The Resorts Of The Canadain Rockies LTD Buys Mont-Saine-Anne

7/15/99

Qubec, Canada, July 14 1999 - Mr. Charles Locke, owner of The Resorts of the Canadian Rockies Ltd. announced today that his company has purchased Mont-Sainte-Anne Resort, located 30 minutes east of Qubec City, from the Texas-based corporation ClubCorp Resorts.

Mont-Sainte-Anne is Quebec's most renowned ski area and is the second largest in terms of skiers visits attracting over 460 000 visitors each winter. The resort also includes Canada's largest cross-country ski facility, two golf courses, including the magnificently revitalised Grand Vallon, a beautiful campground and Quebec's largest network of mountain biking trails.

Mr. Locke indicated that he is very pleased with the acquisition saying "the purchase of Mont-Sainte-Anne, combined with Stoneham, makes The Resorts of the Canadian Rockies Ltd. the largest privately owned ski operator in Quebec."

"Combining the strengths of both Stoneham and Mont-Sainte-Anne will allow us to promote the Greater Quebec City Area as the destination of choice in Eastern North America, for both skiers and golfers" says Locke. "Moreover, the goal of The Resorts of the Canadian Rockies is to set the standards of excellence for resort operations and development, not only in North America, but in the world. Our mission is to provide the best vacation and recreation experience possible to our guests" concluded Locke.

The Resorts of the Canadian Rockies is one of North America's largest ski resort operator with ownership of eight resorts including world-renowned Lake Louise, Nakiska, site of the 1988 Winter Olympics, Fortress, and Wintergreen in Alberta; Fernie and Kimberley in British Columbia; and Stoneham and Mont-Sainte-Anne in Quebec.

The company is currently building resort villages at Fernie and Kimberley, B.C. and expects to start the construction of a resort village at Stoneham next year.

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