November/December 2008 $8.00 www.strategizemagazine.com
Stone Creek Resorts
Sustainable resort real estate practices
Stone Creek Resorts
Guy J. Turcotte • President and CEO
Location: Calgary, Alberta Tuscan styled kitchen
Canadian Rockies:
A rugged vision for the future of resort communities
I
n 1993, Guy J. Turcotte—a successful entrepreneur—along with three partners acquired a beautiful expanse of land nestled in the Canadian Rockies on the sunny side of the Bow Valley between Calgary and Banff, Alberta. By 1995, those 600 acres had been transformed into the Silvertip Golf Resort. With that, Stone Creek Properties, Inc. was born. Silvertip Golf Resort offers estate-style homes in a secluded mountain setting as well as upscale luxury condominiums. At the core of the community is a mountain golf course offering 600 feet in elevation change that is located on the south side of the mountain—translating to more daylight and more time to play. In addition to the endless outdoor activities available to residents, Silvertip features elegant and casual dining.
In 1998, a second property was acquired in Invermere, British Columbia, and was developed into the four-season golf resort of Eagle Ranch. Centered on a golf course that overlooks the Columbia River, Eagle Ranch boasts the award for the Best Conditioned Golf Course in British Columbia and a 4.5-star review in Golf Digest. Stone Creek Properties brings to bear all of the talents of its experienced staff to make Silvertip and Eagle Ranch the most desirable destinations in the Canadian West. “Our company is not complicated,” says Turcotte, President and CEO of Stone Creek. “We have two resort projects that are at two differentiated sites and feature two incredible golf courses. I think what truly sets us apart from the competition—aside from location—is that we have a
Typical cabin at Eagle Ranch
strong vision for these projects and we’re trying to complete them in an environmentally sensitive way. We have excellent planning and design for the homes and other components that are going to be built on the sites.”
THE STONE CREEK RESORTS CLUB Additionally, Stone Creek is rolling out its latest innovation: The Stone Creek Resorts Club. “It will be a hassle-free way to own access to a highquality second home,” says Turcotte. As part of the Resorts Club, members will pay a one-time mostly refundable fee plus modest annual dues to have access to luxurious residences complete with the personalized service of a five-star resort. Joining the club offers an alternative to traditional second home ownership for a fraction of the price. In this “pay for what you use” model, members choose between 30-, 45- and 60-day membership plans. Prices start at $265,000 and go up to $425,000. Membership provides access to both resorts—as well as any future Stone Creek resorts—with home styles ranging from European and mountain-style condominiums to four-bedroom log homes set back in a forest. Styled, upscale finishings and furnishings complement each residence, as do state-of-the-art media and entertainment systems, and upscale kitchen and entertaining spaces. Members can select their preferred residence style and layout when reserving their trip on Stone Creek’s website. That personalized service is just the beginning, however. Residents also select their grocery list so they arrive to a pre-stocked kitchen. “When you’re at one of our resorts, you won’t have to worry about anything,” says Turcotte. “Within five minutes after you get in the house and unpack your clothes you can put your feet up and have a drink. We do everything for residents, from stocking the kitchen to cleaning the place. We also arrange for all the services they might need while there: golf tee times, a hiking guide, a fly-fishing guide, a canoe, dinner reservations or even a white water rafting adventure.”
SUSTAINABLE PRACTICES Tuscan styled dining room
“The most sustainable thing we’re doing is the Stone Creek Resorts Club,” declares Turcotte. “Once sold, the residences will be occupied about 70 percent of the time; whereas, if we sold each member of The Stone Creek Resorts Club a home and they used it for themselves—second homes are used only 20 to 30 days of the year—they sit empty the vast majority of the time. If you consider the energy consumption of building, heating, cooling and maintaining a second home it’s impossible to conclude that that is a sustainable plan. Our Resorts Club is a huge energy savings on a per capita basis, bringing people a second home at a fraction of the cost and a fraction of the environmental footprint.” While the current model is repeatable and expandable, Stone Creek plans to focus all its talent on its Canadian Rockies’ resort communities. The launch of the Resorts Club will dictate much of the company’s focus for the next few years as it refines its operations based on feedback from members. Turcotte is optimistic about the launch. “We believe that when the market is educated about the Stone Creek Resorts Club concept it will end up becoming the largest part of the second-home market over the next 10 to 20 years.” Stone Creek’s emphasis on preserving the natural environment enhances the spectacular settings of its properties; however, the emphasis on sustainability goes far beyond the environmental—it permeates the entire corporate culture and drives the thinking behind the entire company. A long-term strategy is a business imperative.
A CLEAR VISION “We’re a small company and my management style is to provide a clear vision for the company and to let the management team go out and do its job,” says Turcotte. “We have a culture of openness, a very clear vision and a strong financing plan. We provide our people with excellent resources, whatever they may be, whether human, financial, accounting or reporting information systems. You can make good decisions if you have an open atmosphere and effective systems to provide you with feedback.” It is Turcotte’s job to provide the vision and he believes everything flows from that plan.
“This is the fourth company I have founded and the three others have been public companies related to the oil and gas industry in Canada,” says Turcotte. “I guess that all of my success has come from the idea that I manage for the long term. I do not manage for a quarterto-quarter environment. I really believe in putting the right business plan in place, the right people in place, the right financial resources in place and getting very high quality, irreplaceable-type assets and then going out and enacting the business plan.” Indeed, it’s a method Turcotte has been using since he started Chauvco Resources Limited in 1981. “We started it with $2 million and sold it in 1997 for $1.3 billion,” says Turcotte. From there, Turcotte started Alliance Pipeline and built a $5 billion pipeline project between the United States and Canada. He retains equity in that endeavor. In 1999, he started Western Oil Sands Inc. “We raised $450 million of equity, ran that for eight years and built it up as a significant company and then sold it for $7 billion.” It’s the long-term commitment to projects that is a hallmark of Turcotte’s approach. “We’ve been on this Stone Creek project for 15 years and I’ll be on it another 15 years,” he says. “I think you can really have tremendous success but you have to manage for the long term.” Published by Strategize Magazine-November/December 2007 © 2007 Avenir Publishing, Inc. For information on ordering Avenir reprints, please call (312) 252-7322 or visit us at www.avenirpublishing.com
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Marshall Tittemore Architects Marshall Tittemore Architects is an international award-winning firm representing more than 25 years of project achievements in master planning, urban design, architecture, and interior design. MTA delivers professional services through four studio-based project teams: Living, Learning, Wellness, and Workplace. Partnering with our clients in the initial stages enables MTA to nurture meaningful relationships that produce exceptional, value-driven results.