PRESS RELEASE 02-08-07

$60 Million Renovation by Eminent Designer Peter Gumpel to Transform All-Suite Property

CARMEL, Calif., Feb. 8 /PRNewswire/ -- Carmel Valley Ranch (www.CarmelValleyRanch.com), a California ranch-style retreat set on 400 acres in the heart of Carmel Valley, Calif., today announced plans for a $60 million renovation and conversion into a premiere luxury condominium hotel. Condominium hotel suites will be available for individual ownership as The Retreat at Carmel Valley Ranch. All of the resort's guest suites will undergo a top-to-bottom transformation and refurbishment with new interior design and layout. Once enhancements are complete, Carmel Valley Ranch will operate as a full-service resort destination offering elegant accommodations with a fresh style, attentive service and new luxurious amenities to both residents and guests. The conversion is due to be complete by early 2008.
 

"As the very first condominium-hotel to operate in the Monterey Peninsula, Carmel Valley Ranch will meet a strong market for buyers looking for a unique opportunity combining the value and benefits of condominium ownership in this world-renowned destination with the unparalleled services and amenities associated a luxury resort," said Russell Flicker, president of development for LXR.

Acclaimed architect Peter Gumpel has been engaged to redesign all of Carmel Valley Ranch's 144 guest suites as well as revive the resort's landscaping and exteriors. A variety of one - and two-bedroom units ranging in size from 800 - 1,400 sq. ft. will be priced from $880,000. In addition, the popular Carmel Valley Ranch championship golf course has already begun its own restoration program, and will usher in a new quality of play in late spring 2007.

Revitalization Details

Inspired by the serene beauty of Central California's rolling hills and bountiful foliage, guest suite interiors will offer an abundance of natural textures and materials, intermixed with the latest technological conveniences. This "modern organic" style is filled with rounded edges, clean lines and crisp accents which bring to mind a walk in Carmel's pastoral countryside.

"We want guest suites to imbue a passion for nature and inspire a sense of vitality and harmony, while offering a luxurious and comfortable retreat," said Gumpel. "Beautiful granite and limestone, along with dark, rich woods will be juxtaposed with soft fur throws, supple leather upholstery and plush linens to create the quintessential California repose."

Guest suite renovations call for the installation of hardwood flooring; refinished wall surfaces; a complete overhaul of suite kitchenettes including new cabinetry and stainless steel appliances; custom-designed furniture throughout the suite; and an extensive redesign of guest bathrooms. Suite decor will be complimented with amenities embodying the latest technological and architectural advances, such as flat-screen televisions, raindrop showerheads and modern bath fixtures. A color palette evocative of the resort's fresh gardens will blend warm beige and brown, with calm celadon and sage hues. The guestroom's signature cathedral ceilings will remain, while wood-burning fireplaces and wraparound decks will be updated to complete the unique residential ambiance.

Golf is a key component of the Carmel Valley Ranch experience, and the resort's signature course has undergone an enhancement program to restore the existing Pete Dye design. Enhancements include leveling and augmenting teeing grounds, enlarging all greens complexes, rebuilding select greens, improving drainage and irrigation systems, reshaping bunkers and replacing approximately 8,000-feet of cart path. In addition, the entire course has been reseeded with select Bentgrass seed.

Services and Amenities

All of the resort's lavish array of amenities, as well as its signature attentive service will be offered to both unit owners and guests. Once enhancements are complete, amenities at Carmel Valley Ranch are anticipated to include the newly restored championship golf course, award-winning Tennis Club managed by Peter Burwash, International, fitness center and three onsite restaurants. Other services include in-room dining, daily housekeeping services, evening turndown, garment care, in-suite spa services and concierge to help coordinate travel, arrange dining reservations, and provide detailed information on area activities and attractions such as wine tasting, whale watching, Big Sur, the Laguna Seca Raceway, 17-Mile Drive and Point Lobos Wildlife State Reserve.

Real Estate Sales

The Retreat at Carmel Valley Ranch began taking condominium sales on Feb. 8, 2007. Fully-furnished units are priced from $880,000. When not in personal use, condo owners may rent their suite as a traditional hotel room. Real estate sales and marketing will be handled by Sotheby's International Reality. For more information, call (888) 658-0888 or visit www.CarmelValleyRanch.com.
 

About LXR Luxury Resorts & Hotels

Carmel Valley Ranch is part of the LXR Luxury Resorts & Hotels collection, a portfolio of independent properties dedicated to creating an experience of luxury, a sense of ease and endless pleasure. LXR properties are distinguished by a style and spirit that captures the unique qualities of their setting, whether the urban chic of a city like New York or the beauty and charm of an island like Puerto Rico. All LXR Luxury Resorts & Hotels offer elegant surroundings, attentive service, guest privileges at private golf clubs and rejuvenating spa programs. LXR Luxury Resorts & Hotels are located throughout the United States and the Caribbean. The LXR collection also includes the renowned Golden Door Spa brand and its four spas in the U.S. For more information and reservations, visit the Internet at www.LuxuryResorts.com or call (877) LXR-XOXO. LXR Luxury Resorts & Hotels was formed by affiliates of Blackstone Real Estate Advisors which owns the independent properties that comprise the collection. The Blackstone Group can be accessed on the Internet at www.Blackstone.com.
 

CONTACT: Amy Campbell, +1-310-358-7744, or ACampbell@LuxuryResorts.com;
or Anne Hersley-Hankins, +1-561-447-3370, or AHersley@LuxuryResorts.com, both
of LXR Luxury Resorts

Source: Carmel Valley Ranch

Web site: http://www.luxuryresorts.com/
http://www.carmelvalleyranch.com/