VAIL, Colo. – Nov. 5, 2004 – Vail Resorts (NYSE: MTN) have announced that its subsidiary Vail Resorts Development Company received unanimous approval by the Vail Town Council to proceed with the Company's ambitious redevelopment projects in Vail's LionsHead Village.
"This final and decisive approval of our Company's plans to redevelop LionsHead, after years of working together with Vail Town Council and Town of Vail staff, is a major step towards securing Vail's future as North America's pre-eminent resort community. We can now proceed with the sale and eventual construction of the LionsHead core village projects starting in spring 2005, after the Vail ski mountain closes for this winter season," said Adam M. Aron, chairman and CEO of Vail Resorts.
In a 6-0 vote, Vail Town Council gave Vail Resorts a green light on the second and final reading of the Company's development improvement agreement. Two weeks ago, on Oct. 19, Town Council had unanimously approved the agreement on first reading as well. Vail's Design Review Board (DRB) also has strongly endorsed the project. While the DRB continues to study details of the project, it is expected to give final approval in late November. Given the affirmative Town Council action, combined with Vail Resorts' willingness to be flexible in dealing with reasonable Design Review Board requests, the Company anticipates no problems in securing DRB approvals.
Vail Resorts' redevelopment plans for LionsHead include an entirely new European-inspired pedestrian plaza and village, immediately at the base of the Eagle Bahn Gondola in LionsHead. This new village will replace the "Old Gondola Building" and the "Sunbird Lodge" in LionsHead, both of which will be demolished. The new village, literally just steps from the Eagle Bahn Gondola, will include a five-star RockResorts luxury resort hotel and spa, a picturesque outdoor ice rink, new skier services facilities, restaurants, shopping and other entertainment venues, and important condominium residential opportunities.
"These new condominiums, which will be available for purchase in the next few months and located in the new base village we will be building in LionsHead, in our opinion represent the best new residential real estate product to come along in Vail for several decades," said Aron, "Their location is right at the foot of the Eagle Bahn Gondola ascending Vail Mountain, and they will enjoy full five-star RockResort hotel services and amenities. What's more, the architects and designers responsible for the effort believe the design of the new village will be viewed as stunning in its visual appeal, and both exterior and interior finishes will be of the highest quality."
The Gore Creek Place project, located immediately adjacent to the Vail Mountain Marriott in LionsHead Village, features 16 townhomes, ranging in size from 3,500 to 4,400 square feet. Construction will commence in the spring of 2005. Ten of the 16 townhomes already have been sold for total expected real estate revenue of approximately $40 million. In addition, a four-star, nationally branded hotel, condo-hotel or timeshare property is also scheduled to be built nearby the Vail Marriott as well.
The approvals received from the Town of Vail to redevelop LionsHead complement the approvals given earlier this year by the Town of Vail for Vail Resorts Development Company to move forward with the Vail Front Door redevelopment effort in Vail Village. The Vail Front Door project is currently expected to see construction commence in the spring of 2006.
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 also operates its subsidiary, RockResorts, a luxury resort hotel company with 10 distinctive properties across the United States. Vail Resorts Development Company is the real estate planning, development, construction, retail leasing and management 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 www.vailresorts.com and consumer website is www.snow.com.
As a subsidiary of Vail Resorts, Inc., Vail Resorts Development Company designs, builds and manages the Company's luxury communities, private ski clubs, golf courses, retail spaces and employee housing. Projects in various stages currently exist in the Colorado mountain resort communities of Beaver Creek(R), Breckenridge, Keystone(R) and Vail, as well as in Jackson, Wyoming. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts Development Company website is www.vrdc.com.
Contacts
Vail Resorts
Kelly Ladyga, 970-845-5720
kladyga@vailresorts.com
