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Gemstone Resorts International Signs Management Agreements for the
Carlton Hotel, Manhattan and The Hotel Washington, Washington, D.C.
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Company Changes Name to Gemstone Hotels & Resorts 

PARK CITY, Utah, February 8, 2007—Officials of Gemstone Resorts International, LLC, a leading hotel and resort management company, today announced that it has signed management agreements to operate luxury hotels in New York and Washington, D.C.  To reflect significant growth and expansion in urban upscale and luxury boutique hotel management, the company also announced it has changed its name to Gemstone Hotels & Resorts, LLC.

“Although we are adding only one word to our name, ‘hotels,’ it represents an important strategic change in our company,” said Mark van Hartesvelt, Gemstone principal.   “As a mid-sized, more hands-on management company specializing in boutique properties, we have the opportunity to help create a signature, singular property for each hotel we manage.  We always play an important role in creating the strategic positioning for our hotels.  

“Luxury hotels are not about adding a thicker carpet or crystal chandeliers.  We believe that creating a singular hotel experience for each guest, what we call experiential and participatory theater, is what creates a special bond and makes guests loyal to your hotel.  We believe this approach gives us a distinctive competitive advantage.  

“We have a very active pipeline for both existing and planned hotels,” he noted.   “In addition to hotels and resorts in the U.S., we are in discussions with owners in the Middle East, the Far East and Mexico.”

The two new hotel management contracts are:

Carlton Hotel, Manhattan—Located at 88 Madison Ave., the hotel recently was restored to its historic elegance by renown architect David Rockwell.  Gemstone will oversee a multi-million dollar renovation of the hotel’s 316 guest rooms and suites, hallways and back-of-the house infrastructure.  In addition, the hotel will add approximately 1,500 square feet of high-end retail.  The hotel’s Country restaurant, led by Chef Geoffrey Zakarian, recently was awarded two stars by The New York Times.

“The Carlton already is a four-star quality hotel and was voted by Conde Nast Travel as one of the 15 Best hotels and resorts in the world in 2006.  With our repositioning, it will remain one of the leading luxury properties in the city,” said Thomas Prins, Gemstone principal.  “We have been very active in the New York market and currently are actively bidding on four other luxury hotels.  The New York luxury hotel market is one of the most competitive in the world.  Not only do we absolutely believe that the Gemstone management system will work very well in Manhattan, but the move sets the stage for our international expansion.  We have been very active in the New York market and currently are negotiating with a number of other luxury hotels.”

The Hotel Washington, Washington, D.C.— Located at 15th and Pennsylvania, the hotel with 345 rooms and suites overlooks both the White House and the George Washington Monument.  Built in 1888, the building was converted to a hotel by the same architects who designed the Senate and House on Capitol Hill.  

“This historic hotel arguably has the greatest upside potential in the city,” said Jeff McIntyre, Gemstone principal.  “This well located asset is primed to regain its prominence within the nation’s capitol.”  

Headquartered in Park City, Utah, with an office in Stamford, Conn.,Gemstone is a full-service management and asset management company that specializes in luxury and upscale urban hotels and complex resorts.  The company is engaged in resort and unique hotel marketing and management and asset management for a variety of major hotel real estate investors and owners.  Gemstone currently manages or asset manages more than 20 projects.  Additional information about the company may be found at www.gemstoneresorts.com.  

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Contact:

Gemstone
http://www.gemstoneresorts.com/

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Also See: Gemstone Resorts to manage the Historic, 107-room La Posada de Albuquerque in New Mexico; Poperty Currently Closed While it Completes a $12 million Restoration / May 2006
Gemstone Resorts International to Manage House of Blues Hotel in Chicago / April 2006
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