Final Addition to the Ritz-Carlton

ASPEN, Colo., December 20, 2002 - Spurred by the increasing popularity of private residence clubs and the success experienced by The Ritz-Carlton Club, The Ritz-Carlton Club, Aspen Highlands will open its final phase of residences on December 21, 2002.

The White River Lodge at The Ritz-Carlton Club, Aspen Highlands, consists of 26 two- and three-bedroom luxury residences. Nestled at the base of Aspen Highlands Ski area, The Club is situated to take maximum advantage of the breathtaking mountain views and ski-in/ski-out access to some of the best skiing in the West. Designed by Robert A.M. Stern Architects of New York, The Club combines the rugged style of classic Western lodges with a compelling elegance and style. Club services include dedicated, personal concierge services; a members lounge; oversized viewing decks; a large patio hot tub; ski valet; airport pickup; valet parking; golf privileges at River Valley Ranch Golf Course; twice-daily housekeeping; and use of The Ritz-Carlton fitness center and spa.

Sales remain brisk at The Ritz-Carlton Club, Aspen Highlands with nearly 70 percent of the available memberships already sold for the resort’s initial phase, Elkhorn Lodge. “The concept of enjoying a second home in Aspen without the responsibilities associated with vacation home ownership has clearly caught on here,” said Jud Hawk, Ritz-Carlton Club general manager. “We’re very excited about the opening of White River Lodge, which has some of the most spectacular views of all our residences.”

The 73 residences at The Ritz-Carlton Club, Aspen Highlands are purchased in one-twelfth interests, entitling residence access for a minimum of 28 days each year, as well as unlimited access on a space available basis. A portion of this time may be used at other Ritz-Carlton Club locations on a reciprocal usage basis. Prices for membership at The Ritz-Carlton Club, Aspen Highlands have increased steadily since opening and currently range from $160,000 to $490,000 per interest for two-, three-bedroom and penthouse residences. Each residence features a living room accented by a gas fireplace and an entertainment center with television, surround-sound receiver, VCR and CD player. All residences have gourmet kitchens featuring granite countertops and high profile appliances, two elegantly appointed master suites, and luxurious marble baths with heated floors. Residences range from 1,200 to 2,000 square feet.

An extension of The Ritz Carlton Hotel Company, L.L.C, The Ritz-Carlton Club was developed as a luxury tier real estate offering, combining the benefits of second home ownership with personalized Ritz-Carlton services and amenities. Designed as a private club, Members have the opportunity to access their Club or other Ritz-Carlton Clubs in ski, golf or beach destinations. The Ritz-Carlton Club properties are: Aspen, Colo.; St. Thomas, U.S.V.I.; Bachelor Gulch, Colo. (opening December 2002); and Jupiter, Fla. (opening November 2003). For additional information on The Ritz-Carlton Club, please call 800.278.0121 or visit www.ritzcarltonclub.com.

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