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RockResorts And JMA Ventures, LLC Announce Management Agreement For Constellation Residences At Northstar And Final Phase Of Development At Constellation

Stocks in this article: MTN

BROOMFIELD, Colo. and TRUCKEE, Calif., Nov. 25, 2013 /PRNewswire/ -- Following the strategy to grow its lodging portfolio with owned and managed properties located at the base of its mountain resorts, Vail Resorts, Inc. (NYSE:MTN) subsidiary RockResorts and developer JMA Ventures, LLC have signed a management agreement for Constellation Residences at Northstar, a spectacular collection of ski-in/ski-out boutique residences located mid-mountain at Northstar California Resort adjacent to The Ritz-Carlton, Lake Tahoe resort, to be managed by RockResorts.

Constellation will complement the RockResorts portfolio of Colorado and Jamaica resorts with its offering of vacation rental and full-ownership opportunities. In tandem with this agreement, JMA Ventures also announces plans for the final phase of development at Constellation, which includes building and selling 50 new mid-mountain residences over the next three years.

This expansion into Northstar's luxury lodging market demonstrates RockResorts' commitment to expanding lodging offerings at the base of mountain resorts and Vail Resorts' commitment to delivering the experience of a lifetime for guests, complete with the ultimate Lake Tahoe vacation destination – unparalleled skiing and snowboarding, year-round activities, shopping, dining, entertainment, and now, high-end, luxury accommodations. Beginning this winter season, the property name will officially change to Constellation Residences at Northstar, A RockResort.

"We are thrilled to add Constellation to our portfolio of RockResorts boutique properties," said James O'Donnell, chief operating officer of Vail Resorts Hospitality. "The RockResorts brand represents the hallmark of casually elegant properties with exceptional service in mountain resort locations. At Constellation, we are excited to deliver extraordinary service and experiences to our guests that are unparalleled in the Lake Tahoe region."

Building upon the success of the first phase of development, the 50 new mid-mountain residences will bring the true vision of the property to life with a mix of redesigned two-, three- and four-bedroom residences including more spacious interior and outdoor living spaces, open floor plans with entryway mudrooms ideal for families who ski, and contemporary fixtures and finishes.

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