News | April 3, 2001

Gemstone Resorts to manage resort in Lake Tahoe

Gemstone Resorts International, a full-service resort management and ownership company headquartered in Breckenridge, Colo., announced today that is has been awarded a long-term contract by a San Francisco-based private investment group to manage the Forest Inn Suites Resort in South Lake Tahoe, Calif.

With 119 units located in seven buildings, the boutique resort is located 100 yards from the base of the newly opened high-speed gondola at Heavenly Ski Resort in South Lake Tahoe. The Forest Inn Suites Resort is also located adjacent to Harrah's Casino in Nevada, just over the California state line.

Nestled in a breathtaking alpine setting on 5.5 wooded acres, the Forest Inn Suites Resort offers 102 one- and two-bedroom suites featuring full kitchens and large living rooms, and 17 oversized hotel rooms. The property also features a wedding chapel that provides a charming setting for year-round weddings. Other property amenities include two outdoor swimming pools, two hot tubs, health club, game room, on-site massage service, newly built meeting space for groups of up to 50 people, complimentary breakfast and a lobby bar featuring a large stone fireplace. Complimentary transportation is provided to all major local ski areas and casinos.

The complex will begin the next phase of its full renovation this spring with half of the rooms and the lobby already renovated and the remainder scheduled for completion in phases by fall 2002.

"The Forest Inn Suites Resort is situated in the heart of one of the most dynamic resort locations in America," said Mark van Hartesvelt, principal of Gemstone Resorts. "We are putting the property in top-notch condition and have begun a three-year master plan to further capitalize on this unique property. Two large resort/timeshare villages will soon go under construction on both sides of our property, which will provide our guests with virtually every amenity possible in a resort setting. We will distinguish the Forest Inn Suites Resort by taking advantage of our intimate setting and providing the service and amenities that only a resort of this size can offer."

Dorcas Beck, Gemstone director of operations for the Western Region said that the property is ideally designed and located for families, small corporate meeting groups and weddings, as well as being ideally suited for skiers. More facilities are in the initial planning stages as we are examining an expansion of the existing spa, additional meeting and function space, expanded family recreation activities, and additional outdoor wedding and event venues.

The Forest Inn Suites Resort already is one of Lake Tahoe's most charming and unique properties; our goal is to make it more exciting, yet maintain a relaxed atmosphere with the high levels of personal service that only a small, intimate resort can provide."

Van Hartesvelt noted that Forest Inn Suites is the fifth project assigned to Gemstone Resorts within the past 18 months. "We begin each assignment by tailoring marketing and management plans to align with our owners' financial interests. Our senior management team has significant, in-depth experience with beach and ski resorts, including renovating and repositioning to successfully turn-around poorly performing properties. We continue to seek additional management assignments and currently are in negotiations with a number of other exciting projects."

Gemstone Resorts International specializes in complex resorts that comprise multiple operations, such as hotels, interval ownership, condominium and association management and marketing, restaurants, retail and resort-related activities. The company is engaged in complex resort marketing and management, asset management and consulting. Gemstone currently manages projects in Arizona, California, Colorado, Florida and Utah. Additionally Gemstone serves as asset manager for a Ritz Carlton Resort in California and as the Western U.S. Regional Director for Orlando-headquartered Westgate Resorts.

SOURCE: Gemstone Resorts International