Vail Resorts Announces Investments in Affordable Housing for Park City Mountain, Whistler Blackcomb, Vail Mountain and Okemo Mountain Resort Employees

The new investments will increase the company’s affordable housing stock by more than 10% and align with March 14 commitment to employees

BROOMFIELD, Colo., April 11, 2022 /CNW/ – Today, Vail Resorts announced four investments to provide accessible and affordable housing for its employees at Park City Mountain in UtahWhistler Blackcomb in British ColumbiaVail Mountain in Colorado and Okemo Mountain Resort in Vermont as part of the company’s strategic direction on investing in the employee experience. Collectively, the four investments will provide new affordable housing for more than 875 Vail Resorts employees, marking a more than 10% increase in affordable employee housing offered by the company at its resorts.

Last month, the CEO of Vail Resorts Kirsten Lynch shared in a letter to employees a commitment to actively seek affordable housing for employees in partnership with the mountain communities in which it operates. The commitment includes building new developments on land the company owns and securing new leases in affordable housing developments to ensure rental rates remain affordable for its employees.

“Our employees are at the heart of our mission to create a The experience of a lifetimesaid Lynch. “Bringing our mission to life for our customers starts with creating it for our employees, and affordable housing is a critical part of that. As our mountain communities have grown, affordable housing has become increasingly difficult for our employees to access – addressing this issue must be a top priority for our business and our communities. These projects reflect the progress of our commitment and we remain focused on aggressively pursuing opportunities in our resort communities.”

  • To Park City Mountain ResortVail Resorts entered into a five-year lease with Columbus Pacific Development which provide 441 additional employees with access to affordable housing in the new housing development for Canyons Village employees. It is located in the Canyons Lower Village, next to the Cabriolet lift and the Canyons Village Transit Hub. The company’s long-term lease begins with the 2022/23 season and has two five-year renewal options. The development is part of a public-private partnership between Canyons Village Management Association, Columbus Pacificand Summit County, Utah.
  • To Whistler Blackcombthe company is proceeding with the new Glacier 8 employee housing development, alongside the Resort Municipality of Whistler, which provide 240 additional employees with access to affordable housing. Glacier 8 will be located on Blackcomb Mountain, with easy access to the Blackcomb and Whistler lifts. As part of this investment, Vail Resorts has committed $1 million CAD to improve the public transport service to the site. The development is slated for a final vote by City Council this spring and, with approval, will move directly to the permitting and RFP process. The start of construction depends on the issuance of the building permit, which is expected by spring 2023. .
  • To Mount Vailthe company is pleased to move forward with the construction of workforce housing on the land that Vail Resorts owns at Vail East, which will provide 165 employees with affordable housing. Vail Resorts will invest approximately $17 million in the project as the company seeks to address the shortage of affordable housing in the City of Vail. This project was approved by the City of Vail in October 2019 after extensive planning and environmental review, including a wildlife survey conducted with input from Colorado Parks and Wildlife. The approval was confirmed by the District Court of October 2020. Construction was later delayed due to the COVID-19 pandemic. The company looks forward to proceeding with this essential project this summer, which is expected to be completed by December 2023.
  • To Okemo Hill StationVail Resorts is now under contract to purchase an existing property at Ludlow, Vermontthis will provide more than 30 employees with affordable housing. This $1 million the investment will provide long-term sustainable housing for employees and is just one mile from the station. The purchase is subject to due diligence and is expected to be finalized in April.

Additionally, earlier this season, the company invested in additional affordable housing at Col Stevens in washington state for 24 additional employees, as part of the company’s ongoing efforts to find and secure affordable housing for its employees in its complexes.

These investments in affordable employee housing are in addition to $175 million annual investment Vail Resorts is gaining in employee salaries, seasonal frontline leadership development and HR support. The investment includes a new $20 hourly minimum wage for the 2022/23 season and differential adjustments for hourly employees at all 37 North American resorts, representing an average wage increase of nearly 30% for hourly employees in North America.

Additionally, Vail Resorts invests more than $300 million in its customer experience in the mountains before the 2022/23 season. 21 new ski lifts are planned in 14 resorts to reduce waiting times. The company’s largest single-year capital investment also includes the land and restaurant expansion at keystone.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts, Inc., through its subsidiaries, is the world’s leading operator of mountain resorts. Subsidiaries of Vail Resorts currently operate 40 regional mountain resorts and ski areas, including Vail, beaver stream, Breckenridge, keystone and crested mound in Colorado; park city in Utah; Celestial, North Star and Kirkwood in the Lake Tahoe domain of California and Nevada; Whistler Blackcomb in British Columbia, Canada; perish, Falls Stream and Hotham in Australia; Stowe, Mount SnowOkemo in Vermont; hunter’s mountain in New York; Mount SunapeeAttitash, Wildcat and Crotched in New Hampshire; Col Stevens in Washington; Seven Springs, hidden valley, Laurel Mountain, FreedomRoundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and mad river in Ohio; hidden valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mountain. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of elegant and relaxed hotels under the Rock Resorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a public company listed on the New York Stock Exchange (NYSE: MTN). The Vail Resorts corporate website is www.vailresorts.com and consumer website is www.snow.com.

SOURCE Vail Resorts, Inc.

For further information: Marjory Elwell, [email protected]

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