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Vail Resorts Closing Nov. 1 on Rockresorts Takeover

VAIL, CO-Vail Resorts strikes high-ticket deal with Olympus Real Estate Partners, with offices in Dallas and New York City, to take over Rockresorts. At closing, Vail pays $7.5 million for an initial interest, puts $20 million down on a resort and arranges for follow-up payments.

By John Rebchook | Updated on October 18, 2001

VAIL, CO-Vail Resorts Inc. will pay $7.5 million for a majority interest in Rockresorts International LLC from Olympus Real Estate Partners and takes an option to pick up the balance by 2005. Closing is set for Nov. 1.

Rockresorts is a luxury resort hotel management company founded by the Rockefeller family. Also coming up at the closing is a $20-million down payment by Vail Resorts to Olympus for the Ritz-Carlton Rancho Mirage. The $25-million balance will be paid in two years. The 240-room hotel will be renamed the Lodge at Rancho Mirage and become the 11th Rockresorts in the portfolio. The deal also calls for five of Vail Resorts’ existing hotels, currently managed as independent properties, to be re-branded and managed by Rockresorts.

“Vail Resorts is embarking on a bold and important new strategic direction with our investment in the legendary resort hotel brand, Rockresorts,” says Adam Aaron, Vail Resorts’ chairman and CEO.

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