�Throughout the year our sales exceeded our expectations, with many first- day sales setting records for the market. Our experience supports the projections that the resort ownership market is strong and sustainable,� said Rob Lowe, president, Lowe Destination Development. �LDD�s development program is focused on creating distinctive resorts in singular locations that provide consumers with an attractive leisure destination where they will want to return again and again.�

Of the $640 million for the year, $300 million occurred in the last two months of 2005 as the result of sales launches at four properties. During 2005 LDD sold condominiums or lots at the following resorts.

• The Resort at Squaw Creek � LDD began sales in March with activity to-date of $160 million. LDD is completing a $21 million renovation of this property, built in 1991 as the first luxury resort in the Squaw Valley area of Lake Tahoe. The company has created 238 condominium units in a configuration that allows it to maintain the original 404 guest rooms. It 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.

 
• Stowe Mountain Lodge � LDD began sales in June with activity to-date of $67 million. Stowe Mountain Lodge, located in Stowe, Vermont, is being developed in two phases, with the first phase comprised of 102 condominium units and 34 shared-ownership residences along with a signature restaurant, meeting facilities, retail plaza and a 21,000-square-foot spa and wellness center. It is located at the center of Spruce Peak at Stowe, a 35-acre master-planned alpine village and offers ski-in and ski-out access.

 
• The Lodge at Suncadia � LDD began sales in November with activity to-date of $ 53 million. The Lodge at Suncadia offers 183 condominium units which can be configured as 237 guest rooms. Along with 18-room The Prospector Inn which opened in July of 2005, The Lodge at Suncadia will anchor the next major amenity, The Village at Suncadia. Construction of The Village began this summer with the first shops and restaurants scheduled to open their doors in the fall of 2007. Located just 80 miles from Seattle near Roslyn Washington, Suncadia is the first full-service luxury resort in the region and is part of the 6,300 acre Suncadia resort community.

 
• Terranea Resort� LDD began sales of detached Ocean Casitas and Villa resort condominium units on December 4 with activity to-date of $129 million. Terranea is located on the bluffs above the Pacific Ocean in Rancho Palos Verdes, Calif., 15 miles south of Los Angeles international Airport. The $320 million oceanfront resort, set on 102 acres, will feature a 360 guest room hotel and 40 free-standing bungalows with three swimming pools, a 25,000-square-foot spa and fitness facility, an executive golf academy, shoreline parks and trails, 6,000 square feet of retail and a variety of casual beachfront and fine dining options.

 
• Caldera Springs � LDD began sales of the 320 single-family home sites in this master-planned resort community on December 10 with activity to-date of $68 million. The resort is located between Lowe�s existing 3,300- acre Sunriver Resort and 600-acre Crosswater planned community in Sunriver, Oregon. The 400-acre Caldera Springs will maintain 50 percent of its land for open space with hiking trails and bike paths. In addition to the area�s many recreation opportunities, Caldera Springs will offer manmade lakes, tennis courts and a golf course. Homeowners also will enjoy the community�s Lake House with a pool, fitness facility and restaurant.

 
• The Village at Wild Dunes � LDD began sales of the condominium units at this $183 million addition to the world-class Wild Dunes resort on December 10 with activity to-date of $46 million. The Village at Wild Dunes will add 254 condominiums, retail village, full service spa, pool and conference center to the 1,600-acre Wild Dunes Resort located on the northern end of the Isle of Palms just outside of Charleston, S.C.

In addition to these properties, LDD�s $2 billion of new development includes the 1,040-acre Grizzly Ranch golf community in Portola, Calif. where LDD is developing 380 home sites and a 18-hole Bob Cupp championship golf course and the 700-acre Stone Eagle Golf Club in Palm Desert, Calif. which features a prestigious 18-hole Tom Doak designed golf course in a mountaintop setting. LDD will begin sales of the 44 home sites at Stone Eagle in first quarter 2006.

Lowe Destination Development is a wholly owned subsidiary of Los Angeles-based Lowe Enterprises, a leading national real estate development, investment and management firm. Over the past 34 years, Lowe has developed, acquired or managed more than $8 billion of real estate assets nationwide. Lowe Enterprises maintains regional offices in Denver, Irvine, Phoenix, San Francisco, Sacramento and Washington D.C. and project offices nationwide. Further information on LDD is available at www.lowedestinationdevelopment.com.
|
Media Contact:
Karen Diehl
Casey Sayre & Williams, Inc.
(310) 396-2400