The Fairmont Hotel at Tamarack will be the resort's next major development. Building starts late next year and is scheduled to finish in 2011. When complete, the Fairmont will be one of only six five-star hotels operating in a US mountain report.
Fairmont Hotels & Resorts is a major global player. The company operates with 88 luxury hotels across the US, Canada, Mexico, the Caribbean, the Gulf, Kenya and the UK, where it owns The Savoy in London.
The post-tennis careers of husband and wife Andre Agassi and Stefanie Graff have seen them set up Agassi Graf Developments. In a 50/50 deal, they have teamed up with Bayview Financial of Miami to buy into Tamarack. Together, Agassi Graf and Bayview have in turn done a 25-year lease and manage deal with Fairmont to create and run The Fairmont at Tamarack.
The hotel aims to offer pretty much the last word in luxury. Facilities and services will include a private snowfront lounge and ski valet, a ski concierge for lift tickets, equipment renting and lessons, heated indoor and outdoor pools, restaurants ranging from gourmet to so-called "grab and go" eating, a spa and fitness centre (with a cardio exercise studio), shops and an art gallery, plus 24-hour concierge service and in-room dining service.
The hotel-condominium will have 222 studio, one, two and three bedroom units, together with 78 penthouse residences spread between two seven and eight-storey blocks overlooking, on one side, the lake and golf course and, on the other, The Village and ski slopes.
The 222 apartments will be on floors one to six and can be used by owners or leased via a rental pool to the hotel under a five or seven-year property management programme. The 78 one, two and three-bedroom residences will be on the seventh and eighth floors and may also be put into the rental pool via a more flexible management programme.
All the properties, which are freehold, come fully furnished to an extremely high, walk-in standard as part of the purchase price.
Fairmont made their first sales pitch last St Patrick's Day, when they released off plan 125 units which also sold in seven hours for a total of $140 million (€100,888).
But there's plenty left. King and Queen studio apartments of between 52 and 60sq m (555 and 650sq ft are available for between $690,000 and $980,000 (€497,350 and €706,258. One-bedroom apartments of 93 and 158sq m (1,000 to 1,700sq ft) cost between $1.2m and $1.9m (€864,903 and €1.369m).
One-bedroom residences of 83.6 to 111sq m (900 to 1,200sq ft) are going for $1.1m to $2.1m (€792,765 to €864,835). Two-bed residences of 80 to 111sq m (860 to 1,200sq ft) are available for $2.3m to $3m (€1.65m to €2.16m).
And if you're feeling really flush, how about the 390sq m (4,200sq ft) presidential suite? A snip at $6m (€4.3m).
Fifteen per cent of purchase price is payable on signing. That money is held on deposit (rates now are about 5 per cent) for the buyer and the balance paid upon completion. Mortgages are available to Irish buyers from US lenders at rates varying from 6 per cent, or a shade under, if the property bought is a primary residence, to around 7.5 per cent for second home or investment purchases.
Further details from Marie Laure Frere or Geoff Hopf marielaure@fairmonttamarack.com
ghopf@fairmonttamarack.com
