Real Estate to Operate Lake Tahoe's First 5-Star Ski-in/Ski-out Resort
$300-million Resort Project Begins Construction in Summer 2006
|TRUCKEE, Calif. - March 29, 2006 -- In a major boost to North Lake
Tahoe's reputation as a world-class resort destination, East West Partners,
veteran developer of award-winning resorts at prime ski locations including
Beaver Creek, Breckenridge and Vail, and its partner Crescent Real Estate
Equities Company (NYSE: CEI), signed a letter of agreement today with The
Ritz-Carlton Hotel Company to operate Lake Tahoe's first five-star luxury
hotel, which East West Partners and Crescent will develop.
The 172-room The Ritz-Carlton Highlands, Lake Tahoe will be built at The Highlands, a new on-mountain collection of ski-in/ski-out residences boasting spectacular views. The community is set amidst Northstar-at-Tahoe(TM) ski resort, which has been ranked number five in North America by SKI Magazine for its family programs.
"East West Partners and Crescent are proud to be flying The Ritz-Carlton flag at Northstar," said Harry Frampton, founder and managing partner of East West Partners. "The new hotel, residences and club will fit perfectly into the beautiful, mid-mountain setting shared by our properties currently under development in the area."
The new $300-million resort project is slated to begin construction
in summer 2006, with a projected opening in late 2009. As well as a luxury
hotel, it will include 75 The Ritz-Carlton (full-ownership) Residences,
The Ritz-Carlton Club offering 77 residences for deeded fractional ownership,
a world-class spa, several pools, and on-site meeting and event space.
All of these amenities are connected by a new gondola to the Village at Northstar(TM) shops, restaurants and ice rink.
"We are very pleased to add to The Ritz-Carlton portfolio of luxury properties our first ski resort and spa in Northern California," said Simon F. Cooper, president and chief operating officer. "We believe the combination of the hotel, along with The Ritz-Carlton Residences and The Ritz-Carlton Club fractional ownership properties, will offer guests and owners a luxury lifestyle in the mountains highlighted by the beauty of the natural setting, and an array of recreational attractions, including the new Village and gondola. East West Partners has a proven track record as a high-end developer of resort residential communities."
John C. Goff, vice-chairman and chief executive officer, Crescent Real Estate Equities Company, commented on the project, "We are thrilled to be teaming with The Ritz-Carlton on a second project this year. We have a long-standing relationship with The Ritz-Carlton and think the brand is extraordinary. This is an exciting time for North Lake Tahoe, and developing a Ritz-Carlton hotel is an important milestone in its growth as a year-round resort destination."
As the new The Ritz-Carlton properties are completed, they will neighbor East West Partners' and Crescent's new 1,450-unit Highlands community, featuring ski-in/ski-out condominiums and townhomes. Residents and vacationers alike will be able to step outside their homes and immediately ski to a lift that transports them to and from the slopes at Northstar-at-Tahoe and the new Village, or take advantage of an extensive recreational trail network for hiking and biking.
The design of this destination resort property is lead by the world-class
team of Mark Hornberger, FAIA, principal of Hornberger + Worstell, and
Stanford Hughes, FAIA, principal of BraytonHughes Design Studios. The hotel's
design will pay tribute to the great environmental spirit of Northern California,
and will incorporate native granite stone, local timber and other building
materials native to the Sierra-Tahoe region.
"Having Lake Tahoe's first five-star hotel at The Highlands is the signature project that complements the new Village at Northstar and the mountain improvement plan," said Chris Ryman, President of Booth Creek, owner of Northstar-at-Tahoe resort. "This property will complete the vision of Northstar-at-Tahoe becoming one of the finest year-round mountain resorts in North America."
"This fantastic new complex at the Highlands will give the region not only a grand new hotel and increased luxury lodging and real estate options, but a host of new jobs, an increase in the tax base, and a positive economic impact," said Bruce Kranz of the Placer County Board of Supervisors. "We appreciate that East West Partners has a strong track record of thoughtful development and high sensitivity to preserving the natural environment."
About The Ritz-Carlton Hotel Company, L.L.C.
About Crescent Real Estate Equities
About East West Partners
In the North Lake Tahoe area of California, East West Partners is creating a year-round resort experience with four distinctive communities under the Tahoe Mountain Resorts brand: The Village at Northstar, The Highlands, Old Greenwood and Gray's Crossing. The company's holdings also include Coyote Moon Golf Course in Truckee and the lakeside Wild Goose restaurant in Tahoe Vista. Ownership in any of Tahoe Mountain Resorts' four communities allows for membership in the Tahoe Mountain Club, with amenities that include swimming, tennis, fitness, golf, skiing, spa services, and fine dining. For more information, visit www.tahoemountainresorts.com.
About Booth Creek Resorts
East West Partners
|Also See:||Crescent Real Estate and the Ritz-Carlton Hotel Company, LLC Break Ground on Texas' Only Ritz-Carlton Hotel and the Residences at the Ritz-Carlton, Dallas / May 2005|
|Crescent Real Estate Equities Planning a $150 million Ritz-Carlton Hotel and Condominiums in Dallas' Uptown Market / April 2004|