Vail Update on Legal Proceedings on The Canyons and Cheeca Lodge
Request for Preliminary Injunction is Denied in Canyons Litigation - Vail Resorts Receives Final Set
OCTOBER 22, 2007. Vail Resorts, Inc. (NYSE:MTN) announced that its request for a preliminary injunction to prevent the closing of the acquisition by Talisker Corporation of ASC Utah, the owner of The Canyons Ski Resort in Utah, was denied. "While we remain interested in The Canyons resort and are disappointed in the outcome of the preliminary injunction hearing, we respect the court's decision," said Rob Katz, chief executive officer of Vail Resorts. "We will continue to pursue our legal rights related to this matter." The Company announced that its total expenses related to The Canyons litigation efforts since August 1, 2007, was approximately $2.0 million.
Vail Resorts today also announced that its luxury hotel management company, RockResorts International, LLC, has reached a final settlement in the Cheeca Lodge litigation in the amount of $13.5 million, inclusive of all damages, fees and expenses. RockResorts has received approximately $12.4 million, which represents its share of the final settlement, net of certain attorneys' fees. "We're pleased with the outcome and this final settlement," said Katz. "As I stated previously, it vindicates our belief all along that RockResorts fully performed its management obligations to Cheeca in good faith and in accordance with the management contract. RockResorts is committed to delivering quality management services and financial performance to our ownership groups and exceptional vacation experiences to our lodging guests."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
