Vail Resorts' move to cost as much as $4.5 million

AVON, Colo. (AP) — Vail Resorts, the nation's largest ski resort operator, said Friday that it will cost from $3.6 million to $4.5 million to relocate its headquarters and about 100 employees to metropolitan Denver.

In a Securities and Exchange Commission filing, the company said the amount includes $900,000 to $1.5 million for severance and retention and $2.1 million to $3.6 million for relocation, contract termination and other expenses.

The Avon-based company also will record a non-cash charge of about $900,000 for accelerated depreciation on the early retirement of some assets.

Rob Katz, Vail Resorts new chief executive officer, and the board decided to relocate the corporate offices to the Denver area earlier this year to position the company for growth and consolidate operations into a central location.

The company has selected a 10-story building in the Interlocken area of Broomfield about 15 miles from Denver and near Katz's Boulder home. The move should be completed by the end of July.

The company will record $2.7 million of separation-related expenses in the third quarter as a result of the resignation of former CEO Adam Aron.

Vail Resorts owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado, Heavenly in Nevada and California, and Grand Teton Lodge Co. near Jackson, Wyo. Only Vancouver, British Columbia-based Intrawest Corp. has larger North American operations than Vail.