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The Ritz-Carlton Hotel Company, L.L.C. and Bank of America have announced an agreement to develop a 150-room luxury hotel in downtown Charlotte, NC. Scheduled to open in early 2008, the hotel will be located at Bank of America's corporate headquarters at a site between North College and East Trade Streets. The $60 million hotel will be the first Ritz-Carlton in the state of North Carolina.

"The Ritz-Carlton, Charlotte at Bank of America Corporate Center, is an exceptional business venture between the two top leaders in the hospitality and financial industries," said Simon F. Cooper, Ritz-Carlton president and chief operating officer. "Bank of America President Ken Lewis could not be a more fitting corporate partner with his commitment to our shared principles of a total quality approach to customer service."

"We look forward to serving the lodging and meeting needs of Bank of America customers, as well as other corporate and group guests traveling to Charlotte, a commercially thriving city with seven Fortune 500 companies." Cooper noted that this will be the second Ritz-Carlton hotel situated at a corporate global headquarters. The Ritz-Carlton, Wolfsburg, Germany is adjacent to the executive offices of auto maker Volkswagen. The award-winning hotel, with a one star Michelin restaurant, serves the lodging and meeting needs of Volkswagen customers and staff.

"We are excited to be working with one of the finest hotel companies in the world to bring this investment to Charlotte," said Kenneth D. Lewis, chairman and CEO of Bank of America. "Having a Ritz-Carlton hotel in Uptown Charlotte will be great for our company's business partners who often travel here. The arrival of Ritz-Carlton in our city also is one more important step in Charlotte's emergence as a primary destination for American business and tourism."

The Ritz-Carlton will be developed by Colgate Development LLC, with the design created by the architectural firm of Smallwood, Reynolds, Stewart, Stewart and Associates. Preliminary plans for the contemporary-style building include 120 deluxe rooms and 30 suites. A restaurant, bar and Lobby Lounge will offer several dining options for guests. A total of 13,600 square feet of meeting space will include a 9,000 square foot Grand Ballroom; 3,000 square foot Junior Ballroom; two smaller meeting rooms and a 600 square foot Board Room. The health club and indoor swimming pool will be on the roof of the hotel. Other features include a boutique spa and retail shops.