Battle Mountain - Battle Mountain/Vail, CO

Acquisition Date: 12/04
Strategy: Land Entitlement
Funds IV and V

Acquisition of 5,300 acres in Minturn, Colorado, between Vail and Beaver Creek, for the development of a four-season luxury destination ski and golf resort.

The 5,300 acres were acquired for $40 million, or $7,550 per acre.

The joint venture plans to develop a Destination Club consisting of 1,700 homes and condominiums, premier ski facilities, a championship golf course and interconnecting lower, middle and upper villages.