Vail Resorts Inc. has 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, subject to certain adjustments. Stowe Mountain Resort will be Vail Resorts’ first mountain resort on the East Coast. The company currently operates 10 mountain resorts and three urban ski areas.
Vail Resorts 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 certain real estate owned and held for potential future development will be retained by MMC.
MMC will retain ownership of the Stowe Mountain Lodge at Stowe Mountain Resort, a 312-room hotel and spa, and additional slopeside real estate opportunities.
Operations at the resort for the remainder of the 2016/17 ski season will continue in the ordinary course, as will future summer and winter seasonal hiring. Vail Resorts will be retaining the vast majority of the resort’s year-round staff, said the company. Vail Resorts said it will integrate Stowe Mountain Resort into its Epic Pass and other season pass products for the 2017/18 winter season, subject to the acquisition closing.
RELATED: Walmart Acquires Moosejaw
