One Willow Bridge Road development announced by Daedalus
Real Estate Advisors, LLC

Project provides first exclusive private residence club opportunity in Vail Village in five years

Vail, CO - April 5, 2004 - Daedalus Real Estate Advisors, LLC today announced the purchase of property in the center of Vail Village and plans for construction of one of the first major redevelopment projects in the renaissance of Vail Village. One Willow Bridge Road will offer a total of 23 units for ownership, including 13 exclusive fractional and 10 full ownership units with underground parking, private dining facilities and commercial retail space on the location of the existing Swiss Hotel & Spa at the corner of East Meadow Drive and

The Swiss Hotel & Spa will discontinue hotel, restaurant and spa operations as of the close of business on April 19, 2004. The popular Swiss Chalet restaurant will be relocated soon to a new location in Vail Village to be announced by its owner, Sonnenalp Resort. The Swiss Hotel Spa will be relocated into expanded spa facilities in the adjacent Sonnenalp Resort. Deconstruction of the Swiss building will take place in June 2004 followed immediately by construction of the new improvements commencing in August 2004, and scheduled for completion in December 2005.

Development financing is in place and a formal groundbreaking ceremony and commencement of pre-construction marketing and sales reservation activity by Sonnenalp Real Estate is scheduled for early July.

The existing Sonnenalp Resort will also be expanded following the completion of the One Willow Bridge Road project. The Sonnenalp will add 38 new hotel rooms, expand existing dining room facilities, renovate and expand the combined spa and add underground parking in a second phase of the redevelopment. Plans were approved by the Town of Vail council in late 2003.

The project signals a major advance in the $1 billion renaissance of the Town of Vail, which was unveiled at the Town's annual meeting, held March 18, 2004. As Vail continues its legacy of being a model in balancing community developments, resort living, winter and summer recreation and tourism interests, the One Willow Bridge Road project met the needs of Vail's plans and diverse redevelopment requirements. Located at the center of Vail Village, it will be one of the finest examples and lasting first impressions in Vail's renaissance initiative. Unique for its location shared with the Sonnenalp Resort in Vail Village and for its design focus on the new resort demands of high-end consumers, One Willow Bridge Road will be the standard for all other development projects of the genre to come.

"One Willow Bridge Road is one of the first new major building projects to take place in Vail Village. It sets the tone for the quality construction and design integrity Vail is known for. The developer has worked well through the town approval process and knows how to build world-class facilities. We are fortunate to have them involved as a catalyst for Vail's revitalization," said Stan Zemler, Vail Town Manager.

"One Willow Bridge Road will set the stage and establish new quality standards for development in the new Vail Village. It is the red carpet introduction to every improvement project the Town of Vail has planned for this renaissance of Vail Village. Our private residences will offer an experience unlike anything else in Vail and it will offer new fractional and fully-owned residence units that have not been seen in Vail for years," said Robert M. McNichols, Colorado native and managing member of Phoenix based developer Daedelus Real Estate Advisors, LLC. "We expect the demand for this luxury residence opportunity to be very high."

A State of the Art, Discerning Community

As the premier European style, luxury private residence club planned for Vail Village, One Willow Bridge Road will offer its guests an attention to detail and personalized service unlike any other development now, or to come.

One Willow Bridge Road will include 23 units, 13 of which will be offered as a fractional ownership units for a total of 107 shares. Eight units will offer a 1/9th ownership; five will offer a premium 1/7th ownership. The fractional units will be located on the first, second and third floors of the four-story development. The full ownership units will be located on the second, third and fourth floor penthouse levels. Most units will feature three and four bedroom floor plans and each will have ski mountain and scenic valley views. New retail stores will line the East Meadow Drive frontage of the project.

Some highlights include:

  • Central location in Vail Village with Gore Creek frontage and immediate pedestrian access to dining, shopping and skiing.

  • A private lounge and dining room will be located on the ground floor for members and guests.

  • Private swimming pool and whirlpool overlooking Gore Creek on a landscaped rear yard with patio and outdoor fireplace.

  • European exterior and interior design incorporated in high quality new construction.

  • Private heated and reserved underground parking with direct elevator access to every floor.

  • The most advanced electronics and communications facilities.

  • State-of-the-art climate control and security systems.

  • Fireplaces, gourmet kitchens and designer bathrooms in each unit.

  • Access to amenities and member services exclusively provided by the Sonnenalp Resort.

  • Concierge, food and beverage, housekeeping services with personalized attention.

  • Resort spa and private golf club access with preferred rates and reservation privileges.

  • On mountain ski and boot storage lockers, plus generous personal storage including set up and pack-away service.

  • Private events, exclusive offers and other unique features expected of an elite club residence community.

  • Flexible living schedules for owners of fractional shares.

