Michael Fenley Named General Manager of International Market Place

Shopping center management veteran Michael Fenley has been named general manager of the new International Market Place currently under construction on Kalakaua Avenue in the heart of Waikiki. In this role, Fenley is responsible for operations, retailer and community relations and marketing for the center.

Michael Fenley, General Manager, International Market Place, Waikiki, Hawaii opening August 25, 2016 (Photo: Business Wire)

A long-time Taubman executive, Fenley brings more than 30 years of experience to his new position. Most recently, he served as general manager of Sunvalley in the San Francisco Bay Area where he oversaw the multimillion-dollar renovation and remerchandising of the center. Prior to that, he served as general manager for six Taubman-owned super-regional shopping centers in Connecticut, Michigan, Nevada and California.

“The revitalized International Market Place will be a shopping, dining and entertainment center that perfectly complements the Waikiki retail landscape,” said Fenley. “It has a fantastic location with a rich legacy, and I’m looking forward to its re-birth as a premiere destination for residents and visitors from around the world.”

Developed by Taubman and CoastWood in conjunction with Queen Emma Land Company, International Market Place will open on August 25, 2016, and will feature approximately 75 retailers and the island’s first Saks Fifth Avenue. International Market Place will convey a unique Hawaiian experience by celebrating through its architecture the history and culture of Waikiki and its people. This commemoration includes water features, lush landscaping and the iconic banyan tree that is more than a century old and is well known in the area. A grand lanai will offer several distinctive outdoor dining venues.

As one of the most valuable land assets of Queen Emma Land Company, International Market Place will directly support The Queen’s Medical Center, the state’s largest private, nonprofit hospital and its mission of providing quality healthcare to all of Hawaii’s people.

For updates on the progress of International Market Place, visit www.shopinternationalmarketplace.com.

ABOUT TAUBMAN

Taubman Centers, Inc. (NYSE: TCO) is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 22 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing four properties in the U.S. and Asia totaling 4.1 million square feet. Taubman, with more than 60 years of experience in the shopping center industry, is headquartered in Bloomfield Hills, Mich., and Taubman Asia is headquartered in Hong Kong. www.taubman.com.

ABOUT COASTWOOD CAPITAL GROUP, LLC

CoastWood Capital Group, LLC is a specialized real estate investment firm based in San Francisco. Founded by Cordell Lietz in 2003, the company acquires, manages and develops real estate in the United States with an emphasis on retail and other property types with unique operational characteristics. CoastWood has been actively investing in Hawaii for over a decade and holds interests in several properties throughout Hawaii including Waikiki Trade Center, Kings’ Shops and Queens’ Marketplace.

ABOUT QUEEN EMMA LAND COMPANY

Queen Emma Land Company is a local nonprofit organization established to support and advance health care in Hawaii, primarily through The Queen's Medical Center and its affiliates. QEL accomplishes this by managing and enhancing the income-generating potential of the lands left to The Queen's Hospital by Queen Emma in 1885, and additional properties owned by The Queen's Health Systems.

ABOUT THE QUEEN’S MEDICAL CENTER

The Queen’s Medical Center is a 501 (c) (3) non-profit corporation, acute care medical facility accredited by The Joint Commission. The facility houses 505 acute beds and 28 sub-acute beds and is widely known for its programs in cancer, cardiovascular disease, neuroscience, orthopaedics, surgery, emergency medicine and trauma, organ transplants and behavioral medicine. Queen’s is home to a number of residency programs offered in conjunction with the John A. Burns School of Medicine at the University of Hawaii. Queen’s has achieved Magnet® status – the highest institutional honor for hospital excellence – from the American Nurses Credentialing Center. Magnet recognition is held by six percent of hospitals in the United States. Queen’s is the first hospital in Hawaii to achieve Magnet status.

For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

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