Andre Agassi and Stefanie Graf to Develop Luxury Hotel and Residences at America’s Newest All-Season Resort: Tamarack

Fairmont Hotels & Resorts to Manage Properties at the Idaho Resort’s Stunning Tamarack Village and Mid-Mountain Locations

NEW YORK, Dec. 20 /PRNewswire/ — Andre Agassi and Stefanie Graf, through their company Agassi Graf Development LLC and Miami-based Bayview Financial L.P., through its Real Estate Investment and Development Group, today announced details of their luxury mountain hotel development at Tamarack Resort, located in Donnelly, Idaho — the nation’s newest all-season resort. Subject to certain terms and conditions being finalized, Fairmont Hotels & Resorts will manage the luxury hotel and residences, featuring two locations: a classic resort hotel located in Tamarack’s village and a mid-mountain site. This development will be the pinnacle hotel offering at the resort.

In addition to being financial investors in the project, Agassi and Graf will be active in the development, design and overall lifestyle offering, working closely with joint venture partners Bayview Financial, design team Wilson & Associates and architecture firm VAg. Inc. The couple chose Tamarack for their first lifestyle development because of its stunning natural surroundings, ideal not just for skiing but for the unparalleled active outdoor lifestyle it offers.

“Tamarack is the perfect location for anyone interested in taking a little time out of their lives to get away or spend quality time with their family,” said Agassi. “Our vision is to create an exceptional lifestyle offering that complements the natural beauty and uniqueness of the resort. It’s about bringing the highest standard of quality and luxury to the whole experience.”

The resort’s village location, “Belvedere Ridge,” will feature approximately 225 condo-tel units, with scenic views of Tamarack’s mountain, championship golf course and Lake Cascade. Belvedere Ridge will also have a private residence club including a European-style spa. “Whitewater” — the resort’s mid-mountain location — will feature an estimated 35 private residences, all offering ski-in/ski-out access. Whitewater will offer a personal concierge, a semi-private restaurant and an outdoor deck with stunning mountain and lake views. Both properties are scheduled to break ground during the summer of 2006 with completion anticipated in 2008, in conjunction with the completion of Tamarack’s village.

“We are delighted to be the selected manager for this first-class development,” said William R. Fatt, Fairmont’s Chief Executive Officer. “We have been looking for a U.S. resort destination with significant ski and golf amenities to complement our current portfolio, and this development is the perfect opportunity. The residential offerings will allow Fairmont to extend its luxury brand to both guests and secondary home owners.”

In addition to offering spectacular views, the resort will boast amenities typical of Fairmont’s luxury standards. Robbie Oppenheim, Managing Director of Bayview Financial L.P.’s Real Estate Investment and Development Group, commented: “The selection of Fairmont was made after an extensive search for a partner that not only had expertise in operating complex, all-season mountain properties but truly understood our vision for this project. As real estate developers, we are thrilled having Fairmont as a partner and look forward to working together to develop this special project.”

To design the project, Agassi/Graf and Bayview Financial selected internationally renowned architecture firm Wilson & Associates, whose varied and global projects include The Palace of the Lost City in South Africa; Las Ventanas al Paraiso in Cabo San Lucas; Atlantis Resort at Paradise Island, Bahamas and many well-known properties in Las Vegas such as The Venetian and The Mansions at MGM. Also collaborating on the project is Colorado-based architecture firm VAg, Inc., which specializes in residential resort architecture and prides itself on environmental awareness, a critical aspect to the long-term vision at Tamarack and a shared focus for both architecture firms. Wilson & Associates’ work at Tamarack will incorporate natural materials and the use of local artisans.

The development will begin taking reservations in early 2006 with sales expected in late Summer, 2006. The telephone number for sales is 877-377- 6996.

About Agassi Graf Development LLC

Agassi Graf Development LLC is a real-estate development company focused on the creation of luxury, resort and lifestyle-oriented offerings in partnership with the industry’s leading developers and brands. The company specializes in developing the design and overall lifestyle component of real- estate offerings under the direction and vision of Andre Agassi and Stefanie Graf.

About Bayview Financial L.P.

Operating from its headquarters in Miami, Florida, for over 20 years, Bayview Financial(R) is a full-service real estate investment, development and mortgage finance company that specializes in meeting the needs of real estate investors, mortgage companies, banks, savings institutions, and loan and securities brokers.

About Fairmont Hotels & Resorts Inc.

FHR is a leading owner/operator of luxury hotels and resorts. FHR’s managed portfolio consists of 88 luxury and first-class properties with approximately 33,000 guestrooms in the United States, Canada, Mexico, Bermuda, Barbados, United Kingdom, Monaco, Kenya and the United Arab Emirates as well as two vacation ownership properties managed by Fairmont Heritage Place. FHR owns Fairmont Hotels Inc., North America’s largest luxury hotel management company, as measured by rooms under management, with 50 distinctive city center and resort hotels including The Fairmont San Francisco, The Fairmont Banff Springs and The Fairmont Scottsdale Princess. FHR also owns Delta Hotels, Canada’s largest first-class hotel management company, which manages and franchises 38 city center and resort properties in Canada. In addition to hotel management, FHR holds real estate interests in 27 properties and an approximate 24% investment interest in Legacy Hotels Real Estate Investment Trust, which owns 24 properties. FHR owns FHP Management Company LLC, a private residence club management company that operates Fairmont Heritage Place, a vacation ownership business.

About Tamarack Resort

Tamarack Resort, the first all-season resort to be permitted in the U.S. in more than 23 years, has received national attention for a world-class mountain for skiing, hiking and mountain biking, a Robert Trent Jones II signature golf course, and beautiful Lake Cascade, ideal for swimming, sailing, fishing, sea kayaking, and boating. Tamarack is a luxury boutique resort with a variety of lodging options all within walking distance of the four season amenities. For more information about Tamarack Resort, call 208- 325-1000 or visit www.tamarackidaho.com.

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