Vail Resorts closes sale of Marriott
VAIL – Vail Resorts said Monday it closed a $62 million sale of the Vail Marriott Resort & Spa to DiamondRock Hospitality Limited Partnership. The hotel, which Vail Resorts bought for $49 million, will retain its current name and will remain a full-service Marriott resort. Vail Resorts, through its Vail Resorts Lodging Company subsidiary, will manage the resort for the next 15 years.”We are excited by the sale of the Vail Marriott, as Vail Resorts has benefited significantly from our acquisition of this hotel just 3 1/2 years ago,” Vail Resorts chief executive Adam Aron said. “Our retention of a long-term management agreement for the hotel is financially beneficial for us, as it gives us a stream of management fees for 15 years. Additionally, our managing the hotel will allow us to have greater participation in the Vail lodging community going forward.”Vail Resorts, which renovated the hotel that was damaged by a fire in 2000, kept to pieces of land it acquired in the Marriott purchase. Two exclusive housing developments – Gore Creek Place and the Ritz-Carlton Residences – are being built on those parcels, Aron said. “Both of which could be quite lucrative if developed as planned,” Aron said. Vail, Colorado
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