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VAIL, CO-Vail Resorts Inc. is paying $49.5 million for the 349-room Vail Marriott Mountain Resort, the largest hotel in the Vail Valley. And after the purchase of the hotel from Host Marriott Corp., Vail Resorts plans to spend another $20 million renovating it.

The transaction is scheduled for closing on Dec. 17.

The hotel will keep its current name, but will be managed by Vail Resorts under a Marriott International franchise agreement.

The Vail Marriott Resort is in Lionshead Village, 150 yards from the base of Vail Mountain’s Eagle Bahn gondola.

The hotel includes a restaurant and bar, 16,500-sf of meeting space, indoor and outdoor pools, a full-service spa, a 3,600-sf fitness center, four tennis courts and more than 4,500 sf of retail space.

One wing of the hotel was damaged by fire last November and Marriott is spending $12 million to reconstruct and renovate it. Vail Resorts will close on the acquisition when the renovation is complete.

The $20-million renovation planned by Vail Resorts is in addition to the $12 million being spent by Marriott.

Vail Resorts plans a new and enhanced exterior façade, upgrades to all guest rooms and the lobby, common areas and conference facilities. In addition, it will improve the spa and fitness center and build several penthouse apartments. Vail Resorts also owns land adjacent to the hotel, which currently serves as an employee parking lot.

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