The Cornell Real Estate Club welcomed Gabrielle Lerner from Vail Resorts for a presentation on destination real estate development and resort strategy. Gabrielle, Vice President of Real Estate and a Cornell Hotel School alumna, discussed Vail's unique approach to land monetization and community partnership in mountain resort markets. After graduating from Cornell 25 years ago, Gabrielle pursued an unconventional career including reality television development in Los Angeles before returning to hospitality. She worked at PKF Consulting, Richfield Hospitality, and Miller Global, gaining experience across transactions, operations, and development. This diverse background shaped her holistic approach to real estate, and she rejoined Vail in 2022 in a hybrid role based in New York. Vail operates with a small three-person real estate team focused on unlocking value from land surrounding its resorts through an asset-light partnership model. Unlike traditional developers, all capital decisions prioritize mountain operations such as lifts and snowmaking over real estate returns. External developers fund vertical construction while Vail maintains strategic oversight, ensuring projects serve the guest experience above all else. Development in mountain towns differs fundamentally from urban markets. Supply is constrained, community engagement is essential, and infrastructure timelines span years. Employee housing is non-negotiable infrastructure; without it, resorts cannot operate. Vail addresses this through master leases and subsidies, viewing housing as a collective community challenge rather than a profit center. The Epic Pass, pre-selling 75% of annual revenue, funds infrastructure improvements and mitigates climate variability. Thank you to Gabrielle for sharing her insights on the intersection of hospitality, real estate strategy, and community partnership.