News for the Hospitality Executive
|BROOMFIELD, Colo., May 10, 2007 - Vail Resorts, Inc. (NYSE:
MTN) confirmed today the announcement of Lake Tahoe Development Co that
RockResorts International, LLC, a wholly-owned subsidiary of Vail Resorts,
has been selected to operate The Chateau at Heavenly Village at the base
of Heavenly Mountain Resort in South Lake Tahoe, Calif./Nev. Construction
of the redevelopment project has commenced and is expected to be completed
in early winter 2009.
The $420 million, 11.53-acre redevelopment will include two luxury condo-hotels, a 16,000-square-foot RockResorts Spa, 50,000-square-foot convention center with 21,000 square-foot pre-function area, 1.5 acre park and a collection of shops and restaurants. The Chateau at Heavenly Village is located at the California state line across from Heavenly Village and the Heavenly Gondola, adjacent to Harvey's Lake Tahoe Casino & Resort.
"The addition of a RockResort at the base of Heavenly Mountain Resort perfectly marries our commitments to grow our luxury lodging portfolio and enhance the destination experience at our ski resorts" said Rob Katz, chief executive officer for Vail Resorts. "The Chateau at Heavenly Village will stand out as the jewel of South Lake Tahoe, connecting Heavenly's world-class slopes to the treasured shore of Lake Tahoe."
Lake Tahoe Development Co has chosen to register construction of the project with the U.S. Green Building Council for LEED-certification and will utilize native wood timbers, stone, glass and other natural materials to enhance the rustic mountain character of the buildings.
RockResorts' agreement to operate The Chateau at Heavenly is subject to the successful completion of definitive documentation.
RockResorts' luxury resort hotels offer casually elegant accommodations, state-of-the-art RockResorts Spas, renowned golf courses,
award-winning dining and a variety of exciting outdoor adventures. The RockResorts collection includes The Hotel Jerome in Aspen, Colo.; The Lodge at Vail in Vail, Colo.; The Pines Lodge in Beaver Creek, Colo.; The Lodge & Spa at Cordillera in the Vail Valley, Colo.; Keystone Lodge in Keystone, Colo.; La Posada de Santa Fe Resort & Spa in Santa Fe, N.M.; and Snake River Lodge & Spa in Jackson Hole, Wyo. Future RockResorts include The Arrabelle at Vail Square in Vail, Colo. (scheduled to open in December 2007); Eleven Biscayne Hotel & Spa in Miami, Fla. (scheduled to open in 2009); and Rum Cay Resort Marina in Port Santa Maria, The Bahamas (scheduled to open in 2010). Visit the RockResorts website at http://www.rockresorts.com.
Vail Resorts, Inc.
|Also See:||Vail Resorts Acquisition of Heavenly Ski Resort on Lake Tahoe Two Years Ago for $99.2 million Proves to be a Windfall / March 2004|
|Vail Resorts Acquiring Heavenly Ski Resort for Approximately $102 million / March 2002|
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