Vail Resorts is expanding its holdings in disparate areas across the United States through its acquisition of ski resort operator Triple Peaks.
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By purchasing Triple Peaks, Vail Resorts now owns the Okemo Mountain resort in Vermont, Mount Sunapee Resort in New Hampshire and Crested Butte Mountain resort in Colorado, for a price of $82M, the company announced in a release.
Vail also is under contract to purchase Stevens Pass Resort in the state of Washington from Ski Resort Holdings for $67M, bringing the price tag for all four locations up to $149M. In addition, Vail will provide funding for Triple Peaks to pay off $155M in outstanding lease agreements with each respective state's land authorities.
Moving forward, Vail plans to invest about $35M in renovations across the four resorts, which will remain open through the balance of 2018 and retain the majority of their staff to ease the ownership transition. Vail will integrate the resorts into its member rewards programs as soon as the transactions close, which is expected to occur in summer. In addition to its eponymous location in Colorado, Vail Resorts owns some of the most famous ski destinations in the world, including Whistler Mountain near Vancouver, Canada, and Stowe Mountain in Vermont.
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