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| VAIL, Colo., July 13, 1998 - Vail Resorts, Inc. (NYSE:
MTN) today announced that the Company has entered into a contract to buy
the Village at Breckenridge from TBA Entertainment, Inc. for $24 million.
The Village at Breckenridge, currently a franchised Wyndham Resort, is
a collection of hotel, restaurant and other properties revolving around
hospitality and commercial activities directly at the Breckenridge ski
area's Peak 9 base area. Breckenridge, located in the Rocky Mountains of
central Colorado, is the second largest ski resort in the United States
based on skier days.
Included in the announced acquisition are: the 60-room Village Hotel, the 71-room Breckenridge Mountain Lodge, two property management companies which manage for rental approximately 360 condominiums, nine restaurants, approximately 28,000 square-feet of retail space leased to third parties, and approximately 32,000 square-feet of convention and meeting space. In addition, the acquisition includes "The Maggie Building," that is generally considered to be the prime base lodge of the Breckenridge ski resort, but that until now has neither been owned nor managed by the ski company. "Given its location immediately at the base of the ski area, our purchase of the Village at Breckenridge is a highly strategic advance for Vail Resorts, and reaffirms our commitment to invest in the community of Breckenridge," commented Adam Aron, Chairman and Chief Executive Officer of Vail Resorts. "Additionally, our growing reputation for offering high quality lodging and hospitality experiences to our guests will only be enhanced as we both manage the Village and upgrade its facilities." Aron noted that the transaction is expected to close within thirty days. In a related transaction, Vail Resorts will also acquire for $10 million the remainder of TBA Entertainment's Breckenridge assets, including the Bell Tower Mall and certain other real estate parcels slated for near-term development. Simultaneously, Vail Resorts has entered into a contract to sell these same assets for $10 million to East West Partners of Avon, Colorado, a highly experienced mountain resort real estate developer. Vail Resorts has had considerable previous experience with East West Partners in achieving successful and attractive commercial development. Vail Resorts currently owns and manages the Great Divide Lodge in Breckenridge, the Lodge at Vail, the Pines Lodge in Beaver Creek, and the Keystone Lodge and the Inn at Keystone. The Company also manages numerous other hotel and condominium rental properties throughout Colorado's Eagle and Summit Counties. Vail Resorts, Inc. is the premier mountain resort operator in North America, and operates the Colorado mountain resorts of Vail, Breckenridge, Keystone, and Beaver Creek. 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.
SOURCE Vail Resorts, Inc. -0- 07/13/98 Eric Resnick - Treasurer of Vail Resorts, Inc., 970-845-2490; Robert
P. Jones, Ed Bisno, Theresa
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Also See:
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Vail Resorts to Invest $59 Million in Resort Improvements This Year / July 1998 |
| Vail Resorts Purchases The Lodge at Vail / Oct 1997 |