Ski resort deal creates new company with 12 resorts
A new joint venture of KSL Capital Partners and Henry Crown and Company announced July 30 that the purchase of Intrawest Resort Holdings, the parent company of the Steamboat Ski Area, and of Mammoth Resorts is complete.
The sale combines Squaw Valley Ski Holdings, KSL, Intrawest and Mammoth Resorts as one company with 12 mountain resorts and 6 million annual skier visits.
The entity’s resorts include Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain in California; Steamboat Ski Area and Winter Park Resort in Colorado; Blue Mountain Ski Resort in Ontario; Mont Tremblant Resort in Quebec; Stratton Mountain Resort in Vermont; and Snowshoe Mountain Resort in West Virginia.
The new company expects to launch a new name and brand prior to the beginning of the 2017-18 season. For the upcoming season, the new company will continue to honor the existing pass products that are currently on sale, including the Rocker Mountain Super Pass +, the M.A.X. Pass and the Mountain Collective.
The companies also announced leadership changes effective upon the close of the transaction. Thomas Marano, Intrawest’s chief executive officer, resigned his position, and KSL’s Bryan Traficanti was named interim chief executive officer, while a comprehensive search for a new chief executive officer is completed.
“This transaction marks a significant milestone for our company, our guests and our communities, and we are excited about the opportunities that lie ahead as a result of combining Intrawest, Squaw Valley Ski Holdings and Mammoth Resorts,” Traficanti said in a statement.
“We believe that each resort brings something different to the company, and our goal is to preserve the unique character and culture of each while also building something greater. Supported by affiliates of KSL and HCC, this new organization is well positioned not only for continued growth, but also to bring more value to our guests, more opportunities for our employees, and more investment into our local communities.”
On April 1, Nevada Gov. Steve Sisolak formally issued a “Stay at Home” directive for Nevadans and extended closures of nonessential businesses, gambling and school closures to April 30.