VAIL, Colo., Jan. 5 /PRNewswire-FirstCall/ -- Vail Resorts announced today that one of its subsidiaries has acquired a one-acre piece of real estate in Vail for approximately $3.3 million. Purchased was the former Vail Amoco service station located on the corner of Forest Road and South Frontage Road. The site has been closed as a service station so work can begin in conjunction with Vail Resort's redevelopment efforts in what is commonly known as the LionsHead area of Vail.
Acquisition of this property will allow the Company to more fully utilize the 6-acre parcel previously announced for a portion of the redevelopment, which is comprised of the current Vail Vehicle Maintenance Shop and the recently acquired Vail Professional Building. The LionsHead redevelopment also encompasses the Arrabelle and Gore Creek Place projects currently under construction and the recently announced plans for the Ritz-Carlton Residences, Vail.
Commenting on the purchase, Vail Resorts Chairman and Chief Executive Officer Adam Aron said, "With the success several months ago of the sales process for our Arrabelle and Gore Creek Place projects, Vail Resorts moved quickly to propose the new Ritz-Carlton Residences, Vail. Now, our attention is squarely directed at a six-acre parcel of land we already own proximate to the site of the former Vail Amoco service station and across from the proposed Ritz Carlton project. While a purchase of a gas station is not by itself an earth-shattering event, the fact that it facilitates potentially lucrative development is a very positive step forward."
About Vail Resorts
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's subsidiary, RockResorts (http://www.rockresorts.com/), a luxury resort hotel company, manages casually elegant properties across the United States. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange . The Vail Resorts company website is http://www.vailresorts.com/ and consumer website is http://www.snow.com/.
© 2006 PR Newswire
