All of the units at the Steamboat Grand that are owned by GSRP and available for purchase at the auction are enrolled in the rental management program. As such, the units are committed to guest arrivals at various times from the March 18, 2006 auction date forward. The hotel management company will continue to take additional reservations throughout the winter. When a unit is sold, these prior rental obligations will pass along with the unit. On March 15, 2006 the management company will stop taking any new reservations on the units available at the auction for a three-day period. A complete list of these reservations will be posted on the auction website beginning on March 15, 2006 and will be available at registration prior to the auction. If a successful bidder wishes to keep an already open period free from additional reservations, the successful bidder will need to notify the management company immediately. The management company will take reasonable efforts to abide by the successful bidder's request. However, until the unit closes, full control over additional reservations will not transfer to the new owner.

For additional information, please refer to the Rental Management Agreement included in the Property Information Package or contact the Owner Services Representative via phone at (970) 871- or via email at snielsen@steamboatgrand.com.