Vail Resorts To Acquire Stowe Mountain Resort
Friday, February 24, 2017
On February 17, 2017, Vail Resorts, Inc. announced their agreement to acquire Stowe Mountain Resort from the Mt. Mansfield Company, Inc. The company purchased the resort from the subsidiary of American International Group, Inc. for the price of $50 million, subject to certain adjustments.
Stowe Mountain Resort will be the first mountain resort on the East Coast included in Vail Resorts’ catalog. The purchase will add to the brand’s reputation of 10 world-class mountain resorts and three urban ski areas.
As a result of the acquisition, Vail Resorts—the world’s leading mountain resort operator—will be working with AIG Global Real Estate. The two companies share a common vision for long-term success of building Stowe Mountain Resort into a premier, high-end resort for skiers and snowboarders on the East Coast. Vail Resorts is adopting all of the services and amenities of the mountain operations at Mount Mansfield and Spruce Peak including food and beverage, retail and rental, lift ticket offices, and ski and snowboard school facilities. Vail is acquiring other facilities such as the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club, and real estate owned and held for future development.
“We’re thrilled to add Stowe Mountain Resort to our family of world-class mountain resorts. With the investments in both mountain infrastructure and base area facilities that AIG has made over the years, Stowe Mountain Resort has become the premier, high-end resort for East Coast skiers and snowboarders. 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.”
Stowe Mountain Resort is an internationally respected resort property featuring world-class improvements both on and off the mountain. The newest facilities and improvements include the Spruce Peak Adventure Center, the new Meadows Quad on Spruce Peak, Evolution Stowe’s RFID tickets, passes and gates and the new Shops at Spruce Peak. Spruce Peak also offers new high-speed lifts, new base facilities and gourmet restaurants.
Vail Resorts has plans to integrate Stowe Mountain Resort into its Epic Pass and other season pass products for the 2017-18 winter season once the acquisition is complete. Vail Resorts owners with the Epic Pass will have unlimited access to Stowe at a great price, as well as at west coast locations including Vail, Beaver Creek, Breckenridge, and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in Tahoe; and Whistler Blackcomb in British Columbia, Canada.
Learn more about Vail Resorts by visiting their official website.