RAL and Affiliates Begin Construction of Luxury Proprty in Teluride

. October 14, 2008

TELLURIDE, CO /EW YORK, NY, June 14, 2006. RAL Mountain Village Lodging LLC has commenced construction on its much-anticipated 148-unit luxury hotel/ condominium in the Town of Mountain Village, Telluride, Colorado. A premier hotelier with which RAL is presently engaged in final contract negotiations will operate the ultra luxe resort. The property will consist of 100 hotel condominium units and 48 residence condominium units in a premier ski in/ski out location at the center of Telluride's Mountain Village. Amenities will include a spa, pool, fitness center, ice skating rink, wine tasting room, underground parking, restaurants, bars, banquet rooms, meeting rooms, event space, entertainment and retail facilities, all designed to accommodate and fulfill the expectations of a four- or five-star hospitality property.

"We're delighted to have our shovels in the ground and to fulfill our obligation to Mountain Village to deliver a platinum quality resort to be operated by a major hotel flag," said Robert Levine, president and CEO of Manhattan-based RAL Companies & Affiliates LLC. "We began preliminary marketing of the condominium units at the property just three months ago to an astounding response. Our telephone lines have been lighting up daily and our sales office has been securing multiple reservations weekly with more than one-third of our inventory already under reservation. We are confident this property will set the standard for full-scale, state-of-the art luxury accommodations in Telluride."

As part of the agreement to build the hotel/condominium, RAL will also construct -- in cooperation with the Town of Mountain Village -- space to accommodate an adaptive skiing program with special access for the handicapped and as well as additional parking for town visitors. The project, designed by

Denver-based Ivins Design Group in conjunction with CDA (Construction Design Associates), a New York-based affiliate of RAL Companies, along with Interior Designs by David Easton, is slated for completion in the second quarter of 2008.

"Naturally, we look forward to announcing the operator of our hotel," Levine said, noting that he still has one year left to make that decision and announcement per an agreement with the Town of Mountain Village. "But, it would be unwise to rush the contract negotiation process in order to do so. Not only did my firm build the four-star Inn at Lost Creek adjacent to our new hotel's site, but Telluride is my family's mountain destination and our second home for the past 15 years. As such, we are completely committed to delivering a property that will be viable to the community for the long-term -- one that will help to imbue the core of Mountain Village with enhanced economic performance in the retail and restaurant sectors."

Levine confirms that financing from Lehman Brothers for the hotel/condominium has been finalized permitting construction to move continuously now through completion and that Telluride Properties is acting as the exclusive marketing agent for the property.

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