The Vail Professional Building and Cascade Crossing are immediately to the west of Vail Mountain's Vehicle Maintenance Shop. The maintenance shop is directly across the street from the site of Vail Resort's proposed new project, The Ritz-Carlton Residences, Vail. All of these properties are in what is known as the LionsHead area of Vail.

The company does not have specific redevelopment proposals for the acquired properties as of yet and expects to work closely with the Town of Vail, the current tenants and the surrounding neighbors to expeditiously devise acceptable redevelopment proposals. Until such time, the acquired properties in LionsHead will operate as they do now without change.

"With the success several months ago of the sales process for our Arrabelle and Gore Creek Place projects, Vail Resorts moved quickly to propose the new Ritz-Carlton Residences," says Vail Resorts' chairman and CEO Adam Aron says. "Now, between Vail's Vehicle Maintenance Shop and the two real estate properties we have just acquired, we are in the fortunate position of owning a sizable piece of land of approximately six acres in Vail's LionsHead area which is ripe for redevelopment."

Aron says everyone will benefit from the company's purchase and redevelopment of the sites. "Ultimately, we would expect to build more attractive facilities than currently exist in this part of Vail," Aron says. "At the same time, we expect to work closely with the Town of Vail to address Vail's need for better commercial space and additional parking on this land, complemented by our proposed new high-speed lift that would originate proximate to this property. And finally, we expect that this redevelopment would generate additional financial profits for us beyond that emanating from what until now has been envisioned through Vail's New Dawn."