East West Partners and Morgan Stanley Real Estate acquire premier Canadian Rockies resort



    CANMORE, AB, Nov. 1 /CNW/ - Colorado-based East West Partners and
Morgan Stanley Real Estate announced today the acquisition of Three Sisters
Mountain Village, a 1,800-acre partially completed Canadian Rockies resort
community near Banff, Alberta. East West Partners will work closely with the
existing management team to complete development of the resort.
    "This is the 'dream team' for this resort," said Blair Richardson, a
long-time partner in the resort who will remain a significant investor going
forward. "East West Partners' development expertise coupled with Morgan
Stanley's real estate investment acumen will allow Three Sisters to fulfill
its promise of becoming one of North America's leading destination resort
communities set against a backdrop of stunning natural beauty."
    "Three Sisters is unique because it is the only approved destination
resort in an area completely surrounded by 2.8 million acres of protected
public wilderness," said Harry Frampton, founding partner of East West
Partners. "This presents an amazing opportunity as well as an awe-inspiring
responsibility to create something of the highest quality and environmental
sensitivity."
    Commenting on the transaction, Gregg Dawley, Executive Director and Head
of Residential Land Development for Morgan Stanley Real Estate, said: "We look
forward to partnering with East West Partners on this truly remarkable
project. East West is a leader in sustainable development practices, ensuring
that Three Sisters will be developed with environmental preservation and
sustainability in mind, resulting in a resort of which all Albertans can be
proud."
    Oil revenue is providing the city of Calgary and the province of Alberta
with the opportunity to invest in world-class cultural, educational, health
and sport facilities and initiatives. Calgary hosted the 1988 Winter Olympic
Games, and since then has welcomed visitors from all over the world who can
find themselves in a mountain wilderness less than an hour from the burgeoning
city.
    "The Banff-Canmore area is one of the truly great natural areas of the
world located in the backyard of a city undergoing an economic and cultural
renaissance," said Terry Minger, chairman of Three Sisters Mountain Village.
"Under the leadership of East West Partners, Three Sisters will become an
integral part of this renaissance by creating a world-class, four-season
resort community that will serve as a center for adventure, health and
wellness, sport, education and the arts, welcoming Albertans as well as an
international clientele to its doorstep."
    Since 1999, Calgary businessman Don Taylor has been the resort
community's primary owner. While Taylor will no longer be involved in the
resort, Richardson will continue as a Three Sisters Mountain Village
shareholder with East West Partners.
    Debt financing for the acquisition will be provided by HSBC Bank Canada,
a subsidiary of HSBC Holdings plc, one of the world's largest banking and
financial services organizations, headquartered in London, England.

    About Three Sisters

    The 1,800-acre Three Sisters Mountain Village is located in the Canadian
Rocky Mountains in the Bow River Valley and at the gateway to Banff National
Park and Lake Louise. Conveniently accessed from the TransCanada Highway, the
resort community is adjacent to the historic mining town of Canmore. It
represents approximately 80 percent of all developable lands in the
Banff-Canmore corridor. Construction began in 1999 and the community includes
an existing, acclaimed golf course, Stewart Creek Golf and Country Club. The
Three Sisters name is derived from the mountain range of the same name, with
its three distinctive, snow-covered peaks that dominate views from the
property.

    About East West Partners

    East West Partners is a Colorado-based resort real estate development
company devoted to building, selling, managing and supporting high quality
real estate in communities located in some of the most sought-after natural
environments in the world.
    Well-known development projects include three world-class resort hotels:
the Beaver Creek Park Hyatt in Beaver Creek, Colorado; the Westin Riverfront
Resort and Spa at the base of Beaver Creek Mountain; and The Ritz-Carlton
Highlands, Lake Tahoe, located at North Lake Tahoe in California. The company
is a recognized leader in LEED-certified development. LEED (Leadership in
Energy and Environmental Design) is the benchmark for the design, construction
and operation of high performance green buildings. East West recently became
the first company to sustainably develop an entire resort village. Its
founding partner, Harry Frampton, is the recent chairman of the respected
Urban Land Institute and made sustainable development a hallmark during his
term. More information about East West Partners is available at
www.eastwestpartners.com.

    About Morgan Stanley Real Estate

    Morgan Stanley Real Estate is one of the largest real estate investors
globally with $68.0 billion in real estate assets under management and
acquisitions since 1991 totaling $135.9 billion of real estate assets
worldwide. Morgan Stanley as a firm is committed to advancing sustainable
global development by applying the most effective environmental best practices
to its facilities, products and programs. Morgan Stanley Real Estate is
involved in several current development projects focused on green principles.
New Songdo City, South Korea, being developed by Gale International, has been
accepted as a pilot project and partner with the U.S. Green Building Council
(USGBC) for its LEED for Neighborhood Development. Makena Resort, a 1,800-acre
master planned resort in Maui, Hawaii being developed by the Dowling Company,
will be a sustainable and environmentally sensitive community under USGBC
guidelines and upon completion will seek certification at the LEED Silver and
Gold level. The Woodlands in Woodlands, Texas, a large-scale community
development that Morgan Stanley Real Estate has been involved in since 1997,
is continually recognized for its outstanding achievements in environmental
preservation and has won the Environmental Impact Award from the North Houston
Association, the Community Quality of Life Award from the Environmental
Monthly, and the Better Environmental Award from the American Society of
Landscape Architecture. For more information about Morgan Stanley Real Estate,
please visit www.morganstanley.com/realestate.

    About Morgan Stanley

    Morgan Stanley (NYSE:   MS) is a leading global financial services firm
providing a wide range of investment banking, securities, investment
management and wealth management services. The firm's employees serve clients
worldwide including corporations, governments, institutions and individuals
from more than 600 offices in 32 countries. For further information about
Morgan Stanley, please visit www.morganstanley.com.

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at http://photos.newswire.ca.
    Additional archived images are also available on the CNW Photo Archive
    website at http://photos.newswire.ca. Images are free to accredited
    members of the media/





For further information:

For further information: Seya Maharaj, Siren Communications, T: (416)
351-0777, E: seya@sirencommunications.com

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