FRAMING NEARS COMPLETION AT RANCHO VALENCIA RESORT'S NEW RESIDENTIAL VILLAS

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New 10,000 Square-Foot Spa and Fitness Center Well Under Way

Twelve large, luxury vacation homes that will comprise the Villas at Rancho Valencia Resort in Rancho Santa Fe, Calif. have begun to take shape. Framing on the Villas is nearing completion and time is running out for prospective buyers to reserve their interest in Rancho Valencia Resort's new private residence club offering.

The Villas at Rancho Valencia offer a total of 96 shared ownership interests. The current price per share is $455,000, a fraction of the cost most people pay to live in Rancho Santa Fe, or own vacation homes that may stand empty most of the year.

Villas Owners take title with a one-eighth fee-simple deeded interest in one of the 12 Villas. All Villas are available to all Owners. Owners request four pre-planned vacation periods for each calendar year. This leaves nearly forty percent of the year unreserved and accessible to Owners on a space-available basis as often as they wish and at no additional cost. There is no usage limit for Villas Owners. Owners will enjoy the resort's concierge, room service, dining at the Restaurant at Rancho Valencia, access to their own pool and jetted hot tubs, 18 tennis courts, croquet lawn, biking and hiking trails, soon-to-come spa, access to world-class golf courses and nearly perfect weather year round.

"It's wonderful to be able to walk through the homes and get a feel for how the windows will frame amazing views of the rolling, green valley, or stand in one of the two master suites and imagine the comfort and elegance of the furnishings," said Bill Orwig, director of sales for The Villas. "This is where it really starts to get exciting because it becomes easier to envision living here surrounded by the beautiful landscapes of Rancho Valencia Resort."

Reservations are currently being accepted. Orwig states, "With Rancho Santa Fe being one of the country's most affluent and desirable communities, combined with the quality and luxury Rancho Valencia Resort is known for, we anticipate the shares will be gone before long. With nearly 50 percent already reserved, prospective buyers are encouraged to stop by soon."

The resort also announced framing is complete on a new 10,000 square-foot concept spa, designed by Laguna Beach-based R. Douglas Mansfield Architects, Inc., in consultation with the well-known spa team of Auberge Resorts. The spa will elevate the resort even beyond its current world-class, award-winning status by providing services to Villas owners, resort guests and residents of Rancho Santa Fe and neighboring communities. The Villas and Spa additions represent a $40 million investment in the luxury resort property.

"For years, guests and friends of Rancho Valencia Resort have commented that they would love to live here," said Harry Collins, owner and developer of the 90-acre community of Rancho Valencia, which includes the resort and 29 freestanding homes, including the one in which he lives. "The Villas provide that opportunity with the simplicity and flexibility of usage that make this a perfect way to own at Rancho Valencia." Collins also owns and operates the historic landmark La Valencia Hotel in La Jolla, Calif.

Amenities
Reminiscent of traditional California haciendas, the Villas feature custom furnishings, hand-painted tiles and private garden patios. Each Villa is comprised of 3,500 square feet of indoor and outdoor living space; three bedrooms; three and one-half baths; private entry court; jetted hot tub; indoor and outdoor fireplaces and patio grill. Furnishings will reflect the gracious style of the popular Casitas at Rancho Valencia Resort. The finest finishes, appliances and appointments will create a distinctive personality for each Villa and the architecture will blend flawlessly into the surrounding environment. Additionally, a private club house and pool are available exclusively for owners' use.

Interested buyers may view construction progress and pick up an informational package by visiting the sales office located at Rancho Valencia Resort, 5921 Valencia Circle in Rancho Santa Fe, or by visiting The Villas online at www.villasranchovalencia.com. Callers may inquire toll free at 866-510-5621.

The Spa
Scheduled to open in late Spring 2006, the Spa at Rancho Valencia is directly adjacent to The Villas. Design plans embrace Southern California's warm climate with outdoor gardens and pools, and its native resources by utilizing natural botanicals with avocado, orange blossom and tangerine. Amenities will include 10 treatment rooms with private patios; three will have soaking tubs. Two couples rooms will include fireplaces, patios, outdoor showers and indoor tubs for two. Three pools (hot, warm and cold) and a sauna and steam room will lead to a garden area and lap pool. The Spa is one of only six in the United States that will feature a special Vichy room where state-of-the-art hydrotherapies will be offered. A fitness center will feature the latest in classes, including yoga, and exercise equipment.


The Villas at Rancho Valencia Resort is a private residence club consisting of 12 villas with 96 fee-simple interests available for purchase. Developed by San Diego-based R.V.R. Partners, the Villas are located on the grounds of Rancho Valencia Resort in Rancho Santa Fe, Calif. Reminiscent of traditional California haciendas, the Villas feature custom furnishings; hand-painted tiles and private garden patios; 3,500 square feet of indoor and outdoor living space; three bedrooms; three and one-half baths; private entry court; jetted hot tub; indoor and outdoor fireplaces and patio grill. Furnishings will reflect the style of the popular Casitas at Rancho Valencia Resort. The finest finishes, appliances and appointments create a distinctive personality for each Villa.

Rancho Valencia Resort boasts 49 luxuriously appointed suites, each with a fireplace and private garden terrace, a renowned tennis program, spa services and playing privileges at four nearby golf courses. The resort is a member of the prestigious Relais & Chateaux and is the only Relais & Chateaux property in Southern California. Rancho Valencia consistently has been ranked as a favorite North American resort by readers of Tennis, Wine Spectator, Andrew Harper's Hideaway Report and Travel & Leisure. The resort was listed on Condé Nast Traveler's 2005 Gold List. Rancho Valencia is located at 5921 Valencia Circle, Rancho Santa Fe, Calif., 92067. For more information or to make reservations, call toll-free 800-548-3664 or visit www.RanchoValencia.com.