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Vail Resorts,
Inc. To Acquire Grand Teton Lodge Company From CSX Corporation.
VAIL, Colo. -- Feb. 22, 1999-- Adam Aron, chairman and chief executive officer of Vail Resorts, Inc. and John W. Snow, chairman and chief executive officer of CSX Corporation announced today that their companies have entered into a contract for Vail Resorts to acquire the Grand Teton Lodge Company from CSX Corporation. The transaction, valued at approximately $50 million, is expected to close in early summer, subject to National Park Service approval. The Grand Teton Lodge Company operates Jenny Lake Lodge, Jackson Lake Lodge, and Colter Bay Village, all located within Grand Teton National Park in Jackson Hole, Wyoming. The company also owns the Jackson Hole Golf & Tennis Club as well as approximately 30 acres of undeveloped land held for future development. "We are very excited about this opportunity," commented Vail Resorts' Aron. "Jackson Lake Lodge and Jenny Lake Lodge are two of the most beautiful resort lodges in the country operating in national parks. Colter Bay Village is a wonderful family resort and the Jackson Hole Golf & Tennis Club at the foot of the Grand Teton Mountain range has some of the most spectacular scenery of any golf course anywhere in the world. "The acquisition of these properties is a great step forward for our company and is an excellent fit with our existing businesses," continued Aron. "We have years of experience in operating lodges, recreational facilities and golf courses. Since these are summer-intensive operations, they will complement our winter ski businesses. In addition, we look forward to continuing the long-standing relationship which CSX Corporation has built with the National Park Service." Snow said, "This transaction represents an excellent outcome for the Grand Teton Lodge Company, its employees and its customers. We have been the proud owners of the lodge company for the past 13 years, during which time we have enjoyed an outstanding relationship with the National Park Service. We are confident that the change in ownership will be a smooth transition and that Vail Resorts will continue to maintain the same high standards in operating this national treasure." Jenny Lake Lodge, Jackson Lake Lodge and Colter Bay Village are all within Grand Teton National Park and are operated under a concession contract with the National Park Service. At its four Colorado resorts of Vail, Breckenridge, Keystone, and Beaver Creek, Vail Resorts currently owns or operates eight hotels, 82 restaurants and three golf courses. The Company manages 1,800 privately-owned condominiums on behalf of their owners; and is a joint venture partner in operating 70 retail outlets. More information about Vail Resorts may be found at its website at www.snow.com. CSX Corporation, based in Richmond, Va., is an international transportation company providing rail, intermodal, container-shipping and contract logistics services worldwide. Wasserstein Perella & Co., Inc acted as financial advisor to CSX for this transaction. CSX's internet address is http://www.csx.com Fact sheets on Grand Teton Lodge Company attached. 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to, general business and economic conditions; competitive factors in the ski and resort industry; and the weather. Investors are also directed to other risks discussed in documents filed by the Company with the Securities and Exchange Commission. FACT SHEET The Grand Teton Lodge Company Just outside the Park, the Grand Teton Lodge Company operates the Jackson Hole Golf & Tennis Club. Facilities open to the public include a restaurant, tennis courts, swimming pool, a pro shop and an 18-hole golf course re-designed by Robert Trent Jones, Jr. Jenny Lake Lodge Main lodge with award-winning restaurant 37 cabins, including five two-room suites Mobil Four Star and AAA Four Diamond ratings (the only resort located in a national park to be awarded these ratings) Jackson Lake Lodge … Main lodge with 37 guest rooms … 348 additional rooms in guest cottages separate from the main lodge … Three restaurants … Approximately 15,000 square feet of conference facilities (the most extensive meeting facilities located in a national park) … Mobil Three Star and AAA Three Diamond ratings Colter Bay Village … 166 log cabins and 66 tent cabins … 112 full RV hook-ups … Two restaurants and a snack bar … Marina, grocery store, gift and apparel shops Jackson Hole Golf & Tennis Club … Six tennis courts and swimming pool … Golf and tennis pro shop … Award-winning restaurant and lounge
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