Wednesday, February 22, 2012

Vail Resorts To Acquire Kirkwood Mountain Resort in Lake Tahoe

Vail Resorts today announced that it has enteredinto an agreement to acquire Kirkwood Mountain Resort at Lake Tahoe, Calif., recognized by skiers andsnowboarders as offering some of the best high alpine advanced terrain in North America. Vail Resorts ispurchasing the ski resort as well as the undeveloped sites at the center of the base area which are zonedfor residential and commercial development for a purchase price of approximately $18.0 million. The sellerwill retain a participation interest in the base area parcels and will continue to own the remainder of the realestate development sites. Following the acquisition, Vail Resorts will now operate three world-classmountain resorts in the Lake Tahoe region which between them offer the entire breadth of the skiing andriding experience, including Heavenly Mountain Resort in South Lake Tahoe, Northstar California on thenorth shore and Kirkwood Mountain Resort.Vail Resorts also announced that, effective immediately, Heavenly and Northstar pass holders will haveaccess to Kirkwood and Kirkwood pass holders will be able to ski and ride Heavenly and Northstar.
"We are thrilled to welcome Kirkwood into our family as our seventh world-class mountain resort. Kirkwoodoffers some of the most extraordinary ski terrain found anywhere in North America with high alpine trails andthe most annual average snowfall in Lake Tahoe. Kirkwood represents skiing and riding at its purest,something we intend to retain and protect long into the future", said Rob Katz, chairman and chief executiveofficer of Vail Resorts. “When combined with Heavenly and Northstar, we will be able to offer our guests andpass holders unparalleled value with the very best that Lake Tahoe has to offer. We are excited to be ableto offer Kirkwood to our pass holders right away – it’s like opening day to a whole new season”. As of today, Epic Pass and Epic Local Pass holders will have unrestricted access to ski and ride Kirkwood.Tahoe Value Pass holders can ski and ride there every day except on Saturdays. Kirkwood pass holderswith the following passes will have access to Heavenly and Northstar: Premium Pass holders and 7 WoodPass holders will have unlimited, unrestricted access to Heavenly and Northstar, while 6 Wood Pass holderswill have access to Heavenly and Northstar six days a week, Sunday-Friday, with no holiday restrictions. 5Wood Pass holders will have access to Heavenly and Northstar five days a week, Monday-Friday. TheCompany also announced that it intends to retain a Kirkwood-only season pass and Kirkwood-only daily lifttickets, priced comparably to what’s offered today.
Located about 35 miles southwest of South Lake Tahoe, Kirkwood Mountain Resort offers pure high alpineskiing and riding at its best. The ski resort’s unique location, completely surrounded by National Forest atop the Sierra Crest combined with elevations ranging 7,800 to 9,800 feet, create a geographical predispositionto receive the lightest, driest and most plentiful snow in the Tahoe region with an average of 472 inchesannually. Kirkwood offers 2,000 feet of vertical drop and more than 2,300 acres of terrain from groomedbeginner runs to hair-raising cornices, cliffs and the most high-angle grooming around. The resort offers fourterrain parks, from beginner to advanced, as well as a Boarder X course.Vail Resorts expects to close on the acquisition of Kirkwood Mountain Resort within the next month. Furtherterms of the agreement were not disclosed. Closing is subject to certain conditions, including transfer of theU.S. Forest Service Permit.
Vail Resorts is the leading mountain resort operator in the United States. Vail Resorts operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, and Heavenly, Northstar and now Kirkwood in the Lake Tahoe area of California and Nevada, and the GrandTeton Lodge Company in Jackson Hole, Wyoming. The Company's subsidiary, RockResorts, a luxury resorthotel company, manages casually elegant properties. Vail Resorts Development Company is the real estateplanning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly heldcompany traded on the New York Stock Exchange.

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