Vail Resorts to buy Crested Butte, three other resorts

Vail Resorts to buy Crested Butte, three other resorts

Vail Resorts intends to buy three extra ski resorts this summer season, together with Okemo Mountain Resort in Vermont, Mount Sunapee Resort in New Hampshire and Crested Butte Mountain Resort in Colorado.

According to a Monday announcement, the corporate has entered into an settlement to buy the three resorts’ guardian firm, Triple Peaks, from the Mueller household for $82 million, pending any changes earlier than closing.

Crested Butte first opened in 1961 and has handed via three households. The Muellers added Crested Butte to their household of resorts in 2004, following the acquisition of Okemo Mountain in 1982 and Mount Sunapee in 1998.

Per the settlement, Triple Peaks pays $155 million at closing to repay the leases that each one three resorts have with Ski Resort Holdings, an affiliate of Oz Real Estate, with money from Vail Resorts, which already owns the Breckenridge and Keystone ski resorts in Summit County.

In a separate sale, Vail Resorts additionally plans to buy Stevens Pass Resort in Washington from Ski Resort Holdings for $67 million.

Both gross sales are topic to sure situations, together with regulatory approvals, and changes earlier than closing.

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“Together, the acquisitions of Okemo, Mount Sunapee, Crested Butte, and Stevens Pass will significantly enhance the Vail Resorts’ network of resort experiences, adding even more variety and choice for all of our pass holders and guests,” mentioned Rob Katz, chairman and CEO of Vail Resorts, in a ready assertion.

After the purchases, the Epic Pass will embody limitless and unrestricted entry to all 4 resorts.

“We are thrilled that the Epic Pass and our other season pass products will now provide our pass holders around the world with even more variety and unique experiences to choose from,” mentioned Kirsten Lynch, chief advertising and marketing officer of Vail Resorts.

After closing the gross sales, Vail Resorts will make investments $35 million over the following two years on the 4 resorts, in accordance to the corporate. Ongoing, annual capital expenditures are additionally anticipated to improve by $7 million with the addition of those 4 resorts.

Together, these the are anticipated to generate incremental annual EBITDA in extra of $35 million in Vail Resorts’ fiscal 12 months ending July 31, 2019.

Operations on the 4 resorts for the rest of the 2018 summer season season will proceed as they’ve been, as will future winter seasonal hiring.

Vail Resorts additionally plans to receive a brand new particular use allow from the U.S. Forest Service for Crested Butte Mountain Resort in southwest Colorado.

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