Vail Resorts announced that it has approved a plan for its wholly-owned real estate subsidiary, Vail Resorts Development Company (“VRDC”), to pursue an agreement with The Ritz-Carlton Hotel Company, L.L.C. for development of The Ritz-Carlton Residences, Vail®, approximately 108 luxury residential condominiums to be located at the base of Vail Mountain in LionsHead Village. The Residences will be wholly owned condominiums of two, three or four bedrooms and will offer an array of luxury services and amenities.
In conjunction with The Residences, Vail Resorts also proposes adding a high-speed, four-passenger chairlift in the new Vail Square area currently known as LionsHead, from a new base facility on the western edge of The Residences project. This lift would become the fifth base village portal access to Vail Mountain, and would run to the bottom of the existing Pride Express Lift (Chair 26) at mid-mountain. The new lift would serve as an additional public portal to the mountain, helping to improve both pedestrian circulation in the redeveloped Vail Square and giving superb access to the westernmost portion of Vail's expansive ski terrain. These plans also call for a ticket sales office, public restrooms and public bus stop to be located near the base of the new lift for guest convenience.
“We are excited about The Ritz-Carlton Residences, Vail® and the new public portal to Vail Mountain. The residential project looks as if it should be a lucrative real estate development effort, and this new fifth base village portal to Vail Mountain with Vail's 16th high-speed lift will benefit Vail skiers and snowboarders,” said Adam Aron, chairman and chief executive officer of Vail Resorts. Aron continued, “The creation of The Residences marks yet another step in the transformation that is taking place within Vail, especially in the area known today as LionsHead. As a result of the company's recent success with Vail real estate developments, as well as the recent new exterior facade created for the Vail Marriott, visitors in just a few years will enjoy an enhanced base village experience in Vail, featuring handsome new architecture, luxury lodging, an array of high-end boutiques and restaurants, an outdoor ice rink and improved skier services.”
The Residences will be developed immediately adjacent to the Vail Marriott Mountain Resort on a 2.5-acre lot in LionsHead that has previously served primarily as hotel guest parking and employee parking. The company as part of its 2001 acquisition of the Vail Marriott Mountain Resort acquired a significant portion of the land for The Residences. The Residences will range in size from approximately 1,600 square feet for a two-bedroom unit to approximately 2,200 square feet for a three-bedroom unit. Each Residence will include balconies, fireplaces, high-end finishes, underground parking and generous views toward Vail Mountain. The top floor of the building will feature three- and four-bedroom penthouse residences with vaulted ceilings. In total, in the neighborhood of 195,000 square feet of residences are expected to be developed.
Services and amenities meeting The Ritz-Carlton exacting standards will be provided to residents and their guests, including concierge services, a fitness center, an outdoor pool and hot tub, ski concierge, owners lounge, library and small meeting facilities. A menu of additional services such as catering, housekeeping and maintenance will be offered on an a la carte basis. The Ritz-Carlton will operate and manage the residences and amenities. The Ritz-Carlton also operates the highly acclaimed The Ritz-Carlton, Bachelor Gulch and The Ritz-Carlton Club®, Bachelor Gulch, both located on Beaver Creek Mountain at the company's Beaver Creek ski resort.
The company is in the process of preparing a submittal of formal applications to the Town of Vail and the U.S. Forest Service in the near term for consideration and approvals on the proposed residential project and the proposed lift. Assuming such approvals are in fact received, the Company currently estimates it will take The Ritz-Carlton Residences to market in late 2005 or 2006.
The Ritz-Carlton Residences, Vail would not be owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Vail Resorts Development Company would use the The Ritz-Carlton mark under license from The Ritz-Carlton Hotel Company, L.L.C. However, once constructed The Residences will be operated and managed by The Ritz-Carlton Hotel Company, L.L.C.
