VAIL, CO Vail Resorts has acquired a 51% interest in the Renaissance Resort & Spa in Jackson Hole, WY. The company has also entered into an agreement to manage the ongoing operations of the hotel and related facilities. Vail Resorts intends to further renovate and re-brand the hotel this spring as the Snake River Lodge & Spa. This property is the company s 14th owned or managed resort hotel.
In return for an initial equity investment of $9 million and providing a $5 million loan at market terms to the hotel, Vail Resorts will acquire a 51% interest in the hotel and spa, with an option to buy the remaining 49% after five years. (12/22/00)