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property for sale in costa blanca costa de la luz spain
News and Information Article
* Sale price of $32.5 million
* RockResorts will continue to manage the hotel under a 15-year agreement
VAIL, Colo., Dec. 22 /-FirstCall/ -- Vail Resorts, Inc.
(NYSE: MTN) announced today that one of its subsidiary companies has entered
into a contract to sell the Snake River Lodge & Spa, located in Jackson Hole,
Wyo., for $32.5 million to an investment group led by Lodging Capital
Partners, a private, Chicago-based hospitality investment firm ("LCP"). The
transaction price equates to a valuation of approximately $369,300 per hotel
key. The sale price is subject to adjustment based on certain provisions of
the agreement and the transaction is scheduled to close in January 2006,
subject to certain closing conditions. After the transaction is completed,
the hotel will retain its current name and continue to be branded as a
RockResort, through 2021, under a 15-year management contract with LCP.
The Company purchased a 51 percent interest in the 88-room hotel in
December 2000 and purchased the remaining 49 percent interest in May 2005.
The Snake River Lodge & Spa is located at the base of the Jackson Hole
Mountain Resort in Teton Village, Wyo. The hotel manages 46 luxury
condominiums and also features ski-in access, a full-service Avanyu Spa and
the award-winning GameFish restaurant.
Adam Aron, Vail Resorts chairman and chief executive officer, commented,
"Vail Resorts is pleased to announce the sale of the Snake River Lodge & Spa.
This sale is beneficial for Vail Resorts as we will retain management of the
hotel, through our RockResorts subsidiary, for 15 years while at the same time
continuing our strategy of capitalizing on current robust hotel market
valuations. The price we will receive for the foregone Resort Reported EBITDA
resulting from the hotels sale represents a significant premium of about
50 percent above the multiples of Resort Reported EBITDA historically used in
the valuation of Vail Resorts, before even considering the ongoing revenue
stream from the new 15-year management agreement. We also believe that the
competitive bidding process coordinated by Jones Lang LaSalle Hotels
identified an exceptional buyer for the hotel and we look forward to working
closely with the principals of Lodging Capital Partners for many years to
come."
Steve Kisielica, principal of Lodging Capital Partners, added, "We are
excited about adding the Snake River Lodge & Spa to our growing portfolio of
luxury hotels and resorts. The significant growth opportunities at this
property include a condo-hotel expansion as well as the potential to add
additional guestrooms. We believe RockResorts, coupled with the expertise of
Vail Resorts development team, is the perfect partnership for us to help
maximize this value potential."
Vail Resorts, Inc. is the leading mountain resort operator in the United
States. The Companys 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
Companys 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, and construction
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 http://www.vailresorts.com and consumer website is http://www.snow.com.
The Company uses the term "Resort Reported EBITDA" when reporting
financial results, in accordance with SEC rules regarding the use of non-GAAP
financial measures. The Company defines Resort Reported EBITDA as the
combination of the Mountain and Lodging segments net revenue less operating
expense plus equity investment income or loss.
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 possibility that the closing of the Snake River Lodge & Spa sale
will not occur, or will occur on financial terms other than as described
above; and adverse changes in the hotel markets. Readers are cautioned not to
place undue reliance on these forward-looking statements which speak only as
of the date hereof. Investors are also directed to other risks discussed in
the Companys Annual Report on Form 10-K for the fiscal year ended
July 31, 2005 and other documents filed by the Company with the Securities and
Exchange Commission.
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