Rockresorts is a luxury resort hotel management company foundedby the Rockefeller family. Also coming up at the closing is a$20-million down payment by Vail Resorts to Olympus for theRitz-Carlton Rancho Mirage. The $25-million balance will be paid intwo years. The 240-room hotel will be renamed the Lodge at RanchoMirage and become the 11th Rockresorts in the portfolio. The dealalso calls for five of Vail Resorts' existing hotels, currentlymanaged as independent properties, to be re-branded and managed byRockresorts.

"Vail Resorts is embarking on a bold and important new strategicdirection with our investment in the legendary resort hotel brand,Rockresorts," says Adam Aaron, Vail Resorts' chairman and CEO.

Clark W. Hanrattie, a partner with Olympus, says that "in VailResorts, we have found the ideal partners to accelerate," astrategy of creating a world-class brand. Olympus, founded in 1994,has offices in New York City and Dallas.