Vail Resorts Announces Change in Leadership of Lodging Division

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March 15, 2006

Avon, CO - (News Release) - Vail Resorts announced today a change in the leadership of its lodging division, which includes RockResorts and Vail Resorts Lodging Company. Ed Mace will depart as president ofRockResorts and Vail Resorts Lodging Company on April 15, 2006. William Hall, vice president of operations for RockResorts and Vail Resorts Lodging Company has been named Vice President-Lodging Division and has assumed all responsibilities for the Company's lodging division.

"This change in leadership is consistent with our strategy of concentrating on future lodging growth within our existing mountain resorts, at other mountain resorts and select management opportunities outside of those locations, and a reduced focus on aggressiveacquisition growth. Ed and I believe this change was the right one for both him and the Company," explained Robert Katz, chief executive officer for Vail Resorts. "I want to thank Ed for his many contributionsto the development and success of the RockResorts brand and our numerous other lodging properties and wish him well in his future endeavors."

Katz added, "I'm thrilled that Bill Hall has agreed to take the reins in overseeing the Company's lodging division. His extensive experience and highly successful track record in managing luxury properties across the country will ensure a seamless transition. Our Company remains very committed to our RockResorts group, including its future growth, and I am confident that it will continue to be an important contributor within Vail Resorts."

"I have enjoyed the past four-and-a-half years with Vail Resorts and I leave on good terms with immense pride in our accomplishments. There is a great group of resort and lodging professionals in place and I wish the Company much continued success," said Ed Mace.

Hall joined the RockResorts and Vail Resorts Lodging Company in August 2005. Hall has a long and distinguished career in the lodging industry, having spent 11 years with The Ritz-Carlton Company and as general manager of a variety of renowned hotels, including Pinehurst, Silverado, Pebble Beach, the Cloister Hotel and Beach Club, and theCentury Plaza Hotel. Hall and the RockResorts staff will relocate to the new corporate offices of Vail Resorts, scheduled to open later this summer in the Denver metro area.