Aspen Skiing buying California's Mammoth Resorts ski areas

New Aspen Partnership Buys Mammoth Resorts

Two days after Aspen Skiing Company and KSL Capital Partners announced they will be acquiring Intrawest Resorts for $1.5 billion, the Colorado companies announced they will also acquire Mammoth Resorts, which owns four ski resorts in California.

Intrawest wholly owns or operates six four-season mountain resorts including Stratton Mountain in Vermont, Steamboat in Colorado and Mont Tremblant in Quebec, Canada, as well as an adventure travel business.

"As part of the team and new company formed, we are excited to work with a group of truly great mountain resorts and their teams".

In a statement issued via a press release, Rusty Gregory, the longtime manager and chief executive of Mammoth Resorts, called the move "the next logical chapter in the story of Mammoth".

The Post also cited unnamed sources close to the acquisition as saying that a collective pass for Aspen Skiing Company's 15 ski properties - a la Vail's popular Epic Pass - would nearly certainly come to fruition in the near future.

"We are excited to work with Aspen and KSL".

Aspen and KSL revealed April 10 their intention to purchase Steamboat Ski Resort with the other five resorts in the Intrawest group for $1.5 billion.

The following year, Squaw Valley USA and Alpine Meadows, two of the largest ski resorts at Lake Tahoe, combined operations.

Aspen Skiing Co. owns the Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk resorts.

Intrawest CEO Thomas Marano said the amount to be paid to stockholders per share represents a 40 percent increase over the closing stock price on January 12, when Reuters reported the company was exploring a potential sale.

Details of the transaction are unavailable, but the deal is expected to close in the third quarter of 2017. Though, at that time, Mammoth Resorts only operated Mammoth Mountain and June Mountain.

Steamboat now collaborates on the Rocky Mountain Super Pass Plus, which offers unlimited access to Winter Park Resort, Copper Mountain and Eldora Mountain Resort, plus six days at Steamboat, three days at Crested Butte, three days at Alyeska Resort (Alaska) and seven days each at six global resorts.

Terms of the deal were not disclosed.

"Mammoth is a special place. Both Aspen and KSL are committed to helping Intrawest accelerate our plans to bring more value to our guests, more opportunities for our employees and more investment into our local communities", Marano said in a statement.

"We had greater plans for Mammoth but the Great Recession and then some less favorable weather interfered with our strategic aspirations in a finite lift investment vehicle", Sternlicht said. He also suggested the resorts in the Mountain Collective might serve as a roadmap for additional purchases. "We know Aspen and KSL have the experience, commitment and balance sheet to help make our vision a reality".

Hogan Lovells US LLP, Latham and Watkins LLP and Simpson Thacher Bartlett LLP are serving as legal counsel to Aspen and KSL.

The company that owns the Aspen area's ski resorts is teaming up with a private equity firm to buy the owner of several ski resorts in the United States and Canada.

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