Following the strategy to grow its lodging portfolio with owned and managed properties located at the base of its mountain resorts, Vail Resorts, Inc. (NYSE:MTN) subsidiary RockResorts and developer JMA Ventures, LLC have signed a management agreement for Constellation Residences at Northstar, a spectacular collection of ski-in/ski-out boutique residences located mid-mountain at Northstar California Resort adjacent to The Ritz-Carlton, Lake Tahoe resort, to be managed by RockResorts.
Constellation will complement the RockResorts portfolio of Colorado and Jamaica resorts with its offering of vacation rental and full-ownership opportunities. In tandem with this agreement, JMA Ventures also announces plans for the final phase of development at Constellation, which includes building and selling 50 new mid-mountain residences over the next three years.
This expansion into Northstar’s luxury lodging market demonstrates RockResorts’ commitment to expanding lodging offerings at the base of mountain resorts and Vail Resorts’ commitment to delivering the experience of a lifetime for guests, complete with the ultimate Lake Tahoe vacation destination – unparalleled skiing and snowboarding, year-round activities, shopping, dining, entertainment, and now, high-end, luxury accommodations. Beginning this winter season, the property name will officially change to Constellation Residences at Northstar, A RockResort.
“We are thrilled to add Constellation to our portfolio of RockResorts boutique properties,” said James O’Donnell, chief operating officer of Vail Resorts Hospitality. “The RockResorts brand represents the hallmark of casually elegant properties with exceptional service in mountain resort locations. At Constellation, we are excited to deliver extraordinary service and experiences to our guests that are unparalleled in the Lake Tahoe region.”
Building upon the success of the first phase of development, the 50 new mid-mountain residences will bring the true vision of the property to life with a mix of redesigned two-, three- and four-bedroom residences including more spacious interior and outdoor living spaces, open floor plans with entryway mudrooms ideal for families who ski, and contemporary fixtures and finishes.
Owners and guests currently enjoy exceptional amenities including ski-in, ski-out access to 3,100 acres of mountain terrain, an exclusive ski valet service, private concierge and valet parking, and family and kids programming; access to shared amenities at The Ritz-Carlton, Lake Tahoe resort, which is accessible via sky bridge and offers a 17,000 square-foot world-class spa and fitness center, three dining outlets including a signature restaurant Manzanita and elegant Living Room lobby lounge, heated swimming pool and hot tubs with private cabanas and lounge areas, and outdoor fire pits and s’mores toasting area; and a direct-access gondola to the Village at Northstar with outdoor shopping, dining and a movie theater centered around a year-round skating rink.
Expected additions to the existing amenities include more-private community spaces such as an indoor/outdoor theatre, a kids zone, a fireplace lounge, outdoor fire pits and hot tubs, a new fitness centre, and a year-round backyard play area.
Additionally, with Northstar now open for the 2013-14 winter season, Constellation owners will also enjoy an array of new value-added benefits such as access to first tracks, which allows them to access the mountain before it opens to the public; discounts at Vail Resorts-owned outlets; exclusive deals through the rental program for other RockResorts; and a host of other benefits.
“As the developer and an owner at Constellation, the agreement with RockResorts is particularly meaningful to me both personally and professionally,” said Todd Chapman, chief executive officer of JMA Ventures, LLC. “This agreement marks both parties’ shared confidence in the Lake Tahoe market as well as our commitment to the community. With Vail Resorts by our side, this final phase of development will realise the full vision of the Constellation community.”
Five remaining first phase residences are currently for sale by JMA Ventures.
Northstar California Resort offers an unmatched mountain experience in the Lake Tahoe area with the region’s best snowmaking and grooming, legendary gladed terrain and seven award-winning terrain parks spread over 3,170 acres of terrain. Known for its laid-back California sophistication, Northstar is home to top-rated family programs and guests from around the world enjoy the resort’s signature s’mores served daily in the base area.