Its Colorado ski resorts benefited from an increase in skier visits and increased destination. Vail and Beaver Creek also have been drawing more group business, the company notes. Management believes the increase in group business is a result of an increased focus on this business coupled with improvements in the overall lodging industry, as the nation-wide economy is showing signs of rebounding.
However, the company reports a lodging equity loss, primarily associated with its operation of Bachelor Gulch Resorts. While the hotel operations at BG Resort have improved greatly during the past years, the company took an equity loss on a year-to-date basis as a result of debt extinguishments charged in its fiscal first quarter in 2005.
The fiscal 2005 real estate revenues primarily include single-family home site sales at the company's LionsHead project in Vail and Jackson Hole Golf & Tennis developments in Wyoming, recognition of a previously deferred $2.5-million land gain associated with the sale of BG Resort in December 2004 and recognition of $2.3 million of contingent gains associated with a development parcel sold in the prior year.
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