundamental changes in their lives."

"After 21 years of intense and rewarding work as founder and CEO of this remarkable organization," Zuckerman continued, "I will continue to work with the next generation of Canyon Ranch to plan and execute exciting new venues and projects in my role as Chairman."

Jerry Cohen is a Certified Public Accountant with a business degree from the University of Arizona. His background includes development and management consulting services for a number of resorts. Prior to joining Canyon Ranch, he was Executive Vice President of Union Bank of Arizona.

Cohen serves on the Board of Directors for The Destination Spa Group and The Foundation in Integrative Medicine.

Canyon Ranch is an award-winning vacation destination dedicated to healthy living. Guests enjoy a full array of indoor and outdoor fitness activities and classes, hiking and biking programs, luxurious spa and beauty services, nutritious gourmet dining and private consultations and workshops with medical and wellness experts.

Mel and Enid Zuckerman founded the original Canyon Ranch Health Resort in Tucson, Arizona in 1979. Canyon Ranch in the Berkshires Health Resort opened in Lenox, Massachusetts in 1989. The first Canyon Ranch SpaClub, a 65,000-square-foot health spa, wellness and fitness facility, opened at The Venetian Resort in Las Vegas, Nevada in 1999. In August 2000, Canyon Ranch announced the formation of Canyon Ranch at Sea, a new division that will operate a line of luxury cruise ships.

Crescent Real Estate Equities Company (NYSE:CEI), one of the countries largest real estate trusts, is the owner of the sites on which the two Canyon Ranch health resort properties are located on in Tucson and Lenox.