Vail Resorts Inc. chief executive Adam Aron and Ronald Baron, a significant shareholder, reserved two of the 67 units in the Arrabelle at Vail Square, a $250 million luxury hotel and condo project in Lionshead Village being developed by the company, according to the company’s annual report filed Wednesday.
In April, Aron put a $690,000 deposit down for a $4.6 million unit that he had reserved in December. Baron and his wife put a $2.1 million deposit down on a $14 million unit.
Vail Resorts held a lottery in January to sell Arrabelle units. Nearly 500 buyers plunked down $100,000 apiece for the right to bid, getting that money back if they weren’t successful.
Fifteen of the 67 condo units were to be sold to Exclusive Resorts, a high-end time-share company based in Denver, and to executives of Vail Resorts.
The Arrabelle and the 16-unit Gore Creek Place residences are projected to generate at least $80 million in income for Vail Resorts. In a conference call with analysts Wednesday, Aron touted “the sold-out-in-a-day Arrabelle and the sold-out Gore Creek Place, the profits for which don’t show up in 2005, (but) rather will be reflected approximately two years from now.”
