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February 22, 2012
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Kirkwood sells to Vail Resorts

Kirkwood Mountain Resort announced today that it has agreed to sell its ski resort operations to Vail Resorts. The purchase includes Vail's acquisition of selected base village commercial development opportunities in the Mountain Village at Kirkwood. Kirkwood's shareholders will retain 100% of the remaining real estate development parcels in the Kirkwood base area including the single family subdivisions in The Palisades and Martin Point and the future village development projects in East Village and Timber Creek, as well as an economic interest in Vail's village project.

Kirkwood Mountain Resort chairman, former Ambassador Charles Cobb, commented, "We are extremely pleased to be in a position to work with Vail Resorts to build one of the most unique ski communities in North America."   "The combination of Kirkwood's natural ski assets and Vail's best in class resort operating capabilities will make this the most coveted resort experience in the West." Vail's Epic pass holders will have immediate access to skiing and riding at Kirkwood Mountain Resort while Kirkwood pass holders will have access to Heavenly and Northstar starting today.  Commented Kirkwood Chief Executive Officer David Likins,  "Kirkwood has an incredibly exciting future. The idea that Vail will own and operate a resort that is so convenient to Silicon Valley via hassle free Highway 88 and is now coupled with the benefit of the Vail family of resorts both regionally and in Colorado makes Kirkwood the place where many Northern California families will want to immediately plant roots. The fact that they are committed to retaining the unique Kirkwood culture while introducing their world class operating practices will make this the next must-visit destination" continued Likins.

The Kirkwood community, founded by visionary Bud Klein nearly 40 years ago, is approximately 50% complete with over 500 residential units yet to be constructed. The selling shareholders, along with Likins and CFO Nathan Whaley, will continue the residential development and community management through its subsidiaries Kirkwood Mountain Development and Kirkwood KirMountain Realty. The same group recently divested its publicly regulated utility to the local municipality that is within two weeks of opening a brand new, state of the art electricity plant.  Noted Whaley, "We have the most intriguing mountain resort real estate left in the Western United States.  From on slope single family home sites to hundreds of ski-in, ski-out village based townhomes, condominiums and hotel properties,  we are looking forward to what the future holds when combined with Vail's reputation for creating unparalleled guest and on mountain experiences."

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The Record Courier Updated Feb 23, 2012 11:05AM Published Feb 22, 2012 11:11AM Copyright 2012 The Record Courier. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.