Vail Resorts Closes Acquisition of Triple Peaks, LLC (Press Release from ShopEatSurf website)
PRESS RELEASE | Published Sep 27, 2018
Vail Resorts, Inc. (NYSE: MTN) today announced that the Company has closed on its acquisition of Triple Peaks, LLC, the parent company of Okemo Mountain Resort in Vermont, Mount Sunapee Resort in New Hampshire and Crested Butte Mountain Resort in Colorado. The Company purchased Triple Peaks from the Mueller family for a final purchase price of approximately $74 million, after adjustments for certain agreed-upon terms. As part of the transaction and with funds provided by Vail Resorts, Triple Peaks paid off $155 million in leases that all three resorts had with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate.
Okemo Mountain Resort and Mount Sunapee Resort join Stowe Mountain Resort in Vail Resorts’ northeastern network of resorts, providing even more options for skiers and snowboarders in the region. Okemo, approximately three hours from Boston and four hours from New York City, sits just above the Vermont village of Ludlow and has developed a reputation for superior guest service, incredible snow quality, grooming, terrain parks, and family programs. Mount Sunapee, located in the Mount Sunapee State Park, is the premier ski area in southern New Hampshire and is just a short 90-minute drive from Boston. The four-season, family-focused ski area has breathtaking views overlooking Lake Sunapeeand consistently receives accolades for excellence in snowmaking and grooming.
With the addition of Crested Butte to Vail Resorts’Colorado network, pass holders now have access to up to seven world-class resorts throughout the state, including Vail, Beaver Creek, Breckenridge, Keystone, Arapahoe Basin, and Telluride. Crested Butte Mountain Resort is located in southwest Colorado’s Grand Mesa Uncompahgre and Gunnison(GMUG) National Forests and is known for the colorful and historic town of Crested Butte, renowned mountain peaks, and legendary skiing and riding terrain.
The 2018-19 Epic Pass, Epic Local Pass, and Military Epic Pass now include unlimited and unrestricted access to Okemo Mountain Resort, Mount Sunapee Resort and Crested Butte Mountain Resort; the Epic 7 Day and the Epic 4 Day now offer up to seven and four unrestricted days, respectively. All 2018-19 season passes are currently on sale, with prices increasing on Sunday, Oct. 7.
“We are thrilled to offer pass holders even more one-of-a-kind experiences in the northeast and in Colorado with the addition of Okemo, Mount Sunapee and Crested Butte to our network of world-class resorts,” said Kirsten Lynch, chief marketing officer of Vail Resorts. “Unlimited, unrestricted access to these resorts through the Epic Pass, Epic Local, and Military Epic Pass, as well as access on the Epic 4 Day and Epic 7 Day, will be a tremendous benefit to skiers and snowboarders.”
Today’s acquisition closure on Triple Peaks, LLC, is the second of two acquisitions announced in June 2018 to be finalized. In the first, separate transaction, which closed on Aug. 15, Vail Resorts announced the acquisition of Stevens Pass Resort in Washingtonfrom Ski Resort Holdings, LLC, an affiliate of Oz Real Estate. Less than 85 miles from Seattle and renowned for its plentiful snowfall, the resort sits on the crest of the Cascade Range within two national forests – the Mt. Baker-Snoqualmie National Forest on the west side, and the Wenatchee National Forest on the east.
Following today’s closing, Vail Resorts plans to invest $35 million over the next two years across the four resorts to continue to elevate the guest experience. In addition, annual ongoing capital expenditures are expected to increase by $7 million to support the addition of these four resorts.