Vail Buys Northstar-at-Tahoe Resort

Vail Resorts acquired the stock of the companies that operate Northstar-at-Tahoe from Booth Creek Resort Properties LLC and other sellers for $63 million. The operations of Northstar-at-Tahoe are conducted on land owned by CNL Lifestyle Properties, Inc. which will be leased to Vail Resorts under a long-term agreement. Vail Resorts now operates two mountain resorts in the Lake Tahoe region, also operating Heavenly Mountain Resort in South Lake Tahoe. The Sierra-at-Tahoe resort is not part of the acquisition and will continue to be operated by Booth Creek.

"We believe guests of Heavenly and Northstar will greatly appreciate the flexibility to enjoy both the north and south shores of Lake Tahoe as we introduce pass and lift tickets products that offer access to both resorts starting with this coming 2010-2011 ski season." said Rob Katz, chairman and chief executive officer of Vail Resorts.

Northstar is host to a new base area village featuring 35 unique shops and restaurants and a skating rink. On the slopes 19 lifts serve 92 trails spread across 3,000 acres, snowmaking that covers 50 percent of the ski trails, seven terrain parks and snow sports including alpine and telemark skiing, snowboarding, cross-country skiing, a biathlon centre, snowshoeing and tubing.

Last winter season, The Ritz-Carlton Highlands, Lake Tahoe was unveiled at mid-mountain featuring ski-in, ski-out access; mountain valet services; Manzanita, the resort's signature restaurant created by renowned San Francisco celebrity chef Traci Des Jardins; and a 17,000-square-foot spa and fitness centre.

www.vailresorts.com