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Related Party Transactions
12 Months Ended
Jul. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
The Company has the right to appoint 4 of 9 directors of the Beaver Creek Resort Company of Colorado (“BCRC”), a non-profit entity formed for the benefit of property owners and certain others in Beaver Creek. The Company has a management agreement with the BCRC, renewable for one-year periods, to provide management services on a fixed fee basis. Management fees and reimbursement of operating expenses paid to the Company under its agreement with the BCRC during the years ended July 31, 2012, 2011 and 2010 were $6.9 million, $6.9 million, and $7.0 million, respectively.
SSF/VARE is a real estate brokerage with multiple locations in Eagle and Summit Counties, Colorado in which the Company has a 50% ownership interest. SSF/VARE has been the broker for several of the Company’s developments. The Company recorded net real estate commissions expense of approximately $0.9 million, $3.4 million and $3.5 million for payments made to SSF/VARE during the years ended July 31, 2012, 2011 and 2010, respectively. SSF/VARE leases space for real estate offices from the Company. The Company recognized approximately $0.4 million, $0.4 million and $0.5 million in revenue related to these leases for the years ended July 31, 2012, 2011 and 2010, respectively.