Swiss Hotel Site in Vail Village To Be Replaced By High-End Private
Residence Club

Vail, CO (Wednesday, April 7, 2004) - Daedalus Real Estate Advisors, LLC on Monday 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 Willow Bridge Road.

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 spot 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 suites, 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 Vail Town 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. Vail Village streetscape improvements will include snowmelt surfacing, site lighting and furnishing, retaining walls, landscaping and public improvements totaling $50-60 million by 2008.

"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 include 23 units, 13 of which will be offered as 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 valley views. New retail stores will line the East Meadow Drive frontage of the project.

The Sonnenalp Resort will manage One Willow Bridge Road. Members of the residence club will have access to all facilities of 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, owner and general manager 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."