Colorado-based Vail Resorts will acquire Stowe Mountain Resort for $50 million.
Announced today, Vail Resorts added to its arsenal of world-class ski areas last week after reaching an agreement with Vermont-based Mount Mansfield Company (MMC) to purchase Stowe Mountain Resort. The resort, located on Vermont’s highest mountain, Mount Mansfield, will be Vail’s first ski area along the east coast.
The purchase gives Vail full control of all assets related to base area skier services, including schooling, concessions, and lift tickets at Mount Mansfield and Spruce Peak. MMC will retain control of Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club, and other real estate for “future development.”
Vail Acquires Stowe Resort
All operations at Stowe will remain the same and under MMC control for the remainder of the current season. But beginning next winter, Stowe will be included in Vail’s EPIC pass.
Vail announced in a statement that it would retain “the vast majority of the resort’s year-round staff.”
“We look forward to working with AIG to continue enhancing the guest experience and to ensure the resort’s long-term success,” said Rob Katz, chairman and chief executive officer of Vail Resorts.
Vail’s Rapid Expansion
Vail has been bullish during the last few years, purchasing several renowned resorts across North America. The latest acquisition grows Vail’s list of resorts to 13.
Vail Resorts is an enormous organization. It owns namesake Vail, as well as Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar, Mount Brighton, Park City, Kirkwood, and Afton Alps in the United States. It also owns Perisher in Australia.
Vail purchased Whistler-Blackcomb in British Columbia — in many measures the largest ski area in North America — for $1.04 billion in August. It added Park City, Utah, to its roster in 2014. It linked Park City with nearby Canyons Resort to form the largest ski resort in the United States in 2015.
With this latest acquisition, Vail Resorts spans North America from British Columbia to Vermont.