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Gemstone Signs Management Agreement to Operate
The Whiteface Lodge Resort in Lake Placid, N.Y.
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PARK CITY, Utah, May 29, 2007— Officials of Gemstone Hotels & Resorts, a full-service hotel management and asset management company that specializes in luxury and upscale urban hotels and complex resorts, today announced that it has signed a management agreement to operate The Whiteface Lodge Resort, a AAA four diamond resort in Lake Placid, N.Y. 

“The demand for hotels and resorts that deliver a one-of-a-kind experience continues to rise,” said Thomas Prins, Gemstone principal.  “This new addition to our portfolio matches up well with our core strength of implementing a new strategy for an existing resort that has either lost its focus in the market or has not performed up to its full potential.”

Opened in 2005, the luxury Whiteface Lodge Resort is a member of Leading Hotels of the World.  The resort offers 94, one- to four-bedroom suites with a Private Residence Club.

The property features a 5,800-square-foot treatment spa, which was just named by Conde Nast as one of the top three hotel or resort spas in North America.  The spa has six treatment rooms and a fully equipped fitness center.  Other amenities include an indoor/outdoor swimming pool, an ice-skating rink, 54-seat movie theater, bowling lanes, tennis courts, snowshoe/cross-country trails and a private beach and canoe club on the lake.

“We have extensive experience in operating ski resorts as four-season destinations,” said Prins.  “We work closely with our home communities to create special events and activities to attract guests year-round.

“Gemstone also has a proven track record in fractional resort projects and homeowner associations,” he noted.  “This is the most significant development in Lake Placid since the 1980 Olympics, and we look forward to taking full advantage of all that the region offers.
“We have perhaps the most active pipeline in our history for both existing and planned hotels,” he noted.   “As we enter more difficult economic times, hotel developers and owners seek operators with the expertise to create a unique environment for the hotel’s guests, while optimizing the bottom line.” 

Headquartered in Park City, Utah, with an office in Stamford, Conn., Gemstone Hotels & Resorts 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 Hotels & Resorts, LLC
www.gemstoneresorts.com
 

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Also See: T-Rex Capital, LLC Transfers its Interest in Whiteface Lodge, Lake Placid, NY to an Affiliate of the Lender / April 2008
The Whiteface Lodge Resort and Spa Acquired by T-Rex Capital, The Lake Placid, NY Resort Will be the Flagship Property of T-Rex Capital's High-End Private Residence Club / January 2007
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