Search
 

UPDATE: Vail Resorts' Relocation Costing Millions

BROOMFIELD, CO-Vail Resort's move to Broomfield could cost as much as $4.5 million in moving expenses. The costs include severance and retention debts of $900,000 to $1.5 million and charges for relocation and contract terminations of $2.1 million to $3.6 million.

By John Rebchook | Updated on April 17, 2006

BROOMFIELD, CO-As earlier reported by GlobeSt.com, Vail Resorts plans to move its corporate office from the Western Slope to the 10-story, 390 Interlocken Crescent building in the Interlocken Business Park between Boulder and Denver. While the 46,000-sf lease ultimately is expected to save the ski resort giant money, it revealed in a Securities and Exchange Commission document released on Friday afternoon that it also anticipates some upfront costs.

“The company currently expects that the total charges associated with the relocation that will result in future cash expenditures will be approximately $3.6 million to $4.5 million,” Vail Resort execs say in an 8-K filing with the SEC.

The costs include severance and retention debts of $900,000 to $1.5 million and charges for relocation and contract terminations of $2.1 million to $3.6 million. The balance may also “include reimbursement of reasonable expenses associated with the sale and purchase,” of some executives and employees homes, reimbursement for moving and storage services of household goods, a lump-sum relocation allowance for miscellaneous expenses and “an amount to address the employees’ tax liability associated with the plan components,” the report states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.