$200mil+ in New Lodging Properties/Renovations Slated for Monterey

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. October 14, 2008

MONTEREY, CA, February 20, 2007. More than $200 million in new properties and hotel renovations are slated for development in Monterey County, translating to the most significant surge of capital improvements the destination has seen in nearly 20 years.

Fairmont Hotels and Resorts will break ground later this year on a $100+ million luxury mixed-use resort property north of Monterey in the Central Coast city of Seaside. Expected to open in 2009, the property will include a 330-room hotel, 24,000 square feet of meeting space, a 14,000-square foot Willow Stream spa, dining outlets, an outdoor pool and a residential component including 170 condominiums and 125 single-family lots.

The property also includes the existing championship Bayonet and Black Horse golf course facility. The resort and two 18-hole courses are situated on a 440-acre site overlooking the Monterey Bay-part of the former Fort Ord prior to its transfer to Seaside under the Base Closure Act. Seaside Resort Development, LLC is developing the project.

The Cannery Row Company broke ground in August 2006 on a $70+ million luxury beachfront property. The newest waterfront hotel on California's Central Cost in 20 years, the property will feature 208 luxury rooms, 10,200 square feet of meeting space, 18,500 square feet of high-end retail, an on-site spa, and a 95-seat restaurant. Managed by Pacific Hotels Management, the hotel is set to debut in spring or summer, 2008.

The Hyatt Regency Monterey began a $40 million three-phase renovation in late 2006. Renovations include all of the property's 575 guestrooms, 32 suites, President's House, lobby and front desk area, restaurant and exterior landscaping of the 22-acre property. The highlight of the resort's multi-million-dollar transformation will be the addition of a new 8,000 square-foot spa that will include a health club and 12 spa suites focusing on solitude and rejuvenation. The initial renovation phase is scheduled for completion by February, 2007 and the final phase is scheduled for completion by January, 2008 when the Hyatt Regency will become the Hyatt Regency Monterey on Del Monte Golf Course Resort and Spa. The property is the largest hotel facility between the San Francisco Bay Area and Los Angeles.

Moonstone Hotel Properties initiated an $8 million expansion project in November, 2006 on The Monterey Hotel, an historic property built in 1904 in the heart of downtown Monterey. The renovation adds 24 new guest rooms (all with private fireplaces) to the current 45 rooms, as well as an additional 454 square feet of meeting space. Other changes include extra underground valet parking, a new elevator system, and a 1,500-square foot fitness facility, including a spa, treatment rooms and an exercise room. The interior design will remain consistent with the hotel's existing Victorian theme, while adding an indoor garden conservatory on the lower level near the spa entrance.

Additional projects in the pipeline include a 98-room mid-range hotel on Del Monte Avenue across from Roberts Lake in Seaside, a boutique hotel in Seaside at the former Fort Ord's Main Gate development, a 75-room Holiday Inn Express on Kern Street in Salinas, and two hotels (one 100-room property and one 400-room property) off Imjin Parkway in Marina. The majority of renovations and new property developments are expected to be completed in advance of the 2010 U.S. Open at the Pebble Beach Golf Links.

"Monterey County is in the midst of a renaissance," according to John McMahon, president and CEO of the Monterey County Convention & Visitors Bureau. "We're about to see an increase of more than 1,000 rooms to our hotel inventory. This is the largest amount of capital invested in this destination in some time, and clearly, it's the largest growth in new properties we've seen in two decades," he said. "We're thrilled to see the energy that these developments will continue to generate."