Real Estate Update for the Waldorf Astoria Park City and Canyons Ski Resort

Real Estate Update for the Waldorf Astoria Park City and Canyons Ski Resort

Pricing at the Waldorf Astoria has seen downwardly adjusted List Pricing by about 20% from Average of $970 price per square foot to $775 price per square foot. (Low of $716psf and High of $823psf) Along with developer product there are currently 3 Re-Sales Available - A 1 bedroom and Two 2 Bedrooms) A BONUS of Two Ski Passes to Canyons for first Three Years of Ownership.

Waldorf Astoria Hotel Improvements for 2011 (fully funded by Talisker – Estimated Cost at $2million): NEW Restaurant ‘CRAVE’ Espresso Bar and Deli. NEW Gift Shop ‘Palette’ offers Luxury Clothing, Ski Gear, Gifts and Sundries. NEW Après Ski Bar ‘Scoop’ serves Hot Drinks (alcoholic and non-alcoholic), House made Gelato and Ice Creams. NEW Game Lounge – stocked with Gaming Systems, foosball and staffed with a team member who will create programming based on demand (arts and crafts, etc.) The Skier Prep Lounge has been expanded and located on the 4th floor with access to the drive area. Shuttle buses will transport guests to/from the Waldorf Gondola. For the Waldorf Gondola, two more Gondola Cars will be installed this month to improve skier capacity. (3 minute trip to the Base Village)

Golf Course Update – 8 holes have been graded (6 to within a foot of final grade – almost ready to plant grass). Cost for this project will come to about $1million per hole ($18million).

Village Improvements. Permanent Performance Stage in the Forum Area. Re-facing of the Village Commercial space has begun. For Après Ski, Additional expansion to the ‘Umbrella Bar’ (Deck Seating, Food Stations, Convenient Restrooms) and Complimentary Ski/Board Storage Expanded.

Canyons Club Expands with Private on-mountain dining, Valet Parking, Private Locker Room

Talisker is fully funding one of the largest improvement plans any North American Ski Resort has seen in recent history, the Waldorf is working toward achieving 5 star status and Frostwood neighborhood much closer to realizing its final form of a low density/lift serviced/golf frontage area within a major ski resort(Scarce Opportunity).