Exhibit 99.2


               The Blackstone Group to Acquire Boca Resorts, Inc.

    BOCA RATON, Fla., Oct. 20 /PRNewswire-FirstCall/ -- Boca Resorts, Inc.
(NYSE: RST), an owner and operator of luxury resorts in Florida, announced today
that it had signed a definitive merger agreement to be acquired by an affiliate
of The Blackstone Group for $24.00 per share. The price represents a premium of
28% over yesterday's closing price of $18.76. The total value of the
transaction, including debt, is approximately $1.25 billion.

    The Board of Directors of Boca Resorts, Inc. has approved the merger
agreement and recommended that its shareholders approve the Agreement.
Shareholders will be asked to vote on the proposed transaction at a Special
Meeting that will be held on a date to be announced. The Company's Chairman and
Chief Executive Officer, H. Wayne Huizenga, who holds approximately 98% of the
Company's vote, has agreed to vote his shares in favor of the transaction,
consistent with the recommendation of the Board of Directors. The transaction is
subject to shareholder approval and other customary conditions and is expected
to be completed in late 2004 or early 2005. The Annual Meeting of the Company's
shareholders, scheduled for November 4, 2004, has been postponed pending the
outcome of the shareholder vote to be held at the Special Meeting.

    In commenting on the transaction, Mr. Huizenga noted, "During the past 8
years we have been fortunate to successfully operate a group of the most
distinctive hotel and resort properties in the United States. Our experienced
senior management and seasoned staff have been responsible for growing our
business while enhancing the reputation of Boca Resorts, Inc. as the owner of
one of the most guest-oriented collection of properties in the lodging and
hospitality industry." Mr. Huizenga added, "South Florida is one of the most
important markets in this industry and to thousands of vacationers, business
travelers, and meeting planners, our properties personify the South Florida
Experience."

    Jonathan D. Gray, Senior Managing Director at The Blackstone Group said, "We
are excited to be part of this world-class collection of resorts, which brings
with it tremendous employees and loyal club members. We look forward to
continuing the Company's tradition of re-investing in its properties, as we did
during our previous ownership of the Savoy Hotel Group in London."

    Stephen A. Schwarzman, President and CEO of Blackstone, added: "Our long
history and expertise in managing prestige hotels around the world will be
invaluable in working with management to enhance the value for everyone involved
in this quality group of hotels and resorts."

    Deutsche Bank Securities, Inc. and Allen & Company LLC acted as financial
advisors to Boca Resorts, Inc. in the transaction and Bear Stearns, Citigroup
and Merrill Lynch advised The Blackstone Group. Acquisition financing is being
provided by Bank of America, Bear Stearns and Merrill Lynch.

    About Boca Resorts, Inc.

    Boca Resorts, Inc. is the owner and operator of five distinctive destination
resorts located in Florida with hotels, conference facilities, golf courses,
spas, marinas and private clubs. The Company's resorts include the Boca Raton
Resort & Club (Boca Raton), the Registry Resort at Pelican Bay (Naples), the
Edgewater Beach Hotel (Naples), the Hyatt Regency Pier 66 Hotel and Marina (Fort
Lauderdale) and the Radisson Bahia Mar Resort and Yachting Center (Fort
Lauderdale). The Company also owns and operates two golf clubs located in
Florida (Grande Oaks Golf Club in Fort Lauderdale and Naples Grande Golf Club in
Naples) that serve as additional amenities to its resorts, as well as components
of its exclusive social club, known as the Premier Club. In addition, the
Company owns and operates two golf courses in Boca Raton that are part of the
Boca Raton Resort & Club. Boca Resorts, Inc. can be accessed on the Internet at
http://www.bocaresortsinc.com.

    About The Blackstone Group

    The Blackstone Group, a private investment firm with offices in New York,
Boston, Atlanta, London and Hamburg, was founded in 1985. Blackstone's Real
Estate Group has raised five funds, representing over $6 billion in total
equity, and has a long track record of investing in hotels and other commercial
properties. In addition to Real Estate, The Blackstone Group's core businesses
include Private Equity, Corporate Debt Investing, Marketable Alternative Asset
Management, Mergers and Acquisitions Advisory and Restructuring and
Reorganization Advisory. The Blackstone Group can be accessed on the Internet at
http://www.Blackstone.com.

    Cautionary Statement Concerning Forward-Looking Information

    Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance, or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied in such forward-looking statements. Additional discussion of factors
that could cause actual results to differ materially from management's
projections, forecasts, estimates and expectations is contained in the Company's
SEC filings.

    About the Merger

    In connection with the proposed merger, the Company will file a proxy
statement with the Securities and Exchange Commission. INVESTORS AND SECURITY
HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE,
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders
may obtain a free copy of the proxy statement (when available) and other
documents filed by the Company at the Securities and Exchange Commission's web
site at http://www.sec.gov. The proxy statement and such other documents may
also be obtained for free from the Company by directing such request to the
Company, Attention: Mary Jo Finocchiaro, Vice President and Controller, Boca
Resorts, Inc. 501 East Camino Real, Boca Raton, FL 33432 Telephone:
561-447-5302.

    The Company and its directors, executive officers and other members of its
management and employees may be deemed to be participants in the solicitation of
proxies from its shareholders in connection with the proposed merger.
Information concerning the interests of Company's participants in the
solicitation is set forth in the Company's proxy statements and Annual Reports
on Form 10-K, previously filed with the Securities and Exchange Commission, and
in the proxy statement relating to the merger when it becomes available.

SOURCE Boca Resorts, Inc.
Web Site: http://www.bocaresortsinc.com http://www.Blackstone.com
Company News On Call: Company News On-Call:
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