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Vail Resorts Exchanges Land, Cash for 49% Interest in Ritz-Carlton Project

BEAVER CREEK, CO-Vail Resorts Inc. is providing the land, $3.3 million in cash equity and up to a $4.5-million loan for a 49% interest in the joint venture that owns the $162-million Ritz-Carlton under construction on Beaver Creek Mountain.

By John Rebchook | Updated on October 07, 2000

BEAVER CREEK, CO-Vail Resorts Inc. is taking a 49% interest in the joint venture that owns the 238-room, $162-million Ritz-Carlton Hotel under construction in the Bachelor Gulch area on Beaver Creek Mountain.

Vail owns Beaver Creek, as well as Vail, which is 12 miles to the east. Vail’s partner in the development is an affiliate of Continental Glencom, which also is an owner of the Ritz-Carlton in Philadelphia and Key Biscayne, FL.

The Athens Group of Phoenix is developing the Beaver Creek project, which has been heralded as the first five-star Ritz-Carlton Hotel at any ski resort in the world. Ritz-Carlton also is building a 73-unit luxury timeshare development at Colorado’s Aspen Highlands.

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