Vail Resorts sells another hotel | VailDaily.com
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Vail Resorts sells another hotel

Cliff Thompson

RANCHO MIRAGE, Calif. – Taking advantage of the red-hot market for hotels, Vail Resorts announced Tuesday it will sell the 240-room Lodge at Rancho Mirage near Palm Springs to a Miami hotel group for $33 million.Vail Resorts purchased the RockResorts lodge in December 2001 for $25 million plus a $20 million non-interest bearing note. The sale to Gencom Group is expected to close later this month.Over the last seven months Vail Resorts has been actively buying, selling and taking over management of hotels. Just before the New Year it sold its minority stake in the Ritz-Carlton Bachelor Gulch. In April it purchased full control of the 88-room Snake River Lodge in Jackson Hole, Wyo,. and last month closed on the $62 million sale of the 345-room Marriott Mountain Resort in Lionshead. In May it took over the management of the Lodge at Cordillera.In Vail Resorts’ earnings reports, chief executive Adam Aron said the company would be active in the hotel market because they are selling for top-shelf prices. Vail Resorts owns the RockResorts hotel chain as well as numerous slopeside hotels at its ski resorts in Vail, Beaver Creek, Keystone, Breckenridge and Heavenly, on Lake Tahoe.”Vail Resorts is pleased to announce the sale of the Lodge at Rancho Mirage as a continuation of our previously announced strategy to capitalize on current hotel market valuations,” Aron said. The lodge at Rancho Mirage got lots of media attention two years ago when Avon residents and reality TV stars Ryan and Trista Sutter were married there.Staff Writer Cliff Thompson can be reached at 949-0555, ext. 450, or cthompson@vaildaily.com.Vail, Colorado


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