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Destination Hotels & Resorts to Manage Stowe Mountain Lodge



August 15, 2006 - Destination Hotels & Resorts continues to grow its collection of luxury resort properties with the addition of Stowe Mountain Lodge in Stowe, Vt., "The Ski Capital of the East" according to SKI magazine. The 132-room luxury lodge at the base of Stowe Mountain Resort's Mt. Mansfield, Vermont's highest peak, will be part of an alpine village offering a four season experience. The property is schedule to open in fall 2007.

Stowe Mountain Lodge is the newest luxury mountain resort to open in the northeast in more than 50 years. The lodge also includes 34 units that will be shared-ownership residences called the Front Four, named after the four legendary ski trails on the front face of Mt. Mansfield.

The ski-in/ski-out property is well-situated at the base of Stowe Mountain Resort's Mt. Mansfield in the heart of the new Spruce Peak at Stowe alpine village, offering guests convenient access to a world-class spa featuring distinctive services, natural Vermont products and unique discoveries from around the world, as well as a renowned wellness center. Truly a four season resort, for those who enjoy golf the lodge will feature an 18-hole mountain course designed by the world renowned Bob Cupp. The resort also will include approximately 10,000 square feet of state-of-the-art function space, an upscale retail plaza, an outdoor ice skating rink and signature restaurants.

For more than 100 years, Mt. Mansfield and the charming New England village of Stowe have attracted the world's most discerning travelers, who have cherished the beauty and mystique that each season is known to bring. Set within this legendary backdrop, Stowe Mountain Lodge will come to life in a unique style that is reminiscent of the early 20th century summer camps and family estates of the northeast. Built in the Vermont-alpine style, the property will feature the noble materials of stone, timber and forged iron work; consistent elements found in this classic design theme. The building plan also takes advantage of the extraordinary views of the surrounding mountain peaks; Mt. Mansfield and Smugglers Notch to the northwest and Spruce Peak to the northeast.

Each guest room takes advantage of the surrounding mountain vistas with large windows and oversized balconies. Guest rooms will feature four-fixture bathrooms, plasma televisions and custom furnishings with a sense of New England warmth and tradition.

Stowe Mountain Lodge is the 12th mountain resort property to join the Destination collection of hotels and resorts. The company's roots are in Aspen, Colo. with the opening of The Gant, an upscale condominium resort, in 1973. Since its beginning, Destination has offered travelers a selection of luxury properties in world-class mountain resorts such as Aspen, Snowmass, Vail, Telluride, Lake Tahoe and Jackson Hole.

For more information on Stowe Mountain Lodge, please visit http://www.stowemountainlodge.com/.

Spruce Peak at Stowe is master developed by Spruce Peak Realty, LLC, the joint venture between Mt. Mansfield Co., Inc., a wholly-owned entity of American International Group, Inc. (AIG) and AIG Global Real Estate Investment Corp., AIG's real estate investment management subsidiary. Stowe Mountain Lodge is being developed by Destination affiliate Lowe Destination Development (LDD) in conjunction with Spruce Peak Realty, LLC.

Destination Hotels & Resorts works in conjunction with its affiliate LDD to identify future opportunities for the Lowe Hospitality Group, which is owned by Lowe Enterprises, Inc. a national real estate investment, management and development firm headquartered in Los Angeles, Calif. LDD, also a subsidiary of LHG, is responsible for the development of LHG hospitality projects including both hotels and resort communities. Current projects include Suncadia Resort in Cle Elum, Wash. and Terranea Resort in Palos Verdes, Calif. All LDD hotel projects are managed by Destination Hotels & Resorts upon completion.

Destination Hotels & Resorts is a privately held lodging management company headquartered in suburban Denver, Colo. With more than 30 independent, luxury and upscale hotels, resorts and golf clubs, Destination is the fifth largest independent hospitality management company in the country. The company's portfolio features more than 7,000 guest rooms, 14 golf courses and 9 full-service spas. Destination Hotels & Resorts properties are located in key metropolitan and resort markets including New York, Washington, D.C., Chicago, Denver, Dallas, San Diego, Aspen, Austin, Phoenix, Palm Springs, Jackson Hole, Maui and Lake Tahoe. For more information on the properties in the Destination Hotels & Resorts collection, please visit http://www.destinationhotels.com/.

CONTACT: Kristin Yantis Mettler of Destination Hotels & Resorts,+1-858-964-6533, kmettler@destinationhotels.com
/Web Site: Web site: http://www.stowemountainlodge.com/
 

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