EXHIBIT 99.1


[ELS LOGO]



CONTACT:  Michael Berman                            FOR IMMEDIATE RELEASE
          (312) 279-1496                            December 2, 2005



                            ELS COMPLETES REFINANCING
                BORROWS APPROXIMATELY $337 MILLION AT 5.3 PERCENT

         CHICAGO, IL - DECEMBER 2, 2005 - Equity LifeStyle Properties, Inc.
(NYSE: ELS) today announced it has completed the previously announced
refinancing of approximately $293 million of secured debt maturing in 2007 with
an effective interest rate of 6.8 percent per annum. The transaction generated
approximately $337 million in proceeds from loans secured by individual
mortgages on 20 properties. The proceeds were used to defease the $293 million
of secured debt on two cross-collateralized loan pools consisting of 35
properties, and to repay amounts borrowed under the Company's lines of credit,
leaving the Company with remaining availability under its lines of credit of
approximately $135 million. The blended interest rate on the refinancing is
approximately 5.3 percent per annum, and the loans mature in ten years. The
transaction costs will impact the Company's fourth quarter results by
approximately $20 million or $0.67 per fully diluted share.

         Commented Thomas Heneghan, ELS' CEO and President, "We are pleased to
announce the successful execution of this refinancing which demonstrates our
ability to take advantage of the current favorable interest rate environment.
The transaction strengthens the Company's balance sheet by extending the
weighted average maturity on our long-term secured debt by approximately two
years. In addition, the Company will not have any significant long-term secured
debt maturing in either 2006 or 2007. Beginning in 2008 and over the succeeding
five years, the maximum amount of long-term secured debt maturing in any one
year is less than $230 million."

         This news release includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. When used,
words such as "anticipate", "expect", "believe", "intend", "may be" and "will
be", and similar words or phrases, or the negative thereof, unless the context
requires otherwise, are intended to identify forward-looking statements. These
forward-looking statements are subject to numerous assumptions, risks and
uncertainties, including, but not limited to: in the age-qualified communities,
home sales results could be impacted by the ability of potential homebuyers to
sell




their existing residences as well as by financial markets volatility; in the
all-age communities, results from home sales and occupancy will continue to be
impacted by local economic conditions, lack of affordable manufactured home
financing, and competition from alternative housing options including site-built
single-family housing; our ability to maintain rental rates and occupancy with
respect to properties currently owned or pending acquisitions; our assumptions
about rental and home sales markets; the completion of pending acquisitions and
timing with respect thereto; the effect of interest rates as well as other risks
indicated from time to time in our filings with the Securities and Exchange
Commission. These forward-looking statements are based on management's present
expectations and beliefs about future events. As with any projection or
forecast, these statements are inherently susceptible to uncertainty and changes
in circumstances. The Company is under no obligation to, and expressly disclaims
any obligation to, update or alter its forward-looking statements whether as a
result of such changes, new information, subsequent events or otherwise.

         Equity LifeStyle Properties, Inc. owns or has an interest in 285
quality properties in 28 states and British Columbia consisting of 106,337
sites. The Company is a self-administered, self-managed, real estate investment
trust (REIT) with headquarters in Chicago.