Vail Buys More Development Land
VAIL, CO, January 06, 2006. 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, Vail.
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."
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