The Grand Teton Lodge Company operates Jenny Lake Lodge, Jackson Lake Lodge, and Colter Bay Village, all located within the Grand Teton National Park in Jackson Hole, Wyoming. The company also owns the Jackson Hole Golf Tennis Club as well as approximately thirty acres of undeveloped land held for future development.

"We are very excited about this opportunity," commented Vail Resorts' Aron. "Jackson Lake Lodge and Jenny Lake Lodge are two of the most beautiful resort lodges in the country operating in national parks. Colter Bay Village is a wonderful family resort and the Jackson Hole Golf Tennis Club at the foot of the Grand Teton Mountain range has some of the most spectacular scenery of any golf course anywhere in the world."

"The acquisition of these properties is a great step forward for our Company and is an excellent fit with our existing businesses," continued Aron. "We have years of experience in operating lodges, recreational facilities and golf courses. Since these are summer-intensive operations, they will complement our winter ski businesses. In addition, we look forward to continuing the long-standing relationship which CSX Corporation has built with the National Park Service."

Snow said, "This transaction represents an excellent outcome for the Grand Teton Lodge Company, its employees and its customers. We have been the proud owners of the lodge company for the past thirteen years, during which time we have enjoyed an outstanding relationship with the National Park Service. We are confident that the change in ownership will be a smooth transition and that Vail Resorts will continue to maintain the same high standards in operating this national treasure."
 

Jenny Lake Lodge

Jenny Lake Lodge, Jackson Lake Lodge, and Colter Bay Village are all within Grand Teton National Park and are operated under a concession contract with the National Park Service.

At its four Colorado resorts of Vail, Breckenridge, Keystone, and Beaver Creek, Vail Resorts currently owns or operates eight hotels, 82 restaurants and three golf courses. The Company manages 1,800 privately-owned condominiums on behalf of their owners; and is a joint venture partner in operating seventy retail outlets. More information about Vail Resorts may be found at its website at www.snow.com. CSX Corporation, based in Richmond, VA, is an international transportation company providing rail, intermodal, container-shipping and contract logistics services worldwide. Wasserstein Perella Co., Inc. acted as financial advisor to CSX for this transaction. CSX's internet address is http:/www.csx.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. Such risks and uncertainties include, but are not limited to, general business and economic conditions; competitive factors in the ski and resort industry; and the weather. Investors are also directed to other risks discussed in documents filed by the Company with the Securities and Exchange Commission.