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property for sale in umbria italy
News and Information Article
- Sale Price of $32.5 Million
- RockResorts Will Receive a Recurring Management Fee and Continue to Manage
the Hotel Under a 15-Year Agreement
VAIL, Colo., Jan. 19 /-FirstCall/ -- Vail Resorts, Inc.
(NYSE: MTN) announced today that one of its subsidiaries closed its
transaction 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 Company estimates that the sale will generate an estimated $4.6
million pre-tax gain from sale of business, which will be recorded in the
second quarter of fiscal 2006. The hotel will retain its current name, will
continue to be branded a RockResort, and will continue to be managed by
RockResorts, a wholly-owned subsidiary of Vail Resorts, under a 15-year
management contract with LCP.
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 websites are http://www.snow.com and
http://www.rockresorts.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 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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