Ritz-Carlton Breaks Ground on Ownership Resort at Kaua'i Lagoons

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. October 14, 2008

LIHU'E, HI, June 6, 2008. The Ritz-Carlton has moved closer to introducing its brand of luxury living to Kaua'i for the first time by breaking ground on two developments at Kaua'i Lagoons, a spectacular 520-acre oceanfront resort.

With the blue Pacific Ocean and Kaua'i's verdant mountains providing a picturesque backdrop, a traditional Hawaiian blessing and groundbreaking ceremony was held yesterday to mark the start of construction on The Ritz-Carlton Residences, Kaua'i Lagoons and The Ritz-Carlton Club, Kaua'i Lagoons.

"We're proud to be bringing The Ritz-Carlton to Kaua'i, and we could not have chosen a more idyllic setting for The Ritz-Carlton lifestyle than at Kaua'i Lagoons," said Merrill Yavinsky, regional vice president of sales and marketing for The Ritz-Carlton Club and Residences, Hawai'i. "We are committed to delivering an unparalleled ownership opportunity here on the 'Garden Isle' highlighted by the assurance of world-class service excellence."

Overlooking the scenic coastline, The Ritz-Carlton Residences, Kaua'i Lagoons will offer 14 private ownership residences featuring two-, three- and four-bedroom floor plans ranging from approximately 2,519-3,452 square feet. The interior design capitalizes on the prime oceanfront location and allows interior spaces to flow effortlessly into the outdoors.

Each residence will be complemented by an expansive lanai of roughly 701 to 2,064 square feet offering panoramic ocean and sunrise views. Prices start at $5.1 million. Reservations are now being accepted and sales will commence in August. Occupancy is scheduled for summer 2009.

The Ritz-Carlton Club, Kaua'i Lagoons will be comprised of 72 fully furnished fractional ownership residences sold in deeded one-eighteenth interests. Located alongside the resort's freshwater lagoon, the Club residences will offer two- and three-bedroom floor plans ranging from approximately 1,692-2,118 square feet. Sales reservations are scheduled to begin this October, with prices starting at $300,000 per interest. Occupancy is targeted for late 2009.

Also currently under development at Kaua'i Lagoons is Grand Residences by Marriott, the first Marriott-branded project of its kind in Hawai'i. It will consist of 78 private ownership residences offering two- and three-bedroom floor plans ranging from approximately 1,301-1,665 square feet. Sales are underway with occupancy scheduled for early 2009. Prices start at $1.6 million.

An affiliate of The Ritz-Carlton Hotel Company, LLC and Marriott Ownership Resorts, Inc., a subsidiary of Marriott International, Inc., are developing Kaua'i Lagoons as part of a 10-year master plan. Other residential offerings in planning include Marriott Vacation Club timeshare villas and private estate lots.

Golf legend Jack Nicklaus is redesigning Kaua'i Lagoons' award-winning golf courses, which will be highlighted with four consecutive oceanfront holes overlooking the coastline. Future plans also include an upscale restaurant with ocean and golf course views, water taxi service for the 39-acre freshwater lagoon, and a full-service spa. In keeping with Kaua'i's character, approximately 350 acres, or two-thirds of the resort including the golf courses, will remain as undeveloped "green" space.