AIG has retained real estate holdings at the resort.
Tuesday, February 21, 2017, NewEnglandSkiIndustry.com
In a press release issued today, Vail Resorts announced it has purchased Stowe Mountain Resort's ski and retail operations for $50 million. AIG has retained real estate and lodging holdings at the iconic resort. Stowe represents Vail's first Northeastern United States acquisition.
According to the release, Vail has acquired all assets related to ski operations, as well as food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities.
Vail plans to add Stowe to its internationally popular Epic Pass for the 2017-18 season. According to its fiscal 2017 first quarter earnings release, the Vail estimates it will have 650,000 season passholders this winter.
A publicly traded company, Vail Resorts has grown at a blistering pace in recent years, acquiring Kirkwood, Heavenly, and Northstar in California; Afton Alps, Brighton, and Wilmot in the Midwest; the Canyons and Park City in Utah; Perisher in Australia; and Whistler Blackcomb in Canada; in addition to its existing Beaver Creek, Breckenridge, Keystone, Vail resorts in Colorado.
As of October 31, 2016, Vail Resorts had $106.7 million in cash and cash equivalents and $1.37 billion in long term debt. The company posted a $62.6 million loss in the quarter.
Stowe has been tied to AIG since the 1940s, when American International Group founder Cornelius Van der Starr began his financial involvement with the Vermont area. Even through its government bailout in the 2000s, Stowe remained under the ownership of AIG or an AIG subsidiary.