On the heels of its purchase of Whistler Blackcomb in August, Vail Resorts announced today an agreement to acquire Stowe Mountain Resort from Mt. Mansfield Company, Inc (MMC)—a wholly owned subsidiary of American International Group, Inc. (AIG)—for $50 million. The deal was reached on February 17, 2017. Stowe will be the first East Coast resort that Vail Resorts will have in its portfolio of 13 ski areas.
For Vail Resorts, the acquisition will include all base area skier services—food and beverage, retail, lift ticket offices and ski school—while MMC will hold onto the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club and select real estate that has the potential for future development.
Stowe, located on the beautiful Mt. Mansfield—Vermont’s highest mountain—is well-known for its abundant snowfall (314 inches per season, on average), big-mountain terrain, tree skiing and terrain parks. Stowe has long been one of Vermont’s finest resorts, boasting a certain air of luxury, which surely made it attractive to Vail Resorts.
“We’re thrilled to add Stowe Mountain Resort to our family of world-class mountain resorts,” said Rob Katz, chairman and CEO of Vail Resorts. “With the investments in both mountain infrastructure and base area facilities that AIG has made over the years, Stowe Mountain Resort has become the premier, high-end resort for East Coast skiers and snowboarders. We look forward to working with AIG to continue enhancing the guest experience and to ensure the resort’s long-term success.”
The deal means, of course, that Stowe will now be on Vail Resorts’ Epic Pass for the 2017-18 season, adding a whole new batch of pass holders to the popular season pass. Expect many of them to utilize the pass to travel to a number of Vail’s ski destinations in Colorado, Utah, California and Canada.
Operations will continue as usual for the remainder of the 2016-17 season and Vail Resorts stated in its press release that it would be “retaining the vast majority of the resort’s year-round staff.”
Vail Resorts operates 12 other ski resorts including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe region of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan.