Snowmass, Colorado - North America's Premier Resort Destinations is Transformed

Highly Anticipated New Base Village Delivers Extraordinary Guest
Experience with New Accommodations, Fine Dining and Apres Ski in LEED
Village
SNOWMASS, Colo.--(Business Wire)--
For the 2008/2009 winter season, Snowmass is being transformed
into the finest resort experience in the world. Already known for its
world-famous ski slopes, Snowmass has a new one billion dollar Base
Village development underway, enticing visitors to overnight, enjoy
fine dining restaurants, apres-ski and invest in an unprecedented
lifestyle resort. Highly anticipated, new Base Village openings for
this winter season include nearly 100 new ski-in/ski-out residences,
four new exciting dining and entertainment venues including Junk and
Liquid Sky from the highly successful N9NE Group, and new shopping
highlighted by Aspen's Performance Ski. World class lodging brands
will also be opening soon in Snowmass Base Village, which is being
developed as a LEED-neighborhood development, including The Little
Nell Residences Snowmass with interiors by renowned designer David
Easton, and Viceroy Resort Residences at Snowmass, with interiors by
celebrated designers including Jean Michel Gathy and a pool experience
and restaurant by Kelly Wearstler.

According to Pat Smith, President of developer Related WestPac,
"Snowmass is considered by many the finest ski mountain in the world
with varied terrain, breathtaking beauty, and with the new Base
Village, Snowmass gets the restaurants, nightlife, apres ski and
accommodations that a world class mountain deserves."

Base Village developer Related WestPac, whose partners have
experience with landmark developments like Time Warner Center as well
as two of the first green residential buildings in the country, has
committed Snowmass to be one of the most ambitious USGBC
LEED-certified neighborhood developments in the country. All new
buildings are being designed to obtain LEED-certification at a minimum
and the Viceroy Snowmass is being designed as one of the country's few
silver-LEED certified hotels.

Located 10 miles from the town of Aspen and part of the incredible
four-mountain experience in Aspen/Snowmass, Snowmass is the largest of
four stunning ski mountains (Aspen, Aspen Highlands and Buttermilk)
with a vertical drop of 4,406 feet and 3,132 acres of terrain,
attracting more skier visits than all the other mountains combined.
With the new Snowmass Base Village, visitors now have the opportunity
to experience the first new lodging in Snowmass in more than 20 years
as well as exciting new restaurants with a variety of culinary
offerings.

NEW BASE VILLAGE RESTAURANTS

Developer Related WestPac is bringing some of the finest culinary
offerings available to the new Snowmass Base Village. Among the
initial restaurants opening this winter are Junk and Liquid Sky from
renowned restaurateur Scott DeGraff, co-owner of the N9NE group
(www.N9NEgroup.com) with successful culinary destinations in Chicago,
Las Vegas and Dallas. The Little Nell will operate another premier
culinary destination, Sneaky's Tavern, delivering the fine cuisine
which The Little Nell has been doing in Aspen for 20 years. And for
the kids, Telluride's famous Sweet Life will be opening in the heart
of the Base Village with more than 200 flavors of ice cream churned on
site in a demonstration kitchen.

NEW BASE VILLAGE RETAILERS

At completion, Base Village will house more than two dozen shops
and restaurants. This winter there will be several new boutiques to
complement Four Mountain Sports, and Four Mountain Kids including
Generations Snowmass, Snowmass Style and Performance Ski.

Performance Ski

Aspen's premier ski clothing store, owned by style maven Lee
Keating and her husband Tom Bower, will open a much-anticipated
location in the new Snowmass Base Village, featuring the coolest most
luxurious ski and snowboard clothing along with beautiful things to
wear off the slopes, including the following brands: Jetset, Postcard,
Matador, Moncler, DSQured and Roberto Cavalli.

NEW BASE VILLAGE ACCOMMODATIONS

Hayden Lodge and Capitol Peak Lodge

With an enviable position at the heart of the new Snowmass Base
Village, Hayden Lodge and Capitol Peak Lodge are the finest
accommodations in Snowmass and the first new accommodations built in
Snowmass in more than 20 years. The new lodges boast nearly 100
residences with ski-in/ski-out access to the Elk Camp Gondola and the
Village Express chairlift in addition to a location steps from the
Treehouse Kids' Adventure Center, restaurants and shops. The interiors
of Hayden Lodge and Capitol Peak Lodge are finished in mountain-modern
style with a sophisticated yet rustic aesthetic.

Snowmass Hospitality, owned by Base Village developer Related
WestPac, is managing the operations and rentals of Hayden Lodge and
Capital Peak Lodge. An extensive menu of services are offered
including pre-arrival services, concierge, daily housekeeping, a
24-hour front desk attendant, as well as lift ticket and ski rental
packages.

For reservations and information, call Snowmass Hospitality
Services at 800.420.5797.

NEW BASE VILLAGE OWNERSHIP OPPORTUNITIES

Ownership opportunities are now available for Viceroy Resort
Residences at Snowmass, The Little Nell Residences Snowmass and The
Key Collection. Residences are available through Related WestPac Real
Estate. For information, visit www.snowmassliving.com, call
970.923.0742, or visit the Related WestPac Sales & Design Galleries on
the Snowmass Village Mall or in Aspen at West Hopkins Avenue at the
corner of Mill Street.

Viceroy Resort Residences at Snowmass - opening Christmas 2009

Viceroy Resort Residences at Snowmass will be the signature hotel
in Base Village. Owned and operated by Kor Hotel Group, which has
quickly established a reputation for creating unique hotels in
legendary locations, Viceroy Snowmass will feature interiors by
visionary designer Jean-Michel Gathy of Denniston International.
Denniston's portfolio includes the One and Only at Reethi Rah
(Maldives), Aman Resorts in Indonesia, Turks and Caicos and India, and
The Setai in Miami's South Beach. Viceroy Snowmass will also feature a
poolside experience created by Kelly Wearstler, a 7,000-square-foot
spa, as well as a new restaurant, bar and fitness center. Viceroy
Snowmass, Kor's first hotel above sea level, will deliver modernity,
tradition and innovation in a uniquely timeless fashion. Studios to
three-bedroom condominiums are currently available beginning at
$570,000.

The Little Nell Residences Snowmass - opening Summer 2010

At the 27 wholly owned Little Nell Residences Snowmass owners and
guests can expect the same tradition of exquisite service that has
earned The Little Nell hotel five-star/five diamond status. The Little
Nell Residences Snowmass, which will include a spa and a fine dining
restaurant, is being designed by David Easton; one of the world's most
sought after interior designers. Managed by The Little Nell, the
project includes one- to four-bedroom residences with prices beginning
at $3.1 million.

The Key Collection

For sale Winter 2008/09, these 21 private condominium homes with
exceptional ski-in/ski-out access, will feature estate-caliber
furnishings and distinct interior finishes chosen by celebrated
designer Sue Firestone of sfa design. The Key Collection luxury
residences span three buildings - the Carriage House, the Croft House
and the Latigo Lofts. Owners will have doorstep access to the Village
Express chairlift and the Elk Camp Gondola as well as all the new Base
Village amenities.

NEW ON-MOUNTAIN IMPROVEMENTS

Aspen Skiing Company (www.aspensnowmass.com) is investing more
than $20 million in on-mountain improvements for the 2008/09 season
concluding more than $70 million in on-mountain investments in the
past three years. This winter, new improvements include the Sheer
Bliss high speed quad chairlift and Sam's Smokehouse mountaintop
restaurant, a table-service restaurant a quick ride from the new Base
Village on the Village Express high speed quad, and features
spectacular views of Mount Daly, Snowmass Peak and the Elk Mountain
Range. This season's on-mountain improvements complement the past two
season's additions, which include The Elk Camp Gondola (from Base
Village to Elk Camp), The Village Express Six Pack (from Base Village
to top of Sam's Knob) and Elk Camp Meadows beginner's area including
North America's premier children's facility, the 25,000 square-foot
Treehouse Kids' Adventure Center, which is the home of the Kid's Ski
School and has interactive facilities for infants from three month to
17 year olds.

About Related WestPac:

Related WestPac is a joint venture partnership between Related
Companies, a fully integrated private national real estate development
company, and WestPac Investments Colorado LLC, a diversified real
estate investment and development company. Related WestPac owns the
three principal commercial neighborhoods surrounding Snowmass'
world-class ski mountain - the new Base Village providing a new
entrance to the mountain, West Village (Snowmass Mall), which is the
traditional center of Snowmass, and Snowmass Center, which presently
provides local-serving retail and offices. Related WestPac in
collaboration with the Town of Snowmass Village is creating an 80-acre
master planned development befitting the world class mountain resort,
improving and expanding the resort's amenities, while integrating and
respecting the scenic mountain landscape.

Related WestPac is staunchly committed to the sustainable design,
construction and operations of its developments. The Snowmass
redevelopment will not only meet the guidelines of the new LEED for
Neighborhood Development pilot program, but it will also incorporate
carbon-free renewable energy sources, implement cleaner construction
practices and individually LEED-certify each new building going
forward.

To ensure the realization of this vision, Related WestPac will
draw upon Related's significant expertise in developing successful
residential and mixed use developments, notably Time Warner Center in
New York, CityPlace in West Palm Beach, and a vast luxury residential
condominium and rental portfolio including Tribeca Green, the second
green residential building in the United States, augmented by
WestPac's experience as a multi-faceted resort developer in America's
most exclusive markets, including the acclaimed Residences at The
Little Nell in Aspen, Colo.

www.snowmassliving.com

Related WestPac
Maureen Poschman, 970-925-8480
Maureen@promoinc.net
or
Joanna Rose, 212-801-3902
joanna.rose@related.com

Copyright Business Wire 2008