Vail Resorts to buy Stowe Mountain Resort in Vermont
VAIL, Colo. — Vail Resorts on Feb. 17 entered an agreement to acquire Stowe Mountain Resort from Mt. Mansfield Company, Inc., a wholly owned subsidiary of American International Group, Inc., for a purchase price of $50 million.
Stowe Mountain Resort will be Vail Resorts’ first mountain resort on the East Coast and adds to the company’s network of 10 mountain resorts and three urban ski areas.
Vail Resorts — which owns and operates Heavenly Mountain Resort, Kirkwood Mountain and Northstar California Resort in the Tahoe region — 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 some real estate will be retained by Mt. Mansfield Company.
Vail Resorts will integrate Stowe Mountain Resort into its Epic Pass and other season pass products for the 2017-18 winter season, subject to the closing. With the Epic Pass, skiers and snowboarders will have unlimited access at Stowe as well as Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in Tahoe; and Whistler Blackcomb in British Columbia, Canada.
Operations at the resort for the remainder of the 2016-17 ski season will continue normally.
According to the city, the first round amounted to $1.4 million in grants to 137 businesses; the next round, which opens today, will total up to $2.55 million.