Hope Lake Lodge Signs The Lexington Collection

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. October 14, 2008

CORTLAND, NY, January 12, 2007. Phase one of the Cortland, NY Hope Lake Lodge is scheduled to begin construction within the next 60 days. The year-round family resort will include the renowned Greek Peak Ski Resort, a new 106-room Lexington Resort and Villas, an indoor water park, restaurant, and a Cascades International Spa.

"This is a very exciting time for us," said Sam Kryger, Vice President of Peak Resorts, Inc., a family-managed company that has operated Greek Peak Ski Resort since 1962, and the developer of the Hope Lake Lodge project. "We have spent a considerable amount of time researching the hospitality industry to find the right alliances. Because we already have a very successful ski resort, we needed to find a hospitality company that would help us expand into a year-round destination, yet allow us the freedom to continue to do what we have done so well for the last 45 years. Hands down, Vantage Hospitality's Lexington Collection is the only hotel company that can give us the resources we need to expand, yet allow us our independence."

According to Kryger, the 106-room Lexington Resort and Villas will operate as a condo-hotel. Rooms are available for purchase as wholly owned units and quarter ownership-units. Units not being occupied by the owners may be rented as hotel rooms, thus allowing the owners to share in the rental revenues and cover a portion, =if not all, of their homeowner fees. Kryger stated that the sale of the condo units is going very well due to some special "pre-completion" pricing.

There are nine different room designs to choose from, ranging in size from 426 to 1,277 square feet. All units will include a kitchenette, a fireplace, and a view of either Hope Lake or Greek Peak Mountain. The Lexington Resort and Villas is being designed to comply with U.S. Green Building Council's Leadership in Environment and Energy Design (LEED) standards and will include geothermal heating and cooling elements.

"We are honored to be chosen as the hotel for Hope Lake Lodge," said Steve Belmonte, CEO and President of The Lexington Collection. "This situation is really a win-win for all involved. The Kryger family has successfully operated a beautiful ski resort for nearly half a century, and The Lexington Collection is able to allow them to continue their management style while giving them the resources needed to expand into a four-star resort."

"There is a demand for families to visit 'drive to' destinations," said Jim Gerish, President of Emerald Hospitality Associates, Inc. and the management company for the Hope Lake Lodge project. "By combining Greek Peak Ski Resort, which averages 275,000 skiers per year, with year-round activities such as an indoor water park, Hope Lake, Cascades International Spa, and providing overnight accommodations in the beautiful Lexington Villas and Resorts, we make it easy for families from New England, New Jersey, Pennsylvania, Delaware, New York, Ohio, and Ontario Canada to experience a four-star vacation in their own backyards."

The second phase of the Hope Lake Lodge project will include an 18-hole championship golf course, a corporate conference center facility, additional dining facilities and more lodging units.