FOR IMMEDIATE RELEASE                                          AT
MONDAY, AUGUST 25, 1997                            (202) 616-2771
                                               TDD (202) 514-1888


      JUSTICE DEPARTMENT APPROVES DUNDEE REALTY USA AS BUYER
              FOR COLORADO'S ARAPAHOE BASIN SKI AREA


   Competition for Skiers on the Front Range will be Maintained


     WASHINGTON, D.C. -- After a thorough antitrust review, the
Department of Justice today announced that it has approved the
sale of Vail Resorts Inc.'s Arapahoe Basin ski area in Colorado
to Avon, Colorado-based Dundee Realty USA Inc. 
 
     The sale arose as the result of a settlement the Department
reached in January of this year with Vail Resorts and Ralston
Resorts.  That settlement required Vail Resorts to sell Arapahoe
Basin to a third party in order go forward with its acquisition
of Ralston.

     After an evaluation of the proposed sale and in consultation
with the State of Colorado, the Department's Antitrust Division
concluded that Dundee can operate the ski area as a viable
competitor on the Front Range.  The Department also said that the
sale of Arapahoe Basin to Dundee would fulfill the purpose of the
January settlement--to maintain competition for skiers on the
Front Range, the area east of the Rocky Mountains.

     At the same time as the January settlement, the Justice
Department and the State of Colorado jointly filed a complaint to
prevent Vail Resorts' original deal to acquire Ralston Resorts
from going forward.  The complaint alleged that the acquisition
of Ralston Resorts by Vail Resorts would likely result in higher
prices and fewer discounts to skiers who live in Colorado's Front
Range. 

     In July, the court approved the settlement.  The settlement
provides that the divestiture must be approved by the Department
of Justice, with consultation from the Colorado Attorney
General's Office. 
 
     With the sale of Arapahoe Basin, the Department's role in
this matter is concluded.  The deal is subject to U.S. Forest
Service approval.

     Dundee Realty USA is a wholly-owned subsidiary of Dundee
Realty Corporation, a real estate company located in Toronto,
Canada.
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