Vail Resorts, Inc. announced today that it has entered into an agreement to buy Triple Peaks, LLC, the parent company of Okemo Mountain Resort in Vermont, Mount Sunapee Resort in New Hampshire, and Crested Butte Mountain Resort in Colorado. The company will purchase Triple Peaks, LLC from the Mueller family for approximately $82 million.
As part of a separate transaction, Vail Resorts will also purchase Stevens Pass Resort in Washington from Ski Resort Holdings, LLC, for a purchase price of $67 million. Both transactions are subject to certain closing conditions, including regulatory approvals.
"Okemo and Mount Sunapee are terrific complements to Stowe in the Northeast," said Rob Katz, chairman and chief executive officer of Vail Resorts.
The transactions are expected to close this summer. At that time, the 2018-19 Epic Pass will include access to all four resorts. Vail Resorts said it will honor previously sold 2018-19 season pass products at the resorts.
Vail Resorts plans to invest $35 million over the next two years across the four resorts.
It remains to be seen who will win and who will lose with all this ski industry consolidation.
Your thoughts???
