Another of CIRI's hotel investments, The Ritz-Carlton, Lake Las Vegas, reached an important milestone in its development in January. In a ceremony featuring local and state officials and prominent citizens, the hotel was officially "topped off." This event marks the near completion of the structural components of the building. The emphasis of construction activity will now shift to completion of the interior and grounds.

CIRI invested in the 350-room hotel, the newest in the Lake Las Vegas Resort development, with a group of partners including The Ritz Carlton Company and Transcontinental Properties, Inc. Affiliates of Transcontinental, including the interests of Sid and Lee Bass, are the master developers of the Lake Las Vegas Resort, a world class destination resort just 17 miles from the famed Las Vegas strip.

Construction began on the project in June 2001.
In addition to the 350 guestrooms, the hotel will include two ballrooms, meeting room facilities, a luxury spa, a casino and two swimming pools. The hotel, spa and casino buildings are designed to be reminiscent of Tuscan village buildings. Part of the hotel bridges a portion of the lake and will offer guests a spectacular view of the lake and the mountains beyond.

The Ritz-Carlton and Casino MonteLago will become a part of an architecturally integrated retail village and 170-unit condominium project being developed by Intrawest Corp. of Vancouver, B.C. Composed of three main outdoor pedestrian streets, plazas and waterfront areas, the village will offer guests a variety of shopping and dining alternatives all designed to reflect the atmosphere of a small Italian village.

This is CIRI's second investment at Lake Las Vegas. CIRI is also an investor in the Hyatt Regency Lake Las Vegas Resort, a 500-room hotel catering to group and meeting business and independent vacation travelers. The Hyatt opened in December 1999 and soon after was featured prominently in the motion picture "America's Sweethearts."

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