RockResorts, Partnership Group To Acquire Cheeca Lodge & Spa

VAIL, CO— Vail Resorts, Inc.’s RockResorts subsidiary has entered into an agreement to become a 12.5% participant in an investment syndicate that has arranged to acquire the 203-room Cheeca Lodge & Spa in Islamorada, FL. The property currently is managed, but not owned, by RockResorts. The newly formed syndicate will purchase the property for an undisclosed amount from an affiliate of Olympus Real Estate Partners. Closing is expected to occur within 45-60 days. RockResorts also has secured a 20-year management contract for the property and will implement a renovation program. The new ownership group anticipates investing more than $10 million worth of capital expenditures at the property, to be completed in 2004.