    Exclusive Management by the Sonnenalp Resort

    The world-class Sonnenalp Resort will be the exclusive manager of One Willow Bridge Road. Members of the residence club will have access to the finest luxuries and comforts offered by the Sonnenalp Resort.

    "The Sonnenalp hotel has been in our family for four generations and it is our commitment to a quality experience that has kept our loyal guests returning year after year," said Johannes Faessler, president of Sonnenalp Resort in Vail. "The addition of One Willow Bridge Road residences will provide a small group of select individuals the opportunity to enjoy the Sonnenalp Resort experience in a unique way; the benefits of private ownership as well as resort guest access to our exclusive spa, golf course and restaurants. We look forward to this partnership and sharing the Sonnenalp in a new way with a new audience."

    Economic Impact of the Development

    One Willow Bridge Road is the first project to be finalized as part of Vail's redevelopment initiative with privately funded improvements totaling over $1 billion in the years leading up to 2008. Vail Village streetscape improvements will include snowmelt surfacing, site lighting and furnishing, retaining walls, landscaping and public improvements totaling $50-60 million. Vail's public and private revitalization project will mean improved economic sustainability, enhanced community amenities and continuation as the number one ski resort in North America.

    Parties interested in learning more about One Willow Bridge Road can visit: www.onewillowbridge.com

    One Willow Bridge Road Development Summary

    Project:

    23 residences, including 107 factional ownership shares and 10 full ownership units, 5,500 square feet of new commercial retail space, underground parking garage.

    Location:

    Corner of East Meadow Drive and Willow Bridge Road, Vail Village.

    Owner:

    Vail Dover Associates, LLC, Phoenix

    Developer:

    Daedalus Real Estate Advisors, LLC, Phoenix

    Architect:

    Resort Design Associates International, San Francisco and Boulder

    Contractor:

    The Weitz Co., LLC, Denver and Frisco

    Interior Design:

    Kate Bodenheimer Interior Design, Denver and Vail

    Sales:

    Sonnenalp Real Estate, Vail

    Management:

    Sonnenalp Resort, Vail

    One Willow Bridge Road Project Timeline

    April 19th 2004

    Swiss Hotel & Spa permanently closes

    June 2004

    Deconstruction of the Swiss Hotel & Spa

    July 2004

    Marketing and sales begins

    August 2004

    Groundbreaking and construction commencement on One Willow Bridge Road project

    December 2004

    Parking structure for One Willow Bridge Road is complete

    March 2005

    Structural steel complete; building "topping out"

    June 2005

    Building exterior complete; Interior construction commencement

    September 2005

    Streetscape, hardscape and landscape construction commencement

    October 2005

    Furniture, fixtures and equipment installations begin

    December 2005

    Project complete; One Willow Bridge Road grand opening; Owner move-in and occupancy

    About One Willow Bridge Road

    One Willow Bridge Road is one of the first major new developments as part of the Town of Vail renaissance initiative. The private residence club is unique in Vail Village and offers opportunities for full or fractional ownership of luxury two, three and four bedroom residences to an elite group of consumers. One Willow Bridge Road will include state-of-the-art amenities and exclusive resort management services by the world famous Sonnenalp Resort. For more information on the project, visit www.onewillowbridge.com.

    About Sonnenalp Resort of Vail

    A member of The Leading Small Hotels of the World, the AAA Four Diamond Sonnenalp Resort of Vail is a European-style resort with 88 guest suites appointed with hand-carved Bavarian furniture and European accents. The resort offers two restaurants and a lounge in house, including Ludwig's Restaurant. The Sonnenalp also features a full-service European spa; elegant conference facilities; live entertainment; complimentary valet parking; personalized service; and customized, all-inclusive vacation options for adults and children. The Sonnenalp Resort of Vail also boasts its own golf course and club, the Sonnenalp Golf Club. Featuring an 18-hole championship, links-style course, the Sonnenalp Golf Club is the host site of the Colorado Open. For more information, visit www.sonnenalp.com.

    About Sonnenalp Real Estate

    Our respected team of top producers is widely acclaimed for providing outstanding personal service, consummate professionalism and exceptional results to buyers and sellers of the Vail Valley's finest properties. Whether in Vail, Beaver Creek, Bachelor Gulch or other luxury areas of the Vail Valley, we welcome the opportunity to be of service. For more information visit www.sonnenalprealestate.com or call 970-477-5300.

    About Daedalus Real Estate Advisors LLC

    Daedalus Real Estate Advisors, LLC is a Phoenix based commercial real estate services company that provides investment, development and communications consulting to corporate real estate clients in Arizona and the Southwest. Recognized in 2004 as one of the state's most influential developers by Arizona Business Magazine Daedalus Real Estate Advisors, LLC creates master planned commercial and lifestyle environments including office, industrial, retail, golf and resort residential development. For more information visit www.daedalusllc.com.