A major deal in the snow resort world that was agreed to in April was finalized on Monday, creating a new company that is now the owner of 12 snow resorts across North America.
According to The Los Angeles Times, the deal has seen private equity firm KSL Capital Partners, Aspen Skiing Co., Intrawest Resort Holdings and Mammoth Resorts all been brought together under one umbrella.
The yet-to-be-named entity now owns 20,000 acres of skiable land. The 12 resorts under its guise are Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain, June Mountain, Steamboat Ski Area, Winter Park Resort, Blue Mountain Ski Resort (Ontario), Mont Tremblant Resort (Quebec), Stratton Mountain Resort and Snowshoe Mountain Resort.
Back in April, KSL and Aspen Skiing purchased Intrawest Resort Holdings for $1.5 billion. And then two days later, that partnership agreed to acquire Mammoth Resorts and Squaw Valley Ski Holdings.
The new company expects to launch a new name and brand before the 2017-2018 winter. As Sierra Sun points out, “The new company will continue to honor the existing pass products that are currently on sale, including the Rocker Mountain Super Pass plus, the M.A.X. Pass and the Mountain Collective.”
Interim CEO Bryan Traficanti told Sierra Sun of the massive merger:
“We believe that each resort brings something different to the company, and our goal is to preserve the unique character and culture of each while also building something greater. This new organization is well positioned not only for continued growth, but also to bring more value to our guests, more opportunities for our employees and more investment into our local communities.”
Ultimately, they become the biggest competitor to Vail Resorts Inc., the publicly owned company that operates 10 resorts and three urban ski areas in the U.S. and Australia. One has to wonder if there will be more snow resort conglomerates snatching up smaller resorts in the future.
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