VAIL, Colo., June 4, 2001 - Vail Resorts, Inc. (NYSE: MTN) announced
today that on Friday June 1, the Company acquired the Inn at Beaver Creek
from IABC, Inc. for $7.5 million. The purchase includes the 39-room hotel
and a 4-bedroom penthouse condominium independently appraised at $2 million.
| The Inn is a boutique hotel located just three
yards from the Strawberry Park Express Lift in Beaver Creek Village, making
it the closest hotel to a ski lift in North America. Hotel amenities include
an outdoor heated pool and hot tub, an exercise facility with sauna and
steam room, valet parking, and 1,700 square feet of meeting space.
Adam Aron, Chairman and Chief |
Inn at Beaver Creek
10 Elk Track Lane
Beaver Creek, Colorado
|
Executive Officer of Vail Resorts, commented, "Vail Resorts has managed
the Inn at Beaver Creek for over ten years. We are excited now to be its
owner. This purchase is part of an aggressive strategy to increase our
hospitality business. Vail Resorts owns or manages approximately one third
of the bed base in Beaver Creek. In addition to the Inn, we also own the
60-room Pines Lodge and manage over 250 luxury condominium units as part
of our growing property management business. Across all five of our mountain
resorts, we now own or manage 15 hotels.''
Vail Resorts, Inc. is the premier mountain resort operator in North
America. The Company operates the Colorado mountain resorts of Vail, Breckenridge,
Keystone, and Beaver Creek and the Grand Teton Lodge Company in Jackson
Hole, Wyoming.
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. |
