- Responding to current market conditions, the developer has reduced list prices approximately 20 percent -- All new purchasers will immediately receive social membership to The Arrabelle Club, providing locker, ski storage and additional amenities at base of the Eagle Bahn Gondola
VAIL, Colo., April 20, 2009 -- Vail Resorts Development Company, a wholly owned subsidiary of Vail Resorts, Inc. (NYSE: MTN) and an affiliate of RCR Vail, LLC the developer of The Ritz-Carlton Residences(R), Vail has announced an enhanced incentive program for new buyers. Under the new program, buyers will receive a social membership to The Arrabelle Club as part of the purchase of their unit. In addition, the developer has released new pricing for the unsold units in the project at a 20-percent discount to the previous list prices. Following the reduction, the average list price for all units not under contract will be approximately $1,624 per square foot.
The Company announced that it would also be offering purchasers currently under contract for The Ritz-Carlton Residences(R), Vail a social membership to The Arrabelle Club and reduced prices during this same time period for any purchasers who execute certain amendments to their contracts. Assuming such price reductions, which would approximate 15 percent, the average price for all units under contract would be approximately $1,406 per square foot.
"Our announcement today is about solidifying the connection between The Ritz-Carlton Residences(R), Vail and The Arrabelle at Vail Square and providing all buyers in the Ritz(R) project all of the service, amenities and experience of the social membership in The Arrabelle Club. Residents can have their skis and boots waiting for them at The Arrabelle Club. While at The Club, they can enjoy breakfast, lunch and apres functions, as well as the spa and other facilities," said Keith Fernandez, president of Vail Resorts Development Company. "Our decision to reduce list prices is a response to current market conditions. We will be closely monitoring both the overall economy and the real estate market, and intend to increase pricing on any unsold units as soon as conditions warrant."
About The Ritz-Carlton Residences(R), Vail
Rising from the banks of Gore Creek, The Ritz-Carlton Residences(R), Vail provide the perfect retreat for mountain living and resort indulgence. Approximately 71 luxurious whole-ownership residences, ranging in size from spacious two-bedroom homes to a sumptuous six-bedroom penthouse, offer an environment that is warm, welcoming and very comfortable. In addition, The Ritz-Carlton Club(R) offers winter and summer fractional intervals in this exquisite setting. The Residences will offer an array of luxury services and amenities in the grand tradition of Ritz-Carlton(R) hotel properties throughout the world, including concierge services, a fitness center, outdoor pool and hot tubs, ski valet, great room, library and more.
The Ritz-Carlton Residences, Vail are not owned, developed or sold by The Ritz-Carlton Hotel Company, LLC. RCR Vail, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, LLC. The Ritz-Carlton Residences, Vail(R) are being developed and sold by RCR Vail, LLC an affiliate of Vail Resorts Development Company. All plans are subject to governmental approvals.
About The Arrabelle Club
A signature club of Vail Resorts, The Arrabelle Club membership amenities include private locker/club room at the base of Vail Mountain, access to the RockResorts Spa and fitness facilities within The Arrabelle at Vail Square, and social/ski activities to enhance the Vail experience. In addition, The Arrabelle Club will offer its members hassle-free access to Vail Mountain with personalized ski valet services. An exclusive offering of memberships to The Arrabelle Club is now available.
About Vail Resorts
Vail Resorts, Inc., through its subsidiaries, 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.