Vail Development Co. records $19.6 million in Jackson sales
Vail Resorts announced today its subsidiary, Vail Resorts Development Company, has entered into contracts to sell 24 home sites and eight cabins at the Jackson Hole Golf & Tennis Club, representing expected real estate revenue of approximately $19.6 million. These sales have closed or are expected to close in Vail Resorts’ fiscal years 2004 and fiscal 2005. Vail Resorts Development Company will release 10 more cabins for purchase within the next several weeks. “Our strong sales effort in Jackson to date complements the recent success of the Gore Creek Place project in Vail’s Lionshead. Clearly, Vail Resorts Development Company continues to rack up success after success, placing it among the premier resort development companies in the country,” said Adam Aron, chief executive of Vail Resorts. Sales at the Jackson Hole Golf & Tennis Club have enabled the company to commit to investing $3 million in golf course improvements over the next three years. Returning after his course remodel in the 1970s, Robert Trent Jones Jr. is directing a renovation plan for the course.In related news, the company announced a week ago that Vail Resorts Development Company had entered into contracts to sell all eight townhouses in phase I of Gore Creek Place, located immediately adjacent to the Vail Mountain Marriott in Lionshead, for expected real estate revenue of approximately $32.1 million. Since then, it has sold another townhouse, bringing the expected real estate revenue total to $36 million.