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RockResorts Increases Luxury Portfolio

RockResorts announced today that
the 56-room Lodge & Spa at Cordillera in Vail Valley, Colorado, has been
added to its collection of luxury resort destinations. RockResorts will
manage the hotel under contract with its owner, a joint venture of Pharos
Group, LLC and Value Enhancement Fund V. Cordillera is the latest member
of the luxury brand for the hospitality company based in Denver, Colorado. “We are thrilled to have The Lodge & Spa at Cordillera in the RockResorts
family,” said Ed Mace, President of RockResorts and Vail Resorts Lodging
Company. “The hotel exemplifies the traditions of superior guest service,
world-class amenities and luxury in unforgettable settings—all
signatures of the RockResorts brand.”

The Lodge & Spa at Cordillera was built in 1988. The resort underwent a $6
million renovation in July of 2004, and has received the AAA Four-Diamond
Award for 15 consecutive years. The Chateau-style hotel is set high atop a
private mountain with transcendent views of the Vail Valley, and guests
enjoy access to the facilities of the exclusive Cordillera community.
Amenities for the Lodge & Spa’s visitors include private fly-fishing on
the Eagle River, a newly renovated, 22,000 square-foot Spa, an Equestrian
Center, a full Nordic center with 17 miles of maintained trails, and four
exceptional dining choices. Golf enthusiasts take advantage of the three
championship golf courses designed by Jack Nicklaus, Hale Irwin, and Tom
Fazio, as well as a Dave Pelz Par-3 Short Course. “We look forward to
working with RockResorts,” said Harry Rosenthal, President of Pharos
Group, which manages the hotel’s ownership company. “The Lodge should fit
well with their core business of operating unique luxury destinations.”

“The Lodge and Spa at Cordillera has long been considered a superb resort
hotel with its year-round and first-rate golf, skiing or spa amenities. As
the newest RockResort, it further underscores our ability to add managed
hotels through management contracts rather than through acquisition,” said
Adam Aron, chairman and chief executive officer of Vail Resorts, parent
company of RockResorts. Aron continued, “Vail Resorts continues to explore
avenues to sell some of our owned hotels, while at the same time
increasing the number of hotels that we manage.”