Rosewood and Honigman Planning a $200 mil Resort in Telluride

. October 14, 2008

TELLURIDE, CO, September 29, 2006. Telluride, renowned for exceptional skiing and alpine grandeur, is taking a giant step forward. The Colorado mountain town will soon be home to a $200 million luxury resort and residence complex that will rival the best that Aspen and Vail have to offer. The Honigman Group, led by Aaron B. Honigman, announced plans to build a resort and condominium project on Country Club Drive. The development will reside next to the championship golf course in Mountain Village, the town that shares the ski mountain with Telluride. Groundbreaking is scheduled to take place in early 2007.

The Honigman Group signed an agreement with Rosewood Hotels & Resorts to operate the resort and residences, known as Rosewood Telluride. Based in Dallas, Rosewood currently manages a collection of 15 ultra-luxury properties including The Carlyle in New York, The Mansion on Turtle Creek in Dallas, Las Ventanas al Para'iso in Mexico as well as other five-star properties in the United States, Mexico, Asia, the Middle East and the Caribbean. Rosewood also has projects under development in Atlanta, northern California, Riviera Maya, Mexico and Jeddah, Saudi Arabia.

"Rosewood Telluride will be a world-class destination offering some of the finest year-round activities from golf and hiking to extraordinary Alpine and Nordic skiing" stated John M. Scott III, President and CEO of Rosewood. "The combination of the Telluride Mountain Village location, world-class design, and Rosewood's reputation for providing exemplary personal service and one-of-a-kind experiences will make this project a great success. We are thrilled to be working with The Honigman Group, whose vision for the property fits perfectly with our own."

Honigman believes that the resort and residences will be unrivalled anywhere in the Rockies. "The addition of Rosewood to our world-class team of professionals takes this project to an even higher level of quality, service and luxury," says Honigman. "We are excited to have a premier management company like Rosewood as our operator for this unique project."

Rosewood Telluride will feature 75 resort guest rooms and 65 residences including 2- and 3- bedroom units as well as individual town homes. The resort will offer guests and residents ski-in-ski-out convenience, a fine dining venue, a 12,000-square-foot luxury spa and fitness center, a chalet-style apr`es-ski bar, a terraced pool and several high-end retail outlets.

Hill Glazer & Associates of Palo Alto, known for its global work on some of the world's top luxury hotels, is the architect of Rosewood Telluride and JG Johnson is the executive architect. Brayton+Hughes Design Studio of San Francisco has been commissioned to oversee the interior design for the project.

The project is currently going through the planning process with the town of Mountain Village. "The Mountain Village Town Council and Design Review Board have been very helpful in the refinement of the overall design. Working alongside the town's staff and elected officials has been extremely productive and their insight has been invaluable," commented Aaron B. Honigman.

The town of Mountain Village, Colorado - at an elevation of 9,500 feet in the San Juan Mountain Range of southwest Colorado - is home to the Telluride Ski Resort and encompasses approximately 2,100 acres of rolling aspen- and spruce-covered mountainside. Connected to the town of Telluride by a free gondola transportation system, Mountain Village and Telluride are known for world-class skiing, unequaled alpine scenery, Old West history and cultural appeal.

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