Gemstone to Direct Strategy for Five Resort Properties
PARK CITY, Utah, May 13, 2002–Gemstone Resorts International, a hotel and resort management company, announced today that it has been retained by Olympus Real Estate Partners, a real estate investment firm, to provide day-to-day consulting services on its five Rockresort properties located throughout the United States. Gemstone will be responsible for assisting Olympus in maximizing asset value and return on capital for the four-star resorts through their specialty real estate services including master planning, creating property enhancement and marketing strategies, overseeing capital projects, providing operations and financial overview, as well as supporting growth of the Rockresort brand and the efforts of the brand management company.
We previously had a successful relationship with Gemstone during our ownership of The Ritz-Carlton, Rancho Mirage. They were able to add substantial value during their involvement in that property due in part to their unique understanding of complex resorts, said Clark Hanrattie, Partner with Olympus Real Estate Partners. We were impressed with how well they represented the owners interest while supporting management to accomplish its objectives.
The Rockresort brand is one of the most respected in the resort industry, said Jeff McIntyre, principal, Gemstone Resorts International. Each property in Olympus Rockresort portfolio is unique and has excellent potential for continued growth. Gemstones principles have well over 100 years experience working with exactly these types of properties, and we look forward to creating new ways to further enhance investment returns.
This is Gemstones third major assignment in the past four months, noted Mark van Hartesvelt, Gemstone principal. We believe this represents a trend by institutional and private investors who now seek more experienced hospitality specialists, especially during the current difficult operating environment. We expect to see this trend accelerate as the economic recovery begins to gain momentum, which is an opportune time to enhance investment returns.
Each of Olympus Rockresort properties are four-star in quality, and located in some of the most unique locations in the United States:
The Equinox Resort – Located in Manchester Village, Vermont, the historic property dates from 1769. The 183-room resort features the Gleneagles Golf Course and other recreational activities, including indoor and outdoor swimming pools, hiking, biking, croquet, tennis and fishing. Gemstone is currently overseeing the final planning and construction for an expansion and renovation of the spa and the addition of a 3,500-square-foot ballroom.
Cheeca Lodge & Spa – The 203-room resort, located on Islamorada in the Florida Keys, features a 5,500-square-foot spa and health club, a Jack Nicklaus-designed par-three golf course, and 27 acres of beach frontage. The property offers nearly 4,100 square feet of meeting facilities, as well as two swimming pools, salt-water lagoon and six tennis courts.
La Posada Resort & Spa – The resort is nearing completion of a renovation of its 159 guest rooms. Located in Santa Fe, New Mexico, the lushly landscaped property features a 5,000-square-foot spa and health club and a unique rooftop juice bar.
Rosario Resort – This well-known waterfront resort with a full-service marina is located on Orcas Island in the Puget Sound in Washington. Situated on eight acres, the property is adjacent to the Moran State Park and is in close proximity to Seattle and Vancouver. Gemstone is currently assisting Olympus with various agencies to finalize a Master Plan for the property which is contemplated to include the addition of guest rooms, amenities and a residential development component.
Casa Madrona – Located in Sausalito, California, the 34-room, four-star property is two blocks from the San Francisco ferry and a short drive to Muir Woods. Gemstone is currently overseeing a 31-room expansion, the addition of 6,000-square-feet of retail and public space and a 5,000-square-foot spa.
Rockresorts International LLC, a luxury resort hotel company with headquarters in Denver, Colo., owns and manages 11 luxury resort hotels in seven states. The Rockresorts portfolio includes: The Lodge at Rancho Mirage in the Palm Desert of California; Casa Madrona in Sausalito, Calif.; La Posada de Santa Fe Resort and Spa in Santa Fe, N.M.; Cheeca Lodge in the Florida Keys; The Equinox in Manchester, Vt.; Rosario Resort in the San Juan
Islands of Washington; Snake River Lodge and Spa in Jackson Hole, Wyo.; Great Divide Lodge in Breckenridge, Colo.; Keystone Lodge in Keystone, Colo.; The Pines Lodge in Beaver Creek, Colo.; and the Lodge at Vail in Vail, Colo. The RockResorts website is www.rockresorts.com.
Vail Resorts, Inc. (NYSE:MTN) acquired a majority interest in Rockresorts in December 2001. Olympus Real Estate Partners invests in real estate properties, mortgages and securities in major markets throughout the United States. With offices in Dallas and New York, Olympus and its affiliates have more than 3,500 employees. The firms eight partners include co-founder and general managing partner David B. Deniger, Gregory C. Adair, Hal R. Hall, Clark W. Hanrattie, Robert P. Landin, Jeffrey G. Mundy, Robert S. Riggs and Timothy B. Smith. Since the company was founded in 1994, Olympus has evolved into one of the nations largest, domestically focused real estate funds. The firm has invested more than $5 billion in U.S. real estate assets, including more than 2.3 million square feet of commercial space, nearly 52,000 apartment units, 53 resorts and hotels totaling 8,100 rooms, 40 golf courses and 57 residential subdivisions.
Headquartered in Park City, Utah, Gemstone is a full-service operating and asset management company that specializes in luxury and upscale hotels and complex resorts that include a variety of components such as hotels, restaurants, retail, resort amenities such as beach, golf or skiing, time-share and other hospitality-related activities. The company is engaged in resort and unique hotel marketing and management, asset management and consulting for such well-regarded hotel real estate investors as the Arden Group, Olympus and others. Gemstone currently manages or asset manages 14 projects in Arizona, California, Colorado, Florida, New Mexico, Utah, Vermont and Washington.