VAIL, CO— Vail Resorts has entered into a contract to acquire the Vail Marriott Mountain Resort from Host Marriott Corp. The transaction is expected to close on or after December 17, 2001 for a total of $49.5 million. After closing, the hotel will retain its current name and branded status as a Marriott Resort, but will be managed by Vail Resorts under a Marriott International franchise agreement. The Vail Marriott Mountain Resort is the largest hotel in the Vail Valley. The 349-room hotel, located in Lionshead Village, features a restaurant/bar, 16,500 square feet of meeting space, two pools, a spa, fitness center, tennis courts, and over 4,500 square feet of retail space. The hotel is currently investing $12 million to renovate one wing of the property that was damaged during a fire in November 2000. Vail Resorts has agreed to close on the acquisition once the reconstruction is completed, which is expected to be between December 2001 and May 2002. Vail Resorts is also planning a $20 million renovation for the property, after assuming ownership.
Previous ArticleSuit Filed Over Las Vegas Hilton Sale Attempt
Next Article Hilton Profits See Small Decline