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Press Release: Vail Resorts, Inc.
May 28, 2004
VAIL, CO -- Vail Resorts has officially kicked off $500 million in redevelopment projects in Vail Village and LionsHead
with the groundbreaking of a new street-level park and an underground parking structure, located within walking
distance of both the Vista Bahn Chairlift and Golden Peak base area.
The purpose of this first project, a new public park and parking garage, is to help alleviate congestion in one
of the oldest areas of Vail Village and create a more aesthetically pleasing surface area that fits with the neighborhood.
Additional projects of Vail's New Dawn include new residential and commercial development, including a new RockResorts
luxury hotel at the base of Vail's Eagle Bahn Gondola.
"This groundbreaking marks the commencement of 'Vail's New Dawn,' a series of redevelopment projects in Vail
Village and LionsHead totaling more than $500 million over the next five years. After years of discussion and planning,
these projects, once completed, will help to ensure Vail's future as the preeminent ski resort in North America.
As impressive, these projects are expected to generate a significant increase in real estate, lodging and ski-related
profitability in the next several years," said Adam Aron, chairman and chief executive officer of Vail Resorts.
Over the summer, crews will excavate 40 feet on the half-acre site, which is adjacent to the Christiania Lodge,
and prepare it for construction of 109 underground parking spots. Once completed, the structure also will hold
approximately 25 street-level parking spaces for guests of the Christiania and a fully landscaped park that can
be enjoyed by guests and residents alike. Of the 109 spaces currently available for private purchase, 101 have
already been purchased by neighboring residents. Each space, deeded fee simple, is listed at prices of $100,000
or $135,000. Vail Resorts, pending the Town of Vail's approval, also has the ability to build an additional eight
spaces underground.
"We have been working on these projects for a number of years and there are many people and organizations
who were instrumental in helping to secure these project approvals, including the Town of Vail, the Vail Town Council,
the Vail Village Homeowners Association, the Christiania Lodge, the Lodge Tower and numerous neighbors. We sincerely
appreciate the countless hours and energy they expended to move these projects through the approval process in
an expeditious manner," said Aron.
The park and parking garage project is one of several planned projects by Vail Resorts Development Company in Vail
Village and LionsHead over the next five years. The "Vail Front Door" project in Vail Village includes
a new skier services facility at the base of the Vista Bahn Chairlift, a new spa and additional accommodations
at the Lodge at Vail, new Lodge at Vail Chalets for purchase, and a luxury ski club. The redevelopment of LionsHead
encompasses a new European-inspired pedestrian plaza and village complete with a RockResorts luxury resort hotel,
new skier services, restaurants and shopping, an outdoor ice rink, enhanced streetscape, a new skier bridge and
new residential opportunities.
More detail about the projects included in Vail's New Dawn, which are at various stages of regulatory approval,
can be found on the website: www.newvail.com.
As a subsidiary of Vail Resorts, Inc., Vail Resorts Development Company designs, builds and manages the Company's
luxury communities, private ski clubs, golf courses, retail spaces, and employee housing. Projects in various stages
currently exist in the Colorado mountain resort communities of Beaver Creek®, Breckenridge, Keystone® and
Vail, as well as in Jackson, Wyoming. Vail Resorts is a publicly held company traded on the New York Stock Exchange
(NYSE:MTN). The Vail Resorts Development Company website is www.vrdc.com.
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Contact:
Vail Resorts, Inc.
Kelly Ladyga, 970-845-5720
kladyga@vailresorts.com
or
Jen Brown, 970-479-3001
jbrown@vailresorts.com
Source: Vail Resorts, Inc.