A New Stowe, Vermont Emerges to Challenge Western Ski Resorts
Investment of $400 Million in Stowe Mountain Resort and Spruce Peak at Stowe Links Two Mountains, Sp
STOWE, VT, October 4, 2006. For years, skiers in search of a destination resort experience have turned to well-known Western locales such as Aspen, Vail, Beaver Creek and Deer Valley. Now, the East Coast's first true destination resort is taking shape in the bucolic town of Stowe, Vermont.
Long a magical name linked to iconic families such as the Roosevelts and Vanderbilts, Stowe is bringing new luster to its stunning natural environs and quintessentially New England town. These have been ignited, to large measure, by improvements at Stowe Mountain Resort and the development of Spruce Peak at Stowe, including the new Stowe Mountain Lodge, scheduled to open in fall 2007. With mighty Mt. Mansfield and Spruce Peak as its backdrop, Spruce Peak at Stowe is an intimate, ski-in/ski-out and golf-in/golf-out neighborhood with a feast of new residences, the new luxury Stowe Mountain Lodge, and outstanding recreational, wellness, dining, retail, and cultural amenities.
The development is unfolding in strict adherence to an Environmental Charter designed to preserve the area's ecological viability. This includes designating 2,000 acres for wildlife preservation, using recycled storm water to irrigate the golf course, limiting pesticide use, implementing green building design to maximize water and energy conservation, and hosting local environmental education programs.
The new community has already sparked changes in and around the town of Stowe, with existing resorts completing spa renovations and room upgrades and with new restaurants emerging.
Enhancements to Stowe Mountain Resort will be apparent this winter, chief among them a new transfer lift linking Mt. Mansfield and Spruce Peak, for a "Big Mountain" experience. Mt. Mansfield, the tallest peak in Vermont, has long been revered by hard core skiers for its terrain including the legendary "Front Four." Spruce Peak is popular for its more accessible and family- friendly slopes, as well as for its afternoons of sunny Southern exposure.
Rod Kessler, Vice President of Mountain Operations for Stowe Mountain Resort, commented, "It's been a long-held dream here at Stowe to unite Mt. Mansfield and Spruce Peak with a seamless connection for skiers. The new transfer gondola is great for families with skiers of varying abilities, who can now move easily between the most challenging runs on Mansfield and the more forgiving trails of Spruce."
Skiers and snowboarders will enjoy the benefits of other new on-mountain amenities, namely state-of-the-art snowmaking equipment, recently introduced high-speed lifts, new trails, and a renovated Cliff House Restaurant high atop Mt. Mansfield. There, cuisine will take advantage of Vermont's fresh network of local products and ingredients.
Also at hand are the remarkable residential and lodging options available
at Spruce Peak at Stowe. All accommodations have ski-in/ski-out access to Stowe Mountain Resort as well as golf-in/golf-out access for the summer months. Spruce Peak at Stowe will feature Mountain Cabins, private homesites, and One Spruce Peak penthouses. Stowe Mountain Lodge will house 139 rooms with sophisticated, yet comfortable, furnishings and the Front Four, a private shared-ownership residence club.
David Norden, Vice President, Spruce Peak at Stowe, commented, "We're creating a genuine community here, based on an environmentally sensitive master plan that's been ten years in the making. The results are just extraordinary - but we haven't created an 'Aspen of the East.' Spruce Peak at Stowe embraces its authentic Vermont heritage to create a mountainside neighborhood that's based on the core lifestyle and recreational values of the area."
Other features of Spruce Peak at Stowe are quickly taking shape. The new Bob Cupp-designed mountainside golf course is complete and play will commence this spring for residential owners, club members and guests.
Construction on the new five-star Stowe Mountain Lodge has reached the third floor, with work on the spa and retail esplanade underway as well. Stowe Mountain Lodge will be managed by Destination Hotels & Resorts.
James Horsman, Vice President and Managing Director of Stowe Mountain Lodge, commented, "We're building a resort that will set a new standard of luxury and aesthetics on the East Coast. Stowe Mountain Lodge will articulate the style of Vermont, relying on local artisans whenever possible. At the same time, it will deliver sophisticated, yet warm and personalized service."
About Stowe Mountain Resort
Stowe, Vermont is enjoying a dramatic resurgence fueled by Spruce Peak at Stowe, a new slopeside community, and enhancements to Stowe Mountain Resort encompassing the legendary Mt. Mansfield and Spruce Peak. Spruce Peak at Stowe is well underway with enviable homes for purchase, a new luxury hotel called Stowe Mountain Lodge, a world-class spa and wellness center, an 18-hole golf course, performing arts center, dining and retail esplanade, swimming pool and ice skating rink. Stowe Mountain Resort has completed a $40 million transformation which includes a new transfer lift. Started in 2003, only 35 of 2,000 pristine acres will be developed.
About Stowe Mountain Lodge
The new Stowe Mountain Lodge is located at the heart of the lively Spruce Peak at Stowe alpine village in historic Stowe, Vermont. Opening fall 2007, the 139-room lodge will offer an exclusive 18-hole mountain golf course created by the legendary Bob Cupp, a luxurious spa and wellness center, 10,000 square feet of meeting space, concierges available to anticipate every need, twice-daily housekeeping, 24-hour in-room dining and artisan-inspired cuisine. The lodge also will offer highly-customized services and personalized in-room amenities. For more information, please contact Stowe Mountain Lodge at 802-253-0320 or visit online at www.stowemountainlodge.com. For real estate inquiries, please call 877-786-9368 or 802-253-0076.
Stowe Mountain Lodge is one of more than 30 independent, upscale and luxury hotels, resorts and golf clubs in the United States managed by Destination Hotels & Resorts, the fifth largest independent hospitality management company in the country. The company, headquartered in suburban Denver, Colo., features a portfolio of more than 7,000 guest rooms, 14 golf courses and 9 full-service spas. Destination Hotels & Resorts properties are located in key metropolitan and resort markets including New York, Washington, D.C., Chicago, Denver, Dallas, San Diego, Aspen, Austin, Phoenix, Palm Springs, Jackson Hole, Maui and Lake Tahoe. For more information on the properties in the Destination Hotels & Resorts collection, please visit www.destinationhotels.com.
About Mt. Mansfield Co., Inc.
Spruce Peak at Stowe is being master developed by Spruce Peak Realty, LLC, the joint venture between Mt. Mansfield Co., Inc., a wholly-owned entity of American International Group, Inc. (AIG) and AIG Global Real Estate Investment Corp., AIG's real estate investment management subsidiary. Stowe Mountain Lodge is being developed by Destination affiliate Lowe Destination Development (LDD) in conjunction with Spruce Peak Realty, LLC.
About AIG Global Real Estate
AIG Global Real Estate is a leading full service real estate organization that invests in, develops, and actively manages real estate for a globally diversified investor base, including unaffiliated clients and AIG member companies. As of 30 June 2006, AIG Global Real Estate has over US $10 billion in equity under management. AIG Global Real Estate's property portfolio includes over 53 million square feet of retail, residential, industrial, office and hospitality properties owned, managed, or under development in more than 50 countries. AIG Global Real Estate is headquartered in New York with over 30 regional offices, including Atlanta, Hong Kong, London, Los Angeles, Mexico City, San Francisco, Seoul, Singapore and Tokyo. Kevin Fitzpatrick has served as AIG Global Real Estate's president since inception in 1987 and currently leads the real estate team of more than 500 professionals. Additional information on the company can be found at www.aigglobalrealestate.com.
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