BROOMFIELD, COLO.—Nov. 3, 2008—Vail Resorts, Inc. (NYSE: MTN) announced today that it closed its transaction to acquire the resort ground transportation business, Colorado Mountain Express (CME), for a total consideration of $38.3 million, which amount will be adjusted for the final balances of certain working capital related accounts as well as the obligation of Vail Resorts to reimburse the seller for certain new capital expenditures.
“We are pleased to be adding Colorado Mountain Express to the Vail Resorts portfolio, which represents the first touch point with many of our guests when they arrive by air to Colorado for a world-class ski, snowboard and mountain resort experience. As we mentioned when we first announced signing the agreement to purchase CME, we are confident that by combining the resources of Vail Resorts with the effort put forward by the CME team we will be able to further improve upon the entire experience for all of CME’s guests. The acquisition of Colorado Mountain Express is also closely aligned with our Company’s goals of improving access to the mountains and operating in a sustainable manner by providing guests the option of minimizing traffic on I-70 and reducing fuel usage through carpooled ground transportation,” said Rob Katz, chief executive officer of Vail Resorts. He added, “We welcome the entire CME team to the Vail Resorts family.”
Colorado Mountain Express offers year-round ground transportation from Denver International Airport and Eagle County Airport to Vail (locations in and around Vail, Beaver Creek, Avon and Edwards), Aspen (locations in and around Aspen and Snowmass) and Summit County (includes Keystone, Breckenridge, Copper Mountain, Frisco and Silverthorne) for ski and snowboard and other mountain resort experiences. The company offers four primary types of service, including door-to-door shuttle business, point-to-point shuttle business with centralized drop-off at transportation hubs, private chartered vans and premier luxury charter vehicles. The vehicle fleet consists of approximately 250 vans and luxury SUVs, and currently transports approximately 420,000 resort guests each year.
For Colorado Mountain Express information and reservations, call toll-free at (800) 525-6363 or visit www.ridecme.com.
About Vail Resorts
Vail Resorts, Inc. is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resort properties at the Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly Ski Resort in the Lake Tahoe area of California and Nevada and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company's subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and the Caribbean. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.