The project will include a riverfront park and a retail plaza, condominiums, townhomes and fractional vacation ownership units in what is expected to called the Westin Riverfront Resort and Spa. Terms of the deal are not being disclosed.

The new Westin hotel would be linked to the Beaver Creek ski mountain by a three-minute ride on a proposed new high-speed eight-person public gondola,to be funded as part of the project. The gondola would take guests to existing Beaver Creek Mountain high-speed lifts.

Adam Arson, chairman and CEO of Vail Resorts says the new Westin willmake what is considered one of the world's finest ski resorts even better. The proposed riverfront park will be a "welcomed new amenity for Avon and the Vail Valley." He notes that some approvals are still needed from the Avon Town Council.

The land sale is expected to close sometime in Vail Resorts' fiscal 2006 year, and groundbreaking for the new hotel and residential complex could begin as soon as the summer of 2006. However, the land sale is subject to East West Partners securing zoning modifications and other closing conditions, and commencement of the project is subject to certain pre-sale and other contingencies.