Together, these acquisitions are expected to generate incremental annual EBITDA in excess of$35 millionin Vail Resorts' fiscal year endingJuly 31, 2019. In addition, annual ongoing capital expenditures are expected to increase by$7 millionto support the addition of these four resorts. "We are thrilled that the Epic Pass and our other season pass products will now provide our pass holders around the world with even more variety and unique experiences to choose from," saidKirsten Lynch, chief marketing officer of Vail Resorts.Īfter closing of the two transactions, Vail Resorts plans to invest$35 millionover the next two years across the four resorts to continue to elevate the guest experience. days atStevens Pass, subject to the restrictions on each card.
Whistler Blackcomb Edge Card holders will be able to use any of their U.S. When the transactions close, the 2018-19 Epic Pass, Epic Local Pass, Epic Australia Pass, and Epic Military Pass will include unlimited and unrestricted access to all four resorts, with seven and four unrestricted days for the Epic 7 Day and Epic 4 Day passes, respectively. "We are excited for the opportunities that these transactions create for Vail Resorts and its guests while providing a beneficial outcome for our investors." "Triple Peaks, LLC and the Mueller family andKarl Kapuscinski, the tenant and operator of Stevens Pass Resort, have been outstanding operators of these resorts and we have valued our association with them," saidSteven Orbuch, founder and president of Oz Real Estate. "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." Okemo andMount Sunapeeare terrific complements toStowein the Northeast, as isCrested Butteto our fourColoradoresorts, andStevens Passfor our Whistler Blackcomb andSeattleguests," saidRob Katz, chairman and chief executive officer of Vail Resorts. "Together, the acquisitions of Okemo,Mount Sunapee,Crested Butte, andStevens Passwill significantly enhance the Vail Resorts' network of resort experiences, adding even more variety and choice for all of our pass holders and guests. They are pictured with employees and Governor Phil Scott. Altogether, Vail's spending spree will cost $304 million.ĭiane and Tim Mueller (second and third from left) accept the Best Places to Work in Vermont award in March 2018 from VBM. Both transactions are subject to certain closing conditions, including regulatory approvals. Okemo employs 165 year-round, exclusive of seasonal peaks.Īs part of a separate transaction, Vail Resorts will also purchase Stevens Pass Resort inWashington from Ski Resort Holdings, LLC, who was advised on the sale byHoulihan Lokey, for a total purchase price of$67 million, subject to certain adjustments. Okemo received a "Best Places to Work in Vermont" award this year from Vermont Business Magazine. "We care deeply about the legacy of these resorts, and have absolute confidence in Vail Resorts to celebrate what makes them so special, while also providing long-term stability for the communities." "We know our guests and employees will benefit from Vail Resorts' outstanding track record of resort and community investment, environmental stewardship, and employee development," saidTim Mueller, president of Triple Peaks, LLC. At closing, Triple Peaks will pay$155 millionto 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 will purchase Triple Peaks from the Mueller family for a purchase price of$82 million, subject to certain adjustments. It has entered into an agreement to purchase Triple Peaks, LLC, the parent company of Okemo Mountain Resort, Mount Sunapee Resort inNew Hampshire, and Crested Butte Mountain Resort inColorado. Last year it was Stowe Mountain Resort.Vail announced today it will buy a total of four resorts. Okemo Mountain Resort photo by Rob Bossi.īy Timothy McQuistonVermont Business Magazine Colorado-based Vail Resorts, Inc(NYSE: MTN) continues to storm across North America, spread the influence of its Epic pass and gobble up another Vermont resort.
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