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Jean-Pierre Boespflug, Tamarack Resort CEO,  Says the Idaho Mountain
 Resort Sold $89 million Worth of Real Estate in First Year

By Mike Maharry, The Idaho Statesman, Boise
Knight Ridder/Tribune Business News

May 24, 2006 - The Tamarack resort is gaining a solid national reputation, and its real estate sales are growing faster than those of its Western competitors, the resort's chief executive officer said this week. "From what we can tell from people who follow the industry at large, we're doing twice as good as the other resorts with a similar profile to ours," said Tamarack CEO Jean-Pierre Boespflug.

He said the four-season resort 100 miles north of Boise sold $89 million worth of real estate in the company's fiscal year that ended April 30, with reservations totaling $200 million. Boespflug said those sales were roughly double those at competing resort-property developments such as Northstar-at-Tahoe in California, Promontory Condominiums at Steamboat in Colorado, and Spanish Peaks at the Big Sky Resort in Montana.

Discussing Tamarack's first annual report released last week, Boespflug said his resort had revenues of $8.4 million -- $5.5 million for the winter months and $2.9 million for the summer months. He said winter revenues increased by 96 percent over the previous year's $2.8 million.

"We are pleased with the growth winter to winter and our overall contribution to the Valley County economy during a first full year," he said. "However, with growth come growing pains. Tamarack is constantly working in partnership with our local government to ease the pains of growth and ensure the positive aspects of economic development are shared."

The next two years should see significant gains in revenues and property sales as key common buildings at the resort are completed, he said.

Tamarack's first hotel, the 44-unit Members' Lodge & Spa, opened this spring.

Land sales have been completed for a second hotel, financed by tennis stars Andre Agassi and Stephi Graf, with construction scheduled to begin later this year.

Two new components are opening this summer: -- Tamarack's conference facility, to be called the Arling Center, will have a formal grand opening June 16 -- although Boespflug said three groups used the building last weekend despite its unfinished kitchen. -- A 5,000-square-foot restaurant situated at the junction of two chairlifts halfway between the resort's summit and base will open later in the summer. With seating for 220, the restaurant will offer cafeteria-style dining on one side and table service on the other.

Lee Heinrich, Valley County clerk, said county officials have been "pleasantly satisfied with the working relationship" between Tamarack and local government agencies. "Everything so far has been very up and up," he said. "Sometimes we've had disagreements over amounts to be paid, but when those have been settled, they've performed." Heinrich said Tamarack and other area developers have agreed on the specifications for a major road construction project between Donnelly and the entrance to Tamarack that should get under way this summer.

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Copyright (c) 2006, The Idaho Statesman, Boise

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