Vail Resorts finalizes sale of California hotel
VAIL ” Vail Resorts has finalized the sale of the Lodge at Rancho Mirage in southern California for $33 million to GENLB-Rancho LLC, a partnership led by the Gencom Group, a private Miami-based hospitality investment firm.
The company estimates about an $11.1 million pretax loss ” and about an $6.9 million post-tax loss ” on sale of hotel assets, which will be recorded in the fourth quarter of fiscal 2005.
The hotel will retain its current name, will continue to be branded a RockResort, and will continue to be managed by the lodging group of Vail Resorts under a multi-year management contract with GenLB.
Vail Resorts chief executive Adam Aron called the sale a good deal for several reasons, including the company’s ability to develop adjacent real estate.
Since last year, Vail Resorts has sold its interest in three hotels, including the Marriott in Lionshead and the Ritz-Carlton Bachelor Gulch.