VAIL, Colo., Nov. 15 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) announced today that it closed two transactions, on the terms previously announced on Oct. 17, 2001. In the first of these transactions, Vail Resorts has made a majority investment in Rockresorts International LLC, and has secured 12-year management contracts on five Rockresort luxury hotel properties. In addition, Vail Resorts has completed the purchase of The Ritz-Carlton, Rancho Mirage, which on Dec. 1, 2001, will be renamed The Lodge at Rancho Mirage. Along with five current Vail Resorts' hotels that have been re-branded as Rockresorts and the five existing Rockresort properties, The Lodge at Rancho Mirage will be managed as one of 11 Rockresort luxury resort hotels around the United States.
Vail Resorts, Inc. is the premier mountain resort operator in North America. The Company operates the Colorado mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone, and the Grand Teton Lodge Company in Jackson Hole, Wyo. In addition, the Company's Rockresorts luxury resort hotel company operates 11 resort hotels throughout the United States. The Vail Resorts' corporate website is www.vailresorts.com and the consumer website is www.snow.com. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN).
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. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to, general business and economic conditions; competitive factors in the ski and resort industry; and the weather. Investors are also directed to other risks discussed in documents filed by the Company with the Securities and Exchange Commission.
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