BROOMFIELD, Colo. (CBS/AP) — Vail Resorts Inc. has completed the purchase of Kirkwood Mountain Resort at Lake Tahoe and some undeveloped sites near the ski resort for about $18 million.

Vail Resorts, which runs ski resorts, luxury hotels and condominiums, said Thursday that the undeveloped sites are at the center of the base area and zoned for residential and commercial development.

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Kirkwood will keep a participation stake in the base area land parcels and continue to own the rest of the real estate development sites.

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The acquisition will strengthen Vail’s presence in Lake Tahoe, as it already operates the Heavenly Mountain Resort in South Lake Tahoe and Northstar California on the north shore.

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