News | February 10, 2003

Gemstone Resorts Awarded Asset Management Assignment for Ritz Carlton Philadelphia

PARK CITY, Utah, February 10, 2003—Gemstone Resorts, a hotel company that specializes in managing and asset managing complex and unique hotels and resorts, today announced that it has been awarded an asset management assignment by The Arden Group, a Philadelphia-based private investment group, for the 331-room Ritz Carlton Philadelphia.

Under the agreement, Gemstone will work in conjunction with Gencom Asset Management Company, which represents the combined interests of both the Arden Group and Gencom Group, owners of the Ritz Carlton Philadelphia. It is Gemstone's third assignment in the past 60 days, and the 11th in the past 14 months.

"Gemstone asset manages two other upscale properties for the Arden Group—The Savoy on Miami's South Beach and the Omni Colonnade in Coral Gables," said Jeff McIntyre, Gemstone principal. "This new assignment reflects our proven ability to add value to The Arden Group's investments by providing master planning, helping to set the strategic direction of the assets, and in maximizing day-to-day profitability. We look forward to expanding our relationship with Arden as they continue to seek acquisition opportunities in the upscale and luxury segments, where together we can add value through strategic investment and aggressive management."

McIntyre noted that Gemstone has had a successful asset management relationship with the Ritz Carlton Rancho Mirage, Calif., which was owned by Olympus Real Estate Partners. "The Ritz Carlton Philadelphia is relatively new and has significant upside potential. We look forward to working again with the Ritz Carlton brand and management team and to helping ownership to maximize the full potential of this great asset," he said.

The Philadelphia Ritz Carlton is located in a historic landmark building in the center of the cultural and business district, three blocks from the Pennsylvania Convention Center. It features more than 20,000 square feet of meeting space, two restaurants and two lounges.

Headquartered in Park City, Utah, Gemstone is a full-service operating and asset management company that specializes in luxury and upscale hotels and complex resorts that include a variety of components such as hotels, restaurants, retail, resort amenities such as beach, golf or skiing, time-share and other hospitality-related activities. The company is engaged in resort and unique hotel marketing and management, asset management and consulting for such well-regarded hotel real estate investors as the Arden Group, Olympus Real Estate Partners, CitiGroup and others. Gemstone currently manages or asset manages 15 projects in Arizona, California, Colorado, Florida, New Mexico, Pennsylvania, Texas, Utah, Vermont and Washington.

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