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CIRI has joined the team of equity investors in The Westin Kierland Resort, to be built in the Phoenix/Scottsdale area in Arizona. Other investors in the new project include Starwood Hotels & Resorts Worldwide, Inc., Herberger Interests of Phoenix and Woodbine Development Corporation, which is the developer of the Hyatt Regency at Lake Las Vegas Resort.
"The addition of CIRI to the ownership team completes the total equity commitment of $72 million toward a $180-million budget," said John Scovell, president and chief executive officer of Woodbine, a hotel developer and managing partner of the venture.
"We're excited to be a part of this project and look forward to a long-term relationship with all the partners," said Carl Marrs, CIRI president and chief executive officer. "CIRI's investment in The Westin Kierland Resort fits with our portfolio of investments throughout the United States, while providing us an opportunity to partner with a distinguished group of developers and investors."
The Westin Kierland Resort will be Woodbine's second Westin project and second resort investment with CIRI.
"We're extremely
enthusiastic about the confidence our partners are demonstrating in
this development
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project," Scovell said. "This resort market is incredible and simply can't get any better without new resort rooms. As the largest resort hotel in the Valley, The Westin Kierland Resort undoubtedly will capture unmet demand, particularly among groups. We also believe it will induce new demand into the Phoenix/Scottsdale market as it brings with it an established base of customers who are loyal to Westin."
Starwood will operate the resort under the Westin brand. When it opens in 2002, The Westin Kierland Resort will be among Westin's more than 30 distinctive resorts around the world.
"The Westin
Kierland Resort will be a 'grand new dame' in a grand old resort market,"
said Steve Goldman, executive vice president of development for Starwood
Continued on page 7 |
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Contributed by McKibben Jackinsky
The infamous spruce bark beetles gained notoriety for their thorough demolition of Kenai Peninsula forests. But private forester and CIRI shareholder Dean Kvasnikoff of Ninilchik has blazed his own trail through Peninsula timber.
The first impression one gets when walking into Kvasnikoff's Alaska Native Resource Consultant, Inc. (ANRCI) office is that Kvasnikoff's personal roots sink deep into Peninsula soil. A member of one of the original families in Ninilchik Village, he and wife Lynda have also chosen to raise their family in the area. Behind his desk is a framed black and white photo taken during the 1947-1948 school year. Kvasnikoff boasts he's the only one who can name each of the students.
The warm atmosphere and easy laughter in the office are a match for the mischievous twinkle in his eyes. But when it comes to forestry, Kvasnikoff is serious and his quick mind focused. In 1989, while working as an operator for Klukwan Forest Products (KFP), he witnessed the need to have someone on site to safeguard KFP's interests while
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contractors carried out the logging operations. Before he had an opportunity to present a solution for the situation, the market dropped and operations shut down.
When things
picked up in 1991, Kvasnikoff approached Ninilchik Native Association,
Inc. (NNAI) with a proposal for protecting NNAI's interests and ensuring
logging operations were carried out properly, thereby protecting shareholders'
dollars. Recognizing the value of Kvasnikoff's idea, NNAI board of directors
created a position patterned after his proposal. The position was advertised
and two individuals applied, including Kvasnikoff. With his selection
came the beginning of Kvasnikoff's company, Alaska Native Resource Consultants,
Inc.
Continued on page 7 |
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