Vail Resorts to sell riverfront site near Beaver Creek
VAIL ” Vail Resorts (NYSE:MTN) announced its real estate subsidiary, Vail Resorts Development Company, will sell a land parcel adjacent to the Eagle River in Avon, Colorado of under 20 acres pursuant to a contract with East West Partners of Avon, Colorado.
East West Partners has several decades experience in mountain resort development, and has previously completed numerous projects at Vail Resorts’ Beaver Creek ski resort, including projects in and around Beaver Creek Village and at Bachelor Gulch.
Separately, East West Partners announced today that it intends to build a luxury Westin hotel of about 200 rooms and a full-service spa and fitness facility. In addition the project will include a riverfront park and a retail plaza as well as condominiums, townhomes and fractional vacation ownership opportunities that will be created at what is expected to be known as the Westin Riverfront Resort and Spa.
Importantly, the new Westin hotel would be linked to the Beaver Creek ski mountain via a three-minute ride on a proposed new high-speed eight-person public gondola, to be funded as part of the project, which in turn would take guests to existing Beaver Creek Mountain high-speed lifts.
Commenting, Vail Resorts chairman and chief executive officer Adam M. Aron said, “Beaver Creek is already internationally known as one of the world’s finest ski resorts. It will be made even better, and we are particularly excited by the prospect of having a new luxury Westin resort hotel linked to Beaver Creek Mountain via high-speed gondola and lift. In addition the proposed new riverfront park will be a welcomed new amenity for Avon and the Vail Valley.”
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Continuing, Aron said, “The combination of the Westin hotel and residences, gondola and riverfront park clearly extend the Beaver Creek vacation experience into the heart of Avon, Colorado. While all the approvals are not yet in hand, it is nonetheless a pleasure to salute the Town Council of Avon and East West Partners for their forward thinking and commitment to this notable progress.”
The land sale is currently expected to close sometime in Vail Resorts’ fiscal 2006.
Groundbreaking for the new hotel and residential complex could begin as soon as the summer of 2006. However, the land sale is subject to East West Partners securing zoning modifications and other closing conditions, and commencement of the project is subject to certain pre-sale and other contingencies.
Vail Resorts, Inc. is the leading mountain resort operator in the United States. The Company’s subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company’s subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States. Vail Resorts Development Company is the real estate planning, development, and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is http://www.vailresorts.com and consumer website is http://www.snow.com.
Statements in this press release, other than statements of historical information, are forward looking
statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Investors are also directed to other risks discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2004 and other documents filed by the Company with the Securities and Exchange Commission.