A total of four ski resorts were acquired by Vail Resorts today.
Monday, June 4, 2018, NewEnglandSkiIndustry.com
Vail Resorts added four ski areas to its portfolio today, as it acquired Triple Peaks, LLC (Crested Butte, Okemo, Mt. Sunapee) and Stevens Pass. The deals are expected to be completed this summer. The spending spree represents Vail's first ski area acquisition since Stowe in 2017.
Founded by Tim and Diane Mueller in 2001 with the intent of acquiring Steamboat, Triple Peaks' portfolio includes Okemo (purchased by the family in 1982), Mt. Sunapee (leased by the family starting in 1998), Crested Butte (purchased in 2004), and two golf courses. The Triple Peaks had previous announced a "long-term season pass alliance" with Vail in March.
As part of the deal, Vail will pay $82 million for the Triple Peaks holdings. In addition, Vail will provide $155 million to purchase the assets of the three Triple Peaks areas from Ski Resort Holdings. Triple Peaks had previously sold the assets of the areas in 2008 to the predecessor firm, CNL Lifestyle Properties, for $132 million. The State of New Hampshire remains the owner of the land and legacy assets at Mount Sunapee.
Stevens Pass in Washington was acquired for $67 million.
Vail has committed to investing $35 million in the areas in the next two years. Mount Sunapee recently presented plans to the State of New Hampshire to install a fixed grip quad on North Peak and a triple chairlift on the Sun Bowl side of North Peak in 2019. In addition, there have been rumors of upgrading the South Face Quad at Okemo to a bubble.
With the purchase, Vail's Epic Pass now features full access to three New England areas (Okemo, Stowe, Mt. Sunapee). Rival Alterra's Ikon Pass features full access to one New England area (Stratton) and limited days to five New England areas (Killington, Loon, Sugarbush, Sugarloaf, Sunday River).