Sunrise Company, Oaktree Capital Acquire Dancing Bear Aspen

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(Aspen, CO) -- Sunrise Company, one of the country's most respected residential developers with more than 50 years of experience, and certain funds managed by Oaktree Capital Management L.P., a leading global investment firm with $74.9 billion in assets under management, recently announced the acquisition Dancing Bear Aspen, a leading Aspen private residence club.

Sunrise Company, along with Oaktree, purchased the intimate luxury mountain retreat with no debt and has added it to its portfolio of exceptional private clubs. In addition, Sunrise and Oaktree have appointed Colorado-based Timbers Resorts, one of the largest independent developers and operators of private boutique resorts and residence clubs, to manage the Dancing Bear Aspen real estate sales and marketing operations and to include it in the exclusive Timbers Resorts Residence Club Portfolio.

"As long time members of the Aspen community, we have always been impressed by the quality and beauty of Dancing Bear," said Randall Bone, Chief Operating Officer for Sunrise Company. "Together with Timbers Resorts, we are delighted to resume sales and marketing and enhance the amenities, services and overall experience for current and future Dancing Bear owners."

Sales and marketing efforts will resume immediately for the 39 remaining shares in the project's first phase with a special offer extended to current owners prior to a public sales launch in June 2012. The nine-unit private residence club offers 3-bedroom, 3.5-bath floor plans with mountain views and luxury amenities for sale in 1/8th fractions starting at $625,000.

"We continue to aspire to include only one-of-a-kind projects around the world within Timbers and are very happy to add Dancing Bear -- a gem in our own backyard -- to our portfolio of properties," said David Burden, chief executive officer/founder of Timbers Resorts. "We look forward to bringing our expertise and knowledge of luxury resort and private residence club operation and management to the partnership."

Easily accessible from Aspen Airport, Dancing Bear embodies Aspen's singular blend of rugged alpine charm and grand sophistication. The intimate mountain retreat is nestled in the historic red-brick heart of downtown Aspen, just a few steps from one of Colorado's most renowned ski slopes.

More than 40 years ago, Sunrise Company began developing master-planned, golf-course communities in the Palm Springs, Calif., desert, resort area. Today, Sunrise Company is one of the nation's most respected residential and country club community developers. Sunrise Company's record of achievement includes the establishment of Indian Ridge, home of the Bob Hope Chrysler Classic, and co-developer of PGA West, the Western Home of American Golf, which hosted The Skins Game and The Grand Slam of Golf. In addition to its 13 resort communities, the Company has constructed over 14,000 homes, built two resort hotels and developed numerous office buildings, shopping centers and commercial hotels. Sunrise Company is continually pursuing new opportunities in the country's fastest growing markets.

Current Timbers Resorts properties include The Timbers Club in Snowmass, Colorado; Esperanza in Cabo San Lucas, Mexico; The Rocks Luxury Residence Club in Scottsdale, Arizona; Castello di Casole in Tuscany, Italy; The Preserve at Botany Bay on St. Thomas in the U.S. Virgin Islands; One Steamboat Place in Steamboat Springs, Colorado; The Orchard at The Carneros Inn in Napa, CA; and The Villas at Rancho Valencia in Rancho Santa Fe, CA; The Links Cottages at Doonbeg in County Clare, Ireland; and the newest The Sebastian in Vail, Colorado.

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Famed Golden Gate Hotel & Casino Undergoes Renovation

(Las Vegas, NV) -- The Golden Gate Hotel & Casino - Las Vegas' original casino - is undergoing its first major expansion in 50 years. The landmark property also will receive some upgrades.

A hangout for Frank Sinatra, Sammy Davis Jr. and Dean Martin during the Rat Pack era, the landmark property in downtown Las Vegas will keep its authentic Vegas vibe while adding a 35,000-square-foot, five-story luxury tower with 16 hotel suites, including two penthouses that will encompass the entire 5th floor. An extended casino floor and new high-limit gaming pit will feature its signature dancing dealers -- a modern throw-back to flappers of the Roaring 20s.

A new lobby will display artifacts from the hotel's notable past. The Golden Gate will preserve its historic exterior while adding contemporary pinstripe lighting accents. The new tower will feature a porte-cochere designed to provide the most convenient valet parking downtown.

Renovations are scheduled for completion by July 2012.

"When it opened back in 1906 at One Fremont Street, Golden Gate signaled the birth of downtown Las Vegas," Golden Gate co-owner/CEO Derek Stevens was quoted as saying.  "Now, more than a century later, we're proud to be a vibrant part of its dramatic renaissance. This property has been characterized by a unique excitement and mystique from day one, and we can't wait to start the next chapter in this wonderful Las Vegas story."