DMR Takes Over Property Management at Tamarron

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Durango, CO May 19, 2004 - Durango Mountain Resort has reached agreement with the Tamarron Association of Condominium Owners (TACO) and The Glacier Club at Tamarron under which DMR will assume property management responsibilities of the Lodge at Tamarron.

Located 8 miles south of Durango Mountain Resort's central Purgatory Village and ski area, Tamarron Resort has long been known for its majestic Arthur Hills designed golf course, as well as excellent conference and group facilities. Since purchasing Tamarron in 2002, Tamarron Properties Associates has begun implementing the vision of creating the premier golf club and community in the Four Corners region, now known as The Glacier Club at Tamarron. To date the new ownership has invested nearly $40 million renovating the existing golf course, constructing an additional nine holes and an elegant clubhouse, and remodeling the Lodge, including Antlers Bar & Grill and Augie's Prime Steakhouse.

"We welcome Tamarron to the family of properties managed by DMR," said DMR CEO Gary Derck. "With premier golf facilities, expanded conference and group services, and additional lodging options, the partnership between DMR and TACO significantly improves both our summer and winter resort offerings and represents a great step toward the realization of our mutual dream to create a seamless resort experience for our guests here in the North County."

DMR will work with the previous property manager, Mill Creek Management Company, LLC, effective May 1, to facilitate transition over the summer, and will formally take over the property management contract on August 1. DMR will begin marketing the Lodge at Tamarron as one of the best destination golf resorts in the Southwest, providing a unique offering that currently does not exist elsewhere in the Durango area.

"Our hope is to add a significant infusion of high-end golf groups and golf getaways to the many other visitors we attract each summer," said DMR General Manager Bill Rock, "plus we will continue to grow our year-round conference, group and family business who will appreciate Tamarron's impressive list of amenities."

The original 18 holes has been modernized and will be available for public play this summer. The Cliffs (north) nine will open on May 29, and the Hermosa (south) nine will open on or before August 1. Greens fees will cost $150 per round, but guests can take advantage of DMR's special "Stay and Play Package" including lodging and greens fees for just $149 per person, per night (double occupancy). Information and reservations are available by calling 800-982-6102.

After the 2004 season, Tamarron will no longer be available for public play. However, guests of DMR managed Tamarron properties will be able to play the original Arthur Hills course. Access to the new Glacier nine and the new clubhouse is exclusive to Glacier Club equity members.

The original 18 holes has garnered awards such as: Conde Nast Traveler June 2000: "50 best golf resorts in the U.S. Caribbean and beyond"; Golf Digest: "Top 50 Resort Courses in America"; Golf Magazine: "Top 100 Golf Resorts in the World"; Links Magazine: "Top 75 Golf Resorts in North America."

"We're extremely pleased to enter into this partnership," said E.J. Schanfarber, Durango Mountain Resort's Vice President of Lodging and Property Management. "The TACO board has shown great vision in helping us combine La Plata County's two main mountain resort draws, solidifying our position as Durango's premier year-round resort destination."