Excerpt from: Visitor's Guide to the Colorado Rockies
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| June 17, 2008 | | Read press release below posted by the Vail Daily | BROOMFIELD —Vail Resorts announced today that it
has entered into an agreement with East West Resort Transportation
Holdings, LLC, an affiliate of East West Partners, to acquire the
airport shuttle business, Colorado Mountain Express for about $40.5
million. The transaction is expected to close in late fall once all
conditions have been met including the regulatory approvals.
“The
acquisition of Colorado Mountain Express is perfectly aligned with our
mission of providing exceptional experiences at our extraordinary
resorts as it represents the first touch point with many of our guests
when they arrive by air in Colorado,” said Rob Katz, chief executive
officer for Vail Resorts. “In addition, CME’s service provides guests
the option to minimize the number of vehicles on I-70 as well as reduce
the fuel used in ground transportation, both of which are critical
goals for our company,”
Katz said the employees and management team for CME would be joining the Vail Resorts family.
Colorado
Mountain Express offers ground transportation from both Denver
International Airport and Eagle County Airport to Vail (locations in
and around Vail, Beaver Creek, Avon and Edwards), Aspen (locations in
and around Aspen and Snowmass) and Summit County (includes Keystone,
Breckenridge, Copper Mountain, Frisco and Silverthorne). The company
offers four primary types of service, including door-to-door shuttle
business, point-to-point shuttle business with centralized drop-off at
transportation hubs, private chartered vans and premier luxury charter
vehicles. The vehicle fleet consists of approximately 250 vans and
luxury SUVs.
“I am excited to have the opportunity to combine
Vail Resorts’ commitment to the guest experience with CME’s commitment
to reliable access to the resorts we serve. Vail Resorts will provide
CME with expanded opportunities for growth in the hospitality
industry,” said Jay R. Ufer, president and chief executive officer of
CME.
This story will be updated.
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