Vail Resorts will buy Crested Butte, three other resorts



Vail Resorts intends to purchase three more ski resorts this summer, including Okemo Mountain Resort in Vermont, Mount Sunapee Resort in New Hampshire and Crested Butte Mountain Resort in Colorado.

According to an announcement on Monday, the company has entered into an agreement to buy the parent company of the three resorts, Triple Peaks, of the Mueller family for $ 82 million, pending any adjustment before closing.

Crested Butte opened its doors for the first time in 1961 and has gone through three families. The Muellers added Crested Butte to their family of resorts in 2004, following the acquisition of Okemo Mountain in 1982 and Mount Sunapee in 1998.

Under the agreement, Triple Peaks will pay $ 155 million at closing to pay the leases that the three resorts with Ski Resort Holdings, an affiliate of Oz Real Estate, with cash from Vail Resorts, which already owns the Breckenridge and Keystone ski resorts in Summit County.

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

Both sales are subject to certain conditions, including regulatory approvals and adjustments before closing.

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"Together, the acquisitions of Okemo, Monte Sunapee, Crested Butte and Stevens Pbad will significantly improve Vail Resorts' network of resort experiences, adding even more variety and options to all our pbad holders. and guests, "said Rob Katz, president and CEO of Vail Resorts, in a prepared statement.

After purchases, the Epic pbad will include unlimited and unrestricted access to the four resorts.

"We are delighted that Epic Pbad and our other seasonal pbad products now offer our pbad holders from around the world more variety and unique experiences to choose from," said Kirsten Lynch, marketing director of Vail Resorts.

After closing sales, Vail Resorts will invest $ 35 million over the next two years in the four resorts, according to the company. It is also expected that the annual capital expenditures in progress will increase by $ 7 million with the addition of these four resorts.

Overall, they are expected to generate an incremental annual EBITDA of more than $ 35 million in the Vail Resorts fiscal year ending July 31. 2019.

Operations at the four complexes for the rest of the 2018 summer season will continue as they have been, as will future winter seasonal hiring.

Vail Resorts also plans to obtain a new special use permit from the US Forest. UU Service for Crested Butte Mountain Resort in southwestern Colorado.


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