The Timeshare Beat Home | Today's Headlines | Back to Previous Page
|
The Timeshare Beat Home | Today's Headlines | Back to Previous Page |
|
|
|
Press Release: Vail Resorts, Inc.
March 22, 2006
BRECKENRIDGE, CO -- Vail Resorts, Inc. (NYSE: MTN) March 20 announced that its wholly-owned real estate subsidiary,
Vail Resorts Development Company ("VRDC"), will begin development of The Peaks of Breckenridge, a master-planned
ski-in/ski-out community. The Peaks of Breckenridge will consist of the new Peak 7 Village and the redeveloped
Peak 8 Village, and will feature approximately 450 residential units and 75,000 square feet of skier services.
Both neighborhoods also will have access to Peaks 7 and 8 from historic Main Street via the proposed Breckenridge
gondola. Construction on the new gondola is planned to start this spring and be completed by Christmas 2006. Subject
to approval, The Peaks of Breckenridge will include residences, skier services, lodging, a spa, dining, activities
and more.
"We have invested several years envisioning The Peaks of Breckenridge," said Alex Iskenderian, vice-president
of development for VRDC. "Peak 7 Village marks the first step in making the vision a reality and represents
yet another large step forward for both the resort and the Town of Breckenridge. It is truly a great ski-in\ski-out
real estate opportunity."
VRDC's Peak 7 Village development will consist of approximately 158 residences located at the base of Peak 7. It
will include 44 whole ownership condominiums developed by VRDC and a 114-unit fractional ownership facility developed
by Grand Timber Development Company ("GTDC"), a Breckenridge based developer of fractional ownership
resorts. Vail Resorts is selling a parcel of land within Peak 7 village to GTDC, the developer of the successful
Grand Timber Lodge in Breckenridge, for approximately $9.5 million. The land sale is scheduled to close mid-December
2006, subject to customary closing conditions. GTDC's 114-unit luxury fractional ownership resort at Peak 7 Village
will include a full service spa, swimming pool, hot tubs and other guest amenities.
"The opportunity to partner with VRDC and bring Breckenridge an upscale fractional ownership resort at the
base of Peak 7 is extremely exciting for our company," commented Mike Millisor, president of GTDC. "We
believe our 20 year history track record in Breckenridge will help make Peak 7 Village a tremendous success for
the entire community."
VRDC will develop 44 luxury residences at Peak 7 Village. The ski-in\ski-out residences will be wholly-owned condominiums
of one, two, three or four bedrooms and will offer an array of guest amenities and skier services. As part of the
project, the Peak 7 Independence SuperChair will be relocated to within steps of the new base area.
Work on the overall project began this week with the start of road and utility construction. VRDC anticipates taking
the condominiums to market in late 2006. GTDC plans on commencing sales in late 2007.
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, a luxury resort
hotel company, manages casually elegant properties across the United States. Vail Resorts Development Company is
the real estate planning, development, construction and management subsidiary of Vail Resorts, Inc. Vail Resorts
is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website
is www.vailresorts.com and consumer website is www.snow.com.
About Vail Resorts Development Company
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. The Vail Resorts Development Company website is www.vrdc.com
About Gold Point Lodging & Realty, Inc.
Gold Point Lodging and Realty, Inc. is the premier timeshare resort developer in Breckenridge. Gold Point's current
project, Grand Timber Lodge consists of 159 units and annually approaches $30 million in sales. Gold Point is one
of the most successful single-site privately held timeshare developers in the US. The company website is www.grandtimber.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, including the risk of not realizing the anticipated financial benefit of the project;
the risk of not initiating or completing the projects at all or on the anticipated timetable; the risks of successfully
obtaining the requisite approvals; and any inconvenience or disruption to operations resulting from said construction.
Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the
date hereof. Investors are also directed to other risks discussed in the Company's Annual Report on Form 10-K for
the fiscal year ended July 31, 2004 and other documents filed by the Company with the Securities and Exchange Commission.
Source: Vail Resorts, Inc.