It's confirmed today that Vail Resorts is purchasing Crested Butte ski area. Some of the highlights are below:
• Vail Resorts to Buy Crested Butte Ski Area for $82M
• Vail to Pay off Lease Amounts of $155M
• Includes all of Triple Peaks, LLC (parent company for Crested Butte, Okemo & Mt. Sunapee)
• Also Stevens Pass in Washington state will be acquired by Vail
• Vail to Invest $35M in all 4 Resorts over the Next 2 Years
• Expect Closing to Happen Sometime this Summer
What this means for Crested Butte Real Estate?
• Prices will most likely increase…
• Property sales will most likely increase…
• Property values will definitely increase…
…because today, Crested Butte real estate is still considered a value….
Most importantly, the historic character of Crested Butte along with the small town feeling should still remain the same. Our biggest asset is the fact that 85% of our county is national forest, BLM or Wilderness lands preserving our area for future development.
Following is a an article that was published in the Denver Business Journal this morning: