Successful Breckenridge Town Home Sales Mean Green Light for Mountain Thunder Town Homes as Well as Mountain-To-Town Skiway

BRECKENRIDGE, Colo., Feb. 18 /PRNewswire-FirstCall/ — Successful sales of the Mountain Thunder Town Homes in Breckenridge mean that Vail Resorts Development Company (VRDC) plans to break ground on the project, as well as a new skiway from the ski slopes at Breckenridge into the town, in early summer 2005 the company announced today.

“After only two weeks, we’ve already seen a high level of demand for these residences,” commented Jim Thompson, President of VRDC. “Coupled with the construction of the skiway from Peak 8 down to the parking lots in the Town of Breckenridge, this is an exciting time for the Breckenridge community.”

The residences which include both two- and three-bedroom units, range in price from $540,000 to $895,000. Three buildings, two with six residences each and one with four residences, are being offered in this phase, with an additional 18 units contemplated to come to market in the near future. The buildings will be part of the Mountain Thunder community, which includes the Mountain Thunder Lodge condominiums. Town Home owners will share the Lodge amenities, including a pool, fitness facilities and meeting rooms.

As a part of the Mountain Thunder Town Homes, VRDC will also construct a skiway from existing Peak 8 ski trails to the skier parking lots in the Town of Breckenridge, allowing skiers and boarders to get from Peak 8 back to town without needing to get on a bus.

“The skiway is a tremendous public benefit and, thanks to the success of the Mountain Thunder residences, we’re going to get it built two years ahead of the commitment we made to the Town,” said Alex Iskenderian, Vice President of Development for VRDC. In 2002, the Town of Breckenridge and Vail Resorts signed a landmark agreement which required Vail Resorts to begin construction of the mountain-to-town skiway in the summer of 2007.

Iskenderian noted that two more approvals are needed from the Town of Breckenridge before construction can begin. Those approvals are expected sometime in late March.

Construction of the Mountain Thunder Town Homes is anticipated to begin in early summer 2005, with completion set for fall 2006. The skiway is scheduled to be ready for use for the 2006-07 ski season.

For more information on the Mountain Thunder Town Homes, please contact Dave Karoly, Slifer Smith and Frampton Real Estate, 970-547-5648.

As a subsidiary of Vail Resorts, Inc., Vail Resorts Development Company designs, builds and manages the Company’s luxury communities, private ski clubs, golf courses, retail spaces, and employee housing. Projects in various stages currently exist in the Colorado mountain resort communities of Beaver Creek(R), Breckenridge, Keystone(R) and Vail, as well as in Jackson, Wyoming. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE:MTN) . The Vail Resorts Development Company website is www.vrdc.com.

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