Under the agreement, Vail Resorts and Intrawest will each receive parcels of developable land in the Summit County resort while Vail Resorts will also assume control of the existing commercial properties currently in the partnership. Unsold standing inventory will remain in the partnership and proceeds of the sales of these condominium units will be distributed to the partners as sales occur.
The partnership will be dissolved once existing inventory has been sold. Also as a part of this agreement, Vail Resorts has dropped the lawsuit that it filed in October 2002 against Intrawest over developing real estate at the Winter Park Ski Resort. The partnership was originally formed between Intrawest and then Keystone owner, Ralston Purina, in 1993.
Vail Resort'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, WY. The company also operates its subsidiary, RockResorts, a luxury resort hotel company with 10 distinctive properties across the U.S.
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