Posts Tagged Detroit
The recent rises in asking prices has been outpacing the increases in rents, but home buying still may make more financial sense, a new study shows. Owning a house was found to be 44 percent cheaper than renting, according to the latest study from Trulia that compared the costs of the two.
The study found that owning is less than half the cost of renting in 46 of the 100 largest metros. “Buying a home is cheaper than renting in all of the 100 largest metro areas,” according to Trulia.
Falling mortgage rates are helping to keep home buying more affordable. But depending on where you live, the difference between owning versus renting can be big or small. For example, in San Francisco, home ownership was found to be 19 percent cheaper than renting, whereas in Detroit owning a house is 70 percent cheaper than renting.
The following are places where home purchases exceed renting by the highest amounts:
- Dayton, Ohio
- Gary, Ind.
- Cleveland, Ohio
- Warren-Troy-Farmington Hills, Mich.
- Toledo, Ohio
- Memphis, Tenn.-Miss.-Ark.
- Kansas City, Mo.-Kan.
- Birmingham, Ala.
Vail Resorts to Acquire Two Ski Areas in Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan
* Acquisitions Join Guests of Premier Urban Midwest Ski Areas with Vail
Resorts’ Seven World-Class Mountain Resorts
BROOMFIELD, Colo.—Dec. 6, 2012—Vail Resorts, Inc. (NYSE: MTN) announced today that it
has entered into agreements to purchase two premier urban ski areas in the Midwest, Afton Alps
in Minnesota and Mount Brighton in Michigan, for total cash consideration of $20 million. Both
ski areas serve major snow sports markets in the Midwest with more than 468,000 active skiers
and snowboarders in the nearby Minneapolis-St. Paul and Detroit metropolitan areas. Vail
Resorts plans to upgrade and enhance the experience at each resort and create opportunities to
connect guests from each of these ski areas to its seven world-class resorts in Colorado and Lake
Tahoe through season pass and other lift ticket products.
“We are thrilled to welcome Afton Alps and Mount Brighton to the Vail Resorts family. These
acquisitions are part of a new strategy for Vail Resorts to drive season pass sales and build
broader guest loyalty by looking at premier smaller ski areas located near major urban markets.
We plan to bring state-of-the-art racing, terrain parks, coaching and technology to the guest
experience. We also will connect these urban ski areas to our world-class resorts in Colorado,
California and Nevada with new season pass offerings, providing the chance to experience the
best skiing and riding locally and in the West,” said Rob Katz, chairman and chief executive
officer of Vail Resorts.
“Afton Alps’ great terrain and strong heritage built by the Augustine family make it an ideal ski
area for our entry into the Minneapolis-St. Paul market. Similarly, Mount Brighton is a great
area for beginners and advanced skiers alike in the Detroit, Lansing and Ann Arbor markets
with a strong snow sports tradition built over decades by the Tippett and Bruhn families. We
plan to honor the important legacy of each ski area for their loyal guests while investing to
enhance the experience in the years to come.” Katz added.
Vail Resorts plans to enhance both the on-mountain and base area experience at each ski area.
These enhancements will include redesigned and updated terrain parks, best-in-class coaching
and instruction for all levels of skiers and riders, dedicated racing programs, expanded dining
and entertainment options at the base area, and integrated technology and social media
programs like EpicMix, EpicMix Photo and EpicMix Racing. The Company also will invest in
each ski area’s infrastructure to improve snowmaking, parking and access to provide a more
consistent experience throughout the season. Finally, the Company will be reviewing
opportunities to add new summer activities. The Company will be outlining its plans in the
coming months and meeting with the local communities to seek their input.
Nearing its 50th anniversary, Afton Alps is the largest ski area near a major city in the Midwest
with 48 trails on nearly 300 acres, 18 lifts, four base areas, night skiing and riding, tubing and
an 18-hole golf course. Afton Alps is located 33 miles from more than two million people and
more than 161,000 skiers and snowboarders in the Minneapolis-St. Paul metropolitan area.
Open since 1960, Mount Brighton features 26 trails on 130 acres, six lifts, night skiing and
riding and an 18-hole golf course. The ski area is located 43 miles from Detroit and is within
reach of more than four million people and more than 307,000 skiers and snowboarders in the
Detroit, Lansing and Ann Arbor metropolitan areas.
Vail Resorts is planning season pass products for both Afton Alps and Mount Brighton in time
for the 2013-2014 season pass sales period, beginning in March 2013. In the meantime, to
welcome both ski areas into the Vail Resorts family, Afton Alps and Mount Brighton season pass
holders will immediately receive a 25-percent discount off of the window rate on lift tickets at
Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar and Kirkwood this season.
For more information, visit http://www.aftonalpsisepic.com and
The Company expects to complete the purchase of both urban ski areas within the next month;
closing is subject to certain conditions.