Breaking Travel News

Vail buys more development land

Vail Resorts
has acquired a one-acre piece of
real estate in Vail for approximately $3.3 million, through one of its subsidiaries.Purchased was the former
Vail Amoco service station located on the corner of Forest Road and
South Frontage Road.  The site has been closed as a service station so work
can begin in conjunction with Vail Resort’s redevelopment efforts in what is
commonly known as the LionsHead area of Vail.
  Acquisition of this property will allow the Company to more fully utilize
the 6-acre parcel previously announced for a portion of the redevelopment,
which is comprised of the current Vail Vehicle Maintenance Shop and the
recently acquired Vail Professional Building.  The LionsHead redevelopment
also encompasses the Arrabelle and Gore Creek Place projects currently under
construction and the recently announced plans for the Ritz-Carlton Residences,
  Commenting on the purchase, Vail Resorts Chairman and Chief Executive
Officer Adam Aron said, “With the success several months ago of the sales
process for our Arrabelle and Gore Creek Place projects, Vail Resorts moved
quickly to propose the new Ritz-Carlton Residences, Vail.  Now, our attention
is squarely directed at a six-acre parcel of land we already own proximate to
the site of the former Vail Amoco service station and across from the proposed
Ritz Carlton project.  While a purchase of a gas station is not by itself an
earth-shattering event, the fact that it facilitates potentially lucrative
development is a very positive step forward.”