UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 19, 2006
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Vail Resorts, Inc. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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1-9614 |
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51-0291762 |
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(State or other jurisdiction |
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(Commission |
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(IRS Employer Identification No.) |
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137 Benchmark Road Avon, Colorado |
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81620 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant's telephone number, including area code: |
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(970) 845-2500 |
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Not applicable |
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(Former name or former address, if changed since last report) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
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[ ] Written communications pursuant to Rule 425 under the Securities Act |
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[ ] Soliciting materials pursuant to Rule 14a-12 under the Exchange Act |
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
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Item 8.01. Other Events.
On January 19, 2006, JHL&S LLC, a limited liability company owned by wholly owned subsidiaries of Vail Resorts, Inc. (the "Company"), closed the previously announced sale of the assets constituting Snake River Lodge & Spa (the "Hotel") for $32.5 million, the proceeds of which were adjusted for normal working capital prorations. The sale occurred pursuant to a purchase and sale agreement between JHL&S LLC and an investment group led by Lodging Capital Partners, a private, Chicago-based hospitality investment firm ("LCP"). The Company anticipates recording an estimated $4.6 million pre-tax gain from sale of business in its second fiscal quarter of 2006 after consideration of all transaction costs. The Company will continue to manage the Hotel pursuant to a 15-year management contract with LCP.
On January 19, 2006, the Company issued a press release announcing the closing of the sale of Snake River Lodge & Spa. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
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Exhibit No. |
Description |
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99.1 |
Press Release, dated January 19, 2006 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: January 23, 2006 |
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Vail Resorts, Inc. |
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By: |
/s/ Jeffrey W. Jones |
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Jeffrey W. Jones |
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Senior Vice President and Chief Financial Officer |
VAIL RESORTS, INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE
Vail Resorts Contacts:
Media Relations: Angela Berardino, (720) 945-2493, aberardino@vailresorts.com
Investor Relations: Jeff Jones, CFO, (970) 845-2552, jwjones@vailresorts.com
VAIL RESORTS CLOSES ON SALE OF THE SNAKE RIVER LODGE & SPA
- Sale price of $32.5 million
- RockResorts will receive a recurring management fee and continue to manage the hotel under a 15-year agreement
VAIL, Colo. - January 19, 2006 - Vail Resorts, Inc. (NYSE: MTN) announced today that one of its subsidiaries closed its transaction to sell the Snake River Lodge & Spa, located in Jackson Hole, Wyo., for $32.5 million to an investment group led by Lodging Capital Partners, a private, Chicago-based hospitality investment firm ("LCP"). The transaction price equates to a valuation of approximately $369,300 per hotel key. The Company estimates that the sale will generate an estimated $4.6 million pre-tax gain from sale of business, which will be recorded in the second quarter of fiscal 2006. The hotel will retain its current name, will continue to be branded a RockResort, and will continue to be managed by RockResorts, a wholly-owned subsidiary of Vail Resorts, under a 15-year management contract with LCP.
Vail Resorts, Inc. is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company's subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States. 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 websites are www.snow.com and www.rockresorts.com.
Statements in this press release, other than statements of historical information, are forward- looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, including adverse changes in the hotel markets. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Investors are also directed to other risks discussed in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2005 and other documents filed by the Company with the Securities and Exchange Commission.
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