Vail Resorts Reorganizes Lodging Division
December 1, 2011 - Vail Resorts (NYSE: MTN) announced that it will no longer seek to add new RockResorts managed properties which are located outside of the Company's six mountain resorts.
The Company indicated that it would continue to look for new owned and managed properties located at the base of its mountain resorts and will continue to operate its owned RockResorts properties at its mountain resorts under the RockResorts brand. The Company will also continue to look to add new concessions in the U.S. National Park system to complement its Grand Teton operations. The Company intends to fully support and operate all of its existing managed properties outside of its mountain resorts as contemplated under their current agreements. As part of this strategic shift, the Company will be making selected staff reductions in its Lodging Division and expects all of these changes to result in incremental growth in EBITDA from the Lodging Division.
"The current economic and real estate environments make it difficult to realize the benefits of growing our Lodging Division outside of our mountain resorts and the National Parks," said Rob Katz, chairman and chief executive officer of Vail Resorts. "We believe that by narrowing the focus of our Lodging segment, we will provide an enhanced experience for our guests and better long-term profitability."
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly and Northstar mountain resorts in the Lake Tahoe area of California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company's subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN).
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