VAIL, Colo. - August 10, 2004 - Vail Resorts announced today that its subsidiary Vail Resorts Development Company has entered into contracts to sell 24 home sites and eight cabins (with two more cabins pendingcontracts) at the Jackson Hole Golf & Tennis Club, representing expected real estate revenue of approximately $19.6 million. These sales have closed or are expected to close in Vail Resorts' fiscal 2004 and fiscal 2005.
Jackson Hole Cabins
Of the 12 available two- and three-bedroom cabins in phase I, eight are under contract and two are pending contracts, for total expected real estate revenue of $8.25 million. Sales of these cabins were accomplished within seven days.
The 1,525-square-foot, two-bedroom and 2,033-square-foot, three-bedroom cabins are situated around the golf course in a centralized open-space plan providing sweeping views of the Grand Tetons. The purchase price of each cabin currently includes membership in the Golf & Tennis Club, which features preferred tee times, use of the private Member Clubhouse, and access to the tennis courts, swimming pool and dining at the Strutting Grouse Restaurant.
Vail Resorts Development Company will release 10 more cabins for purchase in phase II within the next several weeks. Consumers will be able to select either two-bedroom cabins at an average price of $650,000 or three-bedroom cabins at an average price of $865,000.
Jackson Hole Home Sites
Furthermore, 24 home sites at the Golf & Tennis Club have been sold since Feb. 1, 2004, at an average price of $473,125 each, for a total of $11.35 million. Of the total home sites available for purchase, 17 are remaining. Sotheby's International Realty, at (877) 739-8102, is the listing broker for both the cabins and home sites at the Jackson Hole Golf & Tennis Club.
"Our strong sales effort in Jackson to date complements the recent success of the Gore Creek Place project in Vail's LionsHead. Clearly, Vail Resorts Development Company continues to rack up success after success, placing it among the premier resort development companies in the country," said Adam Aron, chairman and CEO of Vail Resorts. "I salute the experienced and talented staff of Vail Resorts Development Company who have spent countless hours planning, developing and getting to market these world-class resort real estate projects, with such strong consumer demand," he added.
The successful real estate sales at the Jackson Hole Golf & Tennis Club have enabled the Company to commit to investing $3 million in golf course improvements over the next three years. Returning after his course remodel in the 1970s, Robert Trent Jones Jr. is directing a renovation plan for the course that includes a significant upgrade to its infrastructure. The Company has made an investment in capital maintenance equipment this summer, allowing for better course and greens conditions. Slated for installation in fall 2005 is a modern irrigation system that will provide better grass conditions and increase the level of playability. Other improvements include the renovation of bunkers for consistency, additional tees to meet the needs of both shorter- and longer-hitting players, and the replacement of on-course restrooms. The golf course at Jackson Hole Golf & Tennis Club is ranked #1 in Wyoming.
Vail's Gore Creek Place
In related news, the Company announced a week ago that Vail Resorts Development Company had entered into contracts to sell all eight townhouses in phase I of Gore Creek Place, located immediately adjacent to the Vail Mountain Marriott in Vail's LionsHead Village, for expected real estate revenue of approximately $32.1 million. Since then, it has sold yet another townhouse, bringing the expected real estate revenue total to $36 million. There are only seven remaining townhouses available for purchase in the Gore Creek Place project. Slifer Smith & Frampton Real Estate is acting as the listing broker and can be reached at (866) 639-8245.