Vail Resorts, Inc. announced Thursday that the company has closed on its acquisition of Triple Peaks, LLC, a ski resort managment company previously owned by the Mueller family which includes Crested Butte Mountain Resort (CBMR).
The Company purchased Triple Peaks — which also includes Okemo Mountain Resort in Vermont and Mount Sunapee Resort in New Hampshire — from the Mueller family for a final purchase price of approximately $74 million, after adjustments for certain agreed-upon terms. As part of the transaction and with funds provided by Vail Resorts, Triple Peaks paid off $155 million in leases that all three resorts had with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate.
With the addition of CBMR to Vail Resorts’ Colorado network, pass holders now have access to up to seven world-class resorts throughout the state, including Vail, Beaver Creek, Breckenridge, Keystone, Arapahoe Basin, and Telluride.
“We are thrilled to offer pass holders even more one-of-a-kind experiences in the northeast and in Colorado with the addition of Okemo, Mount Sunapee and Crested Butte to our network of world-class resorts,” said Kirsten Lynch, chief marketing officer of Vail Resorts. “Unlimited, unrestricted access to these resorts through the Epic Pass, Epic Local, and Military Epic Pass, as well as access on the Epic 4 Day and Epic 7 Day, will be a tremendous benefit to skiers and snowboarders."
Closing on the acquisition of Triple Peaks is the second of two acquisitions announced this past June. In the first, separate transaction, which closed on Aug. 15, Vail Resorts announced the acquisition of Stevens Pass Resort in Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate.
Following Thursday's closing, Vail Resorts plans to invest $35 million over the next two years across the four resorts to continue to elevate the guest experience. In addition, annual ongoing capital expenditures are expected to increase by $7 million to support the addition of these four resorts.
Look for more on Vail Resorts' purchase in the Oct. 4 edition of the Times.