Vail Resorts, Inc. is a holding company. The Company's operations are grouped into three business segments: Mountain, Lodging and Real Estate. The Mountain segment operates seven ski resort properties, as well as ancillary services, primarily including ski school, dining and retail/rental operations, which provide a resort experience to diverse clients. The Lodging segment owns and/or manages a collection of luxury hotels under the Company's RockResorts brand, as well as other strategic lodging properties and a range of condominiums located in proximity to its ski resorts, certain National Park Service concessionaire properties. The Real Estate segment owns and develops real estate in and around the Company's resort communities. In April 2012, it acquired Kirkwood Mountain Resort at Lake Tahoe, California. In December 2012, the Company acquired two urban ski areas in the Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan.