Vail Resorts adds three more resorts to portfolio

BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) now owns yet another Colorado ski resort after the company completed its acquisition of Triple Peaks LLC, the parent company of Crested Butte Mountain resort and resorts in Vermont and New Hampshire.

The purchase included Okemo Mountain Resort in Vermont and Mount Sunapee Resort in New Hampshire.

Vail Resorts purchased Triple Peaks from the Mueller family for a final purchase price of approximately $74 million, after adjustments for certain agreed-upon terms. As part of the transaction and with funds provided by Vail Resorts, Triple Peaks paid off $155 million in leases that all three resorts had with Ski Resort Holdings LLC, an affiliate of Oz Real Estate.

Okemo Mountain Resort and Mount Sunapee Resort join Stowe Mountain Resort in Vail Resorts’ northeastern network of resorts.

With the addition of Crested Butte to Vail Resorts’ Colorado network, Epic Pass holders now have access to up to seven resorts throughout the state, including Vail, Beaver Creek, Breckenridge, Keystone, Arapahoe Basin and Telluride. Crested Butte Mountain Resort is located in southwest Colorado’s Grand Mesa Uncompahgre and Gunnison National forests.

The 2018-19 Epic Pass, Epic Local Pass and Military Epic Pass now include unlimited and unrestricted access to Okemo Mountain Resort, Mount Sunapee Resort and Crested Butte Mountain Resort; the Epic 7 Day and the Epic 4 Day now offer up to seven and four unrestricted days, respectively. All 2018-19 season passes are currently on sale, with prices increasing Oct. 7.

“We are thrilled to offer pass holders even more one-of-a-kind experiences in the northeast and in Colorado with the addition of Okemo, Mount Sunapee and Crested Butte to our network of world-class resorts,” Kirsten Lynch, chief marketing officer of Vail Resorts, said in a press release. “Unlimited, unrestricted access to these resorts through the Epic Pass, Epic Local, and Military Epic Pass, as well as access on the Epic 4 Day and Epic 7 Day, will be a tremendous benefit to skiers and snowboarders.”

The Sept. 27 acquisition of Triple Peaks LLC, is the second of two purchases announced in June 2018 to be finalized. In a transaction that closed on Aug. 15, Vail Resorts acquired Stevens Pass Resort in Washington from Ski Resort Holdings LLC, an affiliate of Oz Real Estate.

Vail Resorts plans to invest $35 million over the next two years across the four resorts, the company said, with annual ongoing capital expenditures expected to increase by $7 million to support the addition of the four resorts.

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