Vail Resorts to Acquire Vermont Ski Resort Stowe Mountain for USD 50m.
M2 EQUITYBITES-February 22, 2017-Vail Resorts to Acquire Vermont Ski Resort Stowe Mountain for USD 50m
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22 February 2017 - US-based mountain resort operator Vail Resorts, Inc. (NYSE: MTN) has entered an agreement to acquire Vermont, US-based ski resort Stowe Mountain Resort from American International Group, Inc's Mt. Mansfield subsidiary for a purchase price of USD 50m, the company said.
Stowe Mountain Resort will be Vail Resorts' first mountain resort on the East Coast and complements the company's network of ten mountain resorts and three urban ski areas.
This acquisition brings together Vail Resorts with real estate developer AIG Global Real Estate (AIGGRE) for the long-term success of Stowe Mountain Resort.
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.
Stowe Mountain Resort's newest facilities and improvements include the Spruce Peak Adventure Center, the new Meadows Quad on Spruce Peak, Evolution Stowe's RFID tickets, passes and gates and the new Shops at Spruce Peak.
This transaction is subject to Vermont administrative review.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 22, 2017|
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