The Lodge at Rancho Mirage to Close for Re-development
DENVER, CO, June 13, 2006. RockResorts, a subsidiary of Vail Resorts, Inc. (NYSE: MTN) reported today that The Lodge at Rancho Mirage in Rancho Mirage, CA, will close on August 13th, 2006.
The hotel has been part of the luxury collection since December 2001, and was sold by Vail Resorts in July 2005 while RockResorts retained management.
RockResorts received notice on June 9, 2006 that the owners of the hotel, GENLB-Rancho LLC ("GenLB"), plan to close the hotel in order to complete an extensive redevelopment of the property. As part of the management contract signed in July 2005, RockResorts will receive a fee covering the remaining term of the contract. Additionally, included in the July 2005 sale of the hotel were parcels of land which GenLB plans to pursue for real estate development as part of the redevelopment, and in which Vail Resorts will continue to share in a portion of the future profits, if any.
Under RockResorts management, The Lodge at Rancho Mirage was honored by Travel + Leisure as one of the top 500 hotels in the world, by Conde Nast Traveler as one the Top 100 Golf Resorts in North America, and by ZAGAT as the Highest Rated Resort, Palm Springs Area.
The RockResorts collection features casually elegant resorts across the United States. The RockResorts portfolio includes: The Pines Lodge in Beaver Creek, CO.; Keystone Lodge in Keystone, CO.; The Lodge at Vail in Vail, CO.; La Posada de Santa Fe Resort & Spa in Santa Fe, NM; The Lodge & Spa at Cordillera, Edwards, CO; The Equinox Resort & Spa in Manchester Village, VT; Rosario Resort & Spa on Orcas Island, WA.; and Snake River Lodge & Spa in Jackson Hole, WY. The Arrabelle at Vail Square, a RockResort in Vail, Colorado, is also currently under development.
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