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Press Release: Lowe Enterprises
April 20, 2005
SQUAW VALLEY, CA -- Lowe Enterprises:
Lowe Destination Development has created a condominium hotel at Lake Tahoe in Northern California with the conversion
of the Resort at Squaw Creek into 238 condominium units while maintaining the property as a fully-operational guest
resort. Creating an ownership opportunity is part of the company's comprehensive $21 million renovation and repositioning
strategy.
"Our condominium resort offers owners a year-round getaway and they also have the option to place their units
in the hotel rental program when not in use," said Rob Lowe, president of Lowe Destination Development. "It's
a solid business model for resort/hotel operations as well as condominium owners."
Lowe Destination Development purchased an interest in the luxury resort, set on 600 acres, in April 2004. The company
began renovations last fall focusing first on the resort's expansive lobby. The design of the 238 condominiums
allows for the separation of units to maintain the resort's original 404 guest rooms. Room renovations are now
underway creating luxury studio, one- and two-bedroom units and three-bedroom penthouses.
Squaw Creek's condominiums are priced from $300,000 to more than $2 million. The sales program was launched on
March 18 resulting in sales to date of 155 units totaling $119 million.
"Selling more than half of the units so quickly is a testament to the desirability of the resort and the consumer's
desire for ownership," noted Lowe. "Condominium conversions, or some form of ownership option at hotels
and resorts, is a national trend. Our exceptional success at the Resort at Squaw Creek is an example of why the
industry has moved in this direction."
Built in 1991, Squaw Creek was the first luxury resort to be developed in the Squaw Valley area of Lake Tahoe popularized
in 1960 as home to the Winter Olympics. The resort features a Robert Trent Jones Jr. championship golf course,
three swimming pools, four restaurants, a retail complex and 33,000 square feet of meeting space.
During the winter visitors to the complex can enjoy an ice-skating rink and an on-property chairlift providing
ski-in/ski-out access. In addition to its renowned ski slopes, Squaw Valley's 4,000 acres also include a cross-country
ski center, dog sled tours, sleigh rides, snowshoeing and sledding.
"Squaw Creek is a destination for all seasons with an array of activities that appeal to people of all ages.
The ownership component in no way changes our focus as a hotel operator on providing a superior experience for
all of our guests," added Roger Beck, managing director of the Resort at Squaw Creek.
Squaw Creek's recreation facilities, restaurants, meeting rooms and other common areas will also be stripped and
redone, but the property remains open during the renovations. Squaw Creek is managed by Destination Hotels &
Resorts, one of the largest independent lodging management companies in the U.S.
Lowe Destination Development and Destination Hotels & Resorts are wholly-owned subsidiaries of Los Angeles-based
Lowe Enterprises, a leading national real estate development, investment and management firm. Over the past 33
years, Lowe has developed, acquired or managed more than $7 billion of real estate assets nationwide. Through Lowe
Destination Development, Lowe's hospitality and resort community development subsidiary, the firm is currently
developing in excess of $1 billion of hospitality properties nationwide, notably the 1,040-acre Grizzly Ranch in
Portola, Calif., the 700-acre Stone Eagle Golf Club in Palm Desert, Calif. and the 6,000-acre Suncadia project
near Roslyn, Wash. Lowe Enterprises maintains regional offices in Denver, Irvine, Phoenix, San Francisco, Sacramento
and Washington D.C. and project offices nationwide.
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Contact:
for Lowe Enterprises
Casey Sayre & Williams
Karen Diehl, (310) 396-2400
Source: Lowe Enterprises