Related WestPac Closes on Snowmass Mountain Village

NEW YORK, March 1 /PRNewswire/ -- Related WestPac today announced the acquisition of Snowmass Base Village, Snowmass Center and West Village -- securing all three sites for the creation of an 80-acre master planned development. The acquisition allows all three sites to be cohesively developed and Snowmass' status as a year-round destination to be greatly enhanced with first-class services, luxury residential, hotel, entertainment venues, and dining and shopping amenities. Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development company, and WestPac Investments Colorado LLC, a diversified Real Estate Investment and development company. Financing was provided by Bank of America, CharterMac, Hypo Real Estate Capital Company and JER.

Jeff Blau, President of Related Companies said, "The acquisition of all three development parcels provides the rare opportunity to comprehensively and seamlessly develop Snowmass as a preeminent year-round resort and even stronger full-time community with world-class services and amenities. I look forward to working with the Town of Snowmass Village to meet and exceed the growing needs of visitors and the local community, and to deliver on the promise of a rebirth for Snowmass as an even more vibrant destination resort community."

Pat Smith, President of Related WestPac said, "Growing up a skier and living with my family in the mountains grants me a strong sense of commitment to support a dynamic renaissance opportunity here in Snowmass Village. To help create and expand one of the finest mountain communities truly culminates my passion for real estate development and fulfills my dream of developing one of the best places to live and play in the world. It's not only my desire but also my responsibility to make the redevelopment of Snowmass the best it can be in partnership with Town Council, town staff and the entire community. I feel very blessed, proud and thankful to be a part of the process. Together we will encourage Snowmass to become the leading, multi-season, family oriented mountain resort community."

The acquisition of the three parcels by Related WestPac will bring fresh vision to the one million square foot town-approved development already underway and make Base Village even more dynamic and accessible. The new Base Village will include 600 luxury residential units offering various ownership opportunities, hotel facilities and amenities, an aquatic center and fine dining and shopping for residents and visitors.

The Base Village development is expected to be complete in 2011. Phase 1 of the Base Village development will be complete by the 2008 ski season including 90 whole-ownership condominiums (87 of which have been pre-sold), a new state-of-the art 26,000 square foot Children's Center and exciting mix of retail including five new restaurants.

Ski-in/ski-out capabilities will be greatly expanded by connecting all three development sites with gondolas that will move people between Snowmass Center, Base Village and West Village. Snowmass Center will offer new residential opportunities, neighborhood retail and office space. West Village will offer new hotel facilities, residential opportunities, retail and restaurants.

Jim Crown, managing member, Aspen Skiing Company said, "Aspen Skiing Company's commitment to the ultimate success of Snowmass has not changed with this transaction. We feel that the remainder of the Base Village project is in caring and capable hands. The leaders of the Related WestPac organization share our commitment and vision. In addition, they bring a wealth of expertise that will serve to maximize the resort experience for all who visit or live in Snowmass."

Related WestPac shares the vision of a Snowmass renaissance established by the community and supported by Aspen Skiing Company. Aspen Skiing Company (ASC) will remain involved in the long term operation and management of Snowmass Mountain and operate the highly anticipated Children's Center, the commercial spaces for ticket sales, ski retail and rental facilities in Snowmass Base Village. In addition, Aspen/Snowmass Hospitality, a division of ASC, will be responsible for hotel and residential property management. ASC is moving forward with over $78 million to date in on-mountain improvements that are an integral part of base village and the entire town's renewal, including this year's new eight person gondola and a six person high speed chair lift which allows skiers to have unprecedented mountain access and skier mobility.

About Related Companies:

Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago, and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, a world class hotel.

This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in CharterMac, the largest financier of affordable housing in the country. For more information about Related Companies please visit http://www.related.com/.

About WestPac Investments, LLC:

WestPac is a privately held Investment and Development Company doing business in five Western States. WestPac is a co-developer of The Residences at The Little Nell. The company's focus is residential in all forms, including single family, multifamily dwellings ranging from student housing to market rate apartments as well as senior housing. WestPac also develops condominiums and hotels. Another area where WestPac excels is in the development and operation of commercial real estate including offices buildings, medical facilities (which include award winning Alzheimer facilities) and retail. WestPac is vertically integrated in the management and operation of the properties we develop. For more information on WestPac Investments, LLC please call (970) 544-0620.