BROOMFIELD, Colo. (BRAIN) — Vail Resorts, Inc. has agreed to purchase Triple Peaks, LLC, the parent company of Okemo Mountain Resort in Vermont, Mount Sunapee Resort in New Hampshire, and Crested Butte Mountain Resort in Colorado.
In a separate transaction, Vail will acquire Stevens Pass Resort in Washington from Ski Resort Holdings, LLC.
"Together, the acquisitions of Okemo, Mount Sunapee, Crested Butte, and Stevens Pass will significantly enhance the Vail Resorts' network of resort experiences, adding even more variety and choice for all of our pass holders and guests. Okemo and Mount Sunapee are terrific complements to Stowe in the Northeast, as is Crested Butte to our four Colorado resorts, and Stevens Pass for our Whistler Blackcomb and Seattle guests," said Rob Katz, chairman and chief executive officer of Vail Resorts. "Additionally, each of these resorts will individually offer guests from around the world entirely new and distinctive experiences in extraordinary locations from coast to coast."
Vail will purchase Triple Peaks, LLC from the Mueller family for $82 million, subject to certain adjustments. At closing, Triple Peaks will pay $155 million to pay off the leases that all three resorts have with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, with funds provided by Vail Resorts.
Vail is paying $67 million for Stevens Pass Resort, subject to certain adjustments.
After closing of the two transactions, Vail Resorts said it plans to invest $35 million over the next two years across the four resorts. The transactions are expected to close this summer.
