Featured Image: Courtesy of Deer Valley Resort
Deer Valley Resort is in definitive agreements to be acquired by a newly formed resort conglomerate that is controlled by Aspen Skiing Company, KSL Capital Partners and Henry Crown and Company, according to a press release published earlier today. The addition of Deer Valley Resort ensures the yet-to-be-named resort conglomerate, which consists of Intrawest Resorts Holdings, Mammoth Resorts and Squaw Valley Ski Holdings, occupies a Utah-based ski area.
The deal raises the total number of resorts managed by the joint-venture to 13, including: Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain in California; Steamboat Ski & Resort 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. All mountain operations will remain unchanged at Deer Valley Resort heading into the 2017-18 season.
“Deer Valley is a special place and being part of its growth has been one of the great joys of my life,” said Bob Wheaton, president and general manager of the resort. “Joining this portfolio of resorts will enable Deer Valley to build upon its outstanding traditions and further enhance our ability to provide our guests with a world class skiing experience.”
Although no financial details of the transaction have been released, the deal is expected to close before the upcoming ski season. This news comes on the heels of Aspen Skiing Company and KSL Capital Partners purchasing Intrawest Resort Holdings—the parent company of Steamboat, Stratton, Winter Park, Tremblant, Snowshoe, and Blue Mountains—for $1.5 billion in July and also KSL’s landmark acquisition of Mammoth Mountain in April.
Read the full press release:
The newly formed entity controlled by affiliates of KSL Capital Partners, LLC and Henry Crown and Company that in July joined Intrawest Resorts Holdings, Inc., Mammoth Resorts and Squaw Valley Ski Holdings today announced, with Deer Valley Resort, that they have entered into a definitive agreement for the newly formed entity to acquire Deer Valley Resort. Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is anticipated to close prior to the upcoming 2017-18 ski season.
“Deer Valley Resort is one of the preeminent mountain resorts in the world and is a tremendous addition to our existing portfolio. Prior to this acquisition, we were able to offer our guests exceptional experiences throughout most of North America’s major ski regions, but we did not have a resort in Utah, a state that is renowned for great skiing and mountain town life. Park City and Salt Lake skiers have always known that powder, blue skies, a huge variety of terrain, and exemplary guest service have always set Deer Valley Resort apart,” said David Perry, president and chief operating officer of the new joint venture. “We could not be more pleased that Deer Valley Resort will be part of our new company, and we look forward to working with the staff and Park City community to carry on the traditions that make it so special,” added Mr. Perry.
“We are thrilled to join this impressive portfolio with 12 other resorts and are excited about the opportunities this transaction will create for our guests, staff, and the community of Park City. Deer Valley is a special place and being part of its growth has been one of the great joys of my life,” said Bob Wheaton, president and general manager. “Joining this portfolio of resorts will enable Deer Valley to build upon its outstanding traditions and further enhance our ability to provide our guests with a world class skiing experience. I look forward to working with them as we develop our vision for the future of the resort and the new company.”
