BROOMFIELD — Vail Resorts has announced an agreement to acquire Stowe Mountain Resort in Stowe, Vermont from Mt. Mansfield Company (MMC) for US$50 million.
Stowe Mountain Resort will be Vail Resorts’ first mountain resort on the East Coast of the United States. It already has a network of 10 mountain resorts and three urban ski areas.
Vail Resorts is acquiring all 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.
“We’re thrilled to add Stowe Mountain Resort to our family of world-class mountain 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,” said Rob Katz, chairman and chief executive officer of Vail Resorts.
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. Spruce Peak also has new high-speed lifts, new base facilities and gourmet restaurants.
MMC will retain ownership of the renowned Stowe Mountain Lodge at Stowe Mountain Resort, a 312-room hotel and spa that has already been recognized as one of the greenest and most luxurious mountainside hotels in the world, and additional slopeside real estate opportunities.
Operations at the resort for the remainder of the 2016-17 ski season will continue in the ordinary course as will future summer and winter seasonal hiring. Vail Resorts will be retaining most of the resort’s year-round staff.
