Vail buys Stowe - go east young Aussie!

snow action team 22.02.2017

Vail Resorts to Acquire Stowe Mountain Resort in Stowe, Vermont

Hot on the heels of adding Canada’s #1 Whistler last year, Vail Resorts have announced the purchase of major New England area Stowe.

Too late for this year, but looking ahead to 2017-18 you can add the Big East to your #EpicPass adventures. Details of it’s inclusion status for Perisher Epic Australia passes have not been revealed, but they might as well make it all season since it’s not a primary destination for us, and even if it’s only 5 days or something like for Vail and Beaver Creek currently, for anyone heading to New York etc on business will be a big incentive to detour and ski and see beautiful New England.

Who wouldn’t head east to ski this with a #EpicAustralia pass? © Jeff Wise/Stowe Mountain Resort

This is the press release from Vail resorts:

As the premier high-end ski resort on the East Coast of the United States, Stowe Mountain Resort (Stowe) complements Vail Resorts’ network of world-class mountain resorts
The acquisition of Stowe Mountain Resort represents the Company’s first ski resort on the East Coast of the United States

BROOMFIELD, Colo.—Feb. 21, 2017—Vail Resorts, Inc. (NYSE: MTN) today announced that on Feb. 17, 2017, it entered an agreement to acquire Stowe Mountain Resort from Mt. Mansfield Company, Inc. (MMC), a wholly owned subsidiary of American International Group, Inc. (AIG), for a purchase price of US$50 million, subject to certain adjustments. Stowe Mountain Resort will be Vail Resorts’ first mountain resort on the East Coast of the United States and complements the Company’s network of 10 world-class mountain resorts and three urban ski areas.

This acquisition brings together Vail Resorts, the world’s leading mountain resort operator, with AIG Global Real Estate (AIGGRE), a best-in-class real estate developer, who share a common vision for the long-term success of Stowe Mountain Resort as the premier, high-end resort for skiers and snowboarders on the East Coast of the United States. Vail Resorts is acquiring all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities) at Mount Mansfield and Spruce Peak. Other facilities such as the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club and certain real estate owned and held for potential future development will be retained by MMC.

“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.

Douglas Tymins, president and chief executive officer of AIG Global Real Estate, said, “Under Vail Resorts’ management, Stowe’s reputation as a premier ski destination with a commitment to excellent service will continue to grow. AIGGRE is looking forward to combining Vail Resorts’ tremendous mountain operations capabilities with our continued commitment to the development of the Spruce Peak community.”

Stowe’s gondola is one of the East’s iconic lifts © Jeff Wise/Stowe Mountain Resort