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American International Group has agreed to sell the ski operations at Stowe Mountain — a resort it has owned since the 1940s — to Vail Resorts as AIG continues to reshape its real estate holdings.
The deal allows AIG to retain majority ownership of the base area, including a lodge with more than 300 rooms, and future development rights, Bloomberg reports. The sale gives Broomfield, Colo.-based Vail Resorts a foothold on the East Coast, adding Vermont to ski operations it runs in Colorado, California and Utah.
AIG founder Cornelius Vander Starr reportedly bought the lift for the mountain 70 years ago after getting frustrated waiting in line. The purchase began AIG’s relationship with Stowe Mountain, but this sale fits in line with the firm’s current goal of simplifying holdings.
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