The Lodge at Rancho Mirage to be Closed for Re-Development
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The Lodge at Rancho Mirage to be Closed for Re-Development
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2006-06-14
RockResorts, a subsidiary of Vail Resorts, Inc. (NYSE:MTN) reported today that The Lodge at Rancho Mirage in Rancho Mirage, CA, will close on August 13th, 2006. The hotel has been part of the luxury collection since December 2001, and was sold by Vail Resorts in July 2005 while RockResorts retained management. RockResorts received notice on June 9, 2006 that the owners of the hotel, GENLB-Rancho LLC ("GenLB"), plan to close the hotel in order to complete an extensive redevelopment of the property. As part of the management contract signed in July 2005, RockResorts will receive a fee covering the remaining term of the contract. Additionally, included in the July 2005 sale of the hotel were parcels of land which GenLB plans to pursue for real estate development as part of the redevelopment, and in which Vail Resorts will continue to share in a portion of the future profits, if any.
Under RockResorts management, The Lodge at Rancho Mirage was honored by Travel + Leisure as one of the top 500 hotels in the world, by Conde Nast Traveler as one the Top 100 Golf Resorts in North America, and by ZAGAT as the Highest Rated Resort, Palm Springs Area.
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