Vail Resorts on Monday announced its plan to purchase Stevens Pass from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, for $67 million. The company also is buying 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.
Stevens Pass, 85 miles east of Seattle, draws a large number of visitors from the city for skiing, snowshoeing and snowboarding trips, as well as mountain biking and hiking in the summer months.
“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,” said Rob Katz, chairman and chief executive officer of Vail Resorts, in a news release announcing the purchase.
Stevens Pass will be the company’s second resort in the Pacific Northwest, following Vail Resorts’ acquisition of Whistler Blackcomb in British Columbia for $1.05 billion in 2016. During the first season under Vail Resorts’ ownership, visitors to Whistler Blackcomb expressed discontent over changes including a new base rate for tickets in U.S. dollars rather than Canadian, and the elimination of one- and three-day prepaid lift tickets discounted exclusively for Canadians and Washington state residents. Vail Resorts recently announced a plan to invest $52 million in the Whistler-Blackcomb Resort for the 2018-19 season.
Vail Resorts plans to invest $35 million over the next two years across these four newly acquired properties, in addition to an expected increase of $7 million in annual ongoing capital expenditures to support the new additions. All purchases are expected to be completed this summer, with operations at the resorts slated to continue for the summer 2018 season.