Truckee, CA (Wednesday, July 19, 2006) - Amidst the official groundbreaking ceremonies today for the new luxury Ritz-Carlton resort property at California's Northstar-at-Tahoe ski and snowboard resort, sales of resort residences at other area properties continue to boom, according to the hotel's developers.

East West Partners, developer of ski properties in Colorado and Utah, and its investment partner Crescent Real Estate Equities, report success in second-home real estate sales activity at The Village at Northstar, Old Greenwood and Gray's Crossing, three of the company's four Tahoe Mountain Resorts (TMR) communities under development in North Lake Tahoe.

"We are extremely enthusiastic about our sales figures year-to-date for our Tahoe Mountain Resorts properties," said Harry Frampton, chairman and founder of East West Partners. "Upon total completion of the TMR communities, we project total sales revenue to exceed $4 billion."

The Village at Northstar, a new resort village located at the base of Northstar-at-Tahoe ski resort, reports its first 100 unit, one- to four-bedroom residences, were sold for a total of $143 million prior to completion of construction in December 2005. Phase-one residences registered prices ranging from $550,000 to $5.8 million. So far this summer, 83 of the 113 phase-two residences, slated for a winter 2006/2007 completion, have been sold for approximately $120 million. Only 30 residences remain available for purchase, ranging in price from $850,000 to $2.2 million.

The average sales price per-square-foot for phase-two residences is approximately 20 percent higher than the average price during phase one, meaning that demand has remained strong for The Village at Northstar.

The official groundbreaking ceremony for Lake Tahoe's first five-star luxury hotel -- the 173-room The Ritz-Carlton Highlands, Lake Tahoe -- was held today at The Highlands, another new on-mountain residential resort community set high above the ski area base at Northstar. The new $300 million resort project, slated to open in late 2009, is being developed by East West and Crescent. The two companies have an agreement with The Ritz-Carlton Hotel Company, L.L.C., to operate the new luxury property, which will also include 75 Ritz-Carlton (full-ownership) Residences and The Ritz-Carlton Club, offering 78 residences for deeded fractional ownership. Other facilites will include a spa, several pools, and 11,000 square feet of on-site meeting and event space. These amenities will be connected by a new gondola to the Village at Northstar condominium residences, shops, restaurants and ice rink.

The Ritz-Carlton Highlands, Lake Tahoe is slated for completion in late 2009. Sales will begin this winter on the first phase of residences. In addition to foundation work, construction began this summer on the 4.5-mile Highlands View Road leading up to the hotel site. The road is carefully routed to preserve the natural terrain, with four roadway tunnels running beneath the existing ski slopes at various intervals. Q&D Construction of Reno and Swinerton Builders of San Francisco are serving as joint contractors on the project.

"The Ritz-Carlton is a wonderful addition to the four major resort residential properties we are developing in North Lake Tahoe," commented John C. Goff, vice chairman and chief executive officer, Crescent Real Estate Equities Company. "Ritz-Carlton not only generates a lot of attention for the region, but it also enhances the value of the area and fits appropriately with the high level of quality that our developments bring to the region's destination and resort experience."

As The Ritz-Carlton properties are completed, they will neighbor East West Partners' and Crescent's new 1,450-unit Highlands community, featuring ski-in/ski-out condominiums and townhomes.

Several factors contribute to strong buying activity at the new Village at Northstar, said Blake Riva, Senior Partner of East West Partners. "Given Lake Tahoe's natural beauty and proximity to San Francisco and the Bay area, it has been a very popular winter and summer destination for many years. However, there's been very little new development in North Lake Tahoe in the last 25 years. The Village at Northstar provides a new opportunity to own a vacation home in one of the most popular ski resort areas of Northern California. There's obviously been a lot of pent up demand for Lake Tahoe properties."

Riva believes the new Village at Northstar will continue to see enhanced values as the Village is completed and all the new shops open. Initially, Northstar-at-Tahoe evolved from a basic ski destination with a few modest dining options to today's Village, offering pedestrian-friendly all-season recreational experiences, including new restaurants, retail shops, an ice-skating rink and plaza, and new luxury residences and lodging facilities.

Concurrently with the resort developments, this summer Northstar Resort is investing $10.5 million in new on-mountain improvements, which include completing two new Doppelmayr lifts for the 2006/07 winter season. The planned lifts include a high-speed six-pack to improve access to Lookout Mountain and the Backside. The new six-pack will access 13 total trails and 137 acres of total terrain, including 60 acres of new intermediate terrain. Included in the terrain is a new mile-long run to connect guests directly from the top of the six-pack to the Backside.

Other mountain improvements include relocating Northstar-at-Tahoe's cross-country center, adding a new 600-space parking lot at the entrance of Northstar Drive, and expanding its snowmaking system.

Nearby, East West Partners is also developing Old Greenwood, a secluded, 600-acre, year-round community surrounded by pine trees, open fields of sage and views of the Northstar-at-Tahoe ski resort. Old Greenwood is home to an 18-hole Jack Nicklaus Signature Golf Course.

To date, all 100 single-family home sites at Old Greenwood have been sold, priced from $200,000 to $750,000. Old Greenwood also offers 159 fractional and full ownership residences, including 85, two- and three-bedroom townhomes, and 74 three- and four-bedroom cabin-style homes. Fractional sales have far exceeded initial sales projections with over 600 shares sold to date. Homebuyers can choose ownership in two-, three- or four-bedroom homes, ranging in price from $60,000 to $200,000 with average use around 21 days per year.

"The fractional price range at Old Greenwood is quite attractive compared to fully owning the same home at $1.5 to $2.5 million," says Riva, "and it's carefree ownership since the Homeowner's Association handles each homes' care and maintenance."

Old Greenwood offers a restaurant, swim, tennis and fitness facility, streams and lakes, and three miles of hiking, biking and nature trails. A Golf Digest Academy is located on 15 acres with a driving range, daily golf clinics and indoor classroom space.

Rounding out the company's Lake Tahoe portfolio is Gray's Crossing, a 700-acre, single-family home community built around a new members-only, 18-hole Peter Jacobsen/Jim Hardy golf course and club house, slated for a summer 2007 completion date. So far, 275 out of 295 homesites have been sold, ranging in price from $200,000 to $700,000 at Gray's Crossing's three initial neighborhoods. The first few homes, both custom-built and builder-developed, are now under construction. This summer, the community will offer 57 golf course homesites for sale in its newest neighborhood, The Meadows.