BOWERS HARBOR INN SOLD; TO REMAIN A RESTAURANT
Two Traverse City Natives Purchase Historic Site; Plan Renovations

TRAVERSE CITY, MI., MARCH 30, 2006 – Bowers Harbor Inn, among the most historic and recognizable restaurants in Michigan, has been sold to two long time Old Mission Peninsula residents who intend to maintain and restore the building and restaurant.

Old Mission Historic Development, owned by Jon Carlson and Greg Lobdell, has purchased Bowers Harbor Inn / The Bowery as well as the 11-acre property on the Old Mission Peninsula. The Inn was previously owned and operated by Schelde Enterprises.

Jon Carlson and Greg Lobdell, who redevelop historic properties throughout Michigan, have pledged to invest significant capital in renovation of the Inn and The Bowery. Mr. Carlson and Mr. Lobdell are natives of Traverse City. The pair grew up on the Old Mission Peninsula and have been best friends since they attended kindergarten together at Old Mission Peninsula School.

Immediate upgrades to the facility will include updates to the dining rooms and upstairs restrooms. At the conclusion of the busy summer season, major renovations and a potential expansion will begin, with completion scheduled within eighteen months. Both restaurants will continue to be open as usual during the spring and summer seasons.

Commenting on the sale, Schelde Enterprises Chairman and longtime Peninsula resident Howard Schelde said, "This is a fantastic milestone for the Inn and for Old Mission Peninsula. I have had a love affair with this historic site since the day I saw it in 1974, and I am very pleased that it will be preserved for future patrons and the community."

Old Mission Historic Development Principal Jon Carlson added, "This property is a jewel of Old Mission and a place Greg and I came to know growing up on the Peninsula. The Lobdell and Carlson families have dined at Bowers throughout the years and have always been impressed with Schelde's care and operational excellence. In the tradition of North Peak and other developments, our plan for the site involves the powerful combination of the finest dining, modern amenities, and historical integrity. On behalf of all of us who have enjoyed the Inn over the years, I also wish to extend my gratitude to Howard Schelde, a friend and visionary."

Old Mission Historic Development Principal Greg Lobdell added, "It is truly an honor and a privilege to be involved in this project. The team that will operate the Inn is extremely talented, passionate and respectful of the great tradition that has been built by Howard Schelde. It is our intent to bring in new energy to build upon this great tradition."