Saturday, 21 July, 2018

Aspen Skiing buying California's Mammoth Resorts ski areas

Aspen Skiing buying California's Mammoth Resorts ski areas Aspen Skiing buying California's Mammoth Resorts ski areas
Nellie Chapman | 19 April, 2017, 00:48

A skier and snowboarder enjoy another day on the slopes of Snow Summit as snow falls in Big Bear March 30, 2016. California is suffering one of the worst droughts in its history. No price was announced, but in 2005 the resort traded hands for $365 million. It did not disclose the terms of the deal, which CEO Rusty Gregory called "the next logical chapter" for the company.

Mammoth Resorts, the owner of Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain, today announced that it has entered into a definitive agreement to be acquired by a newly formed entity controlled by affiliates of the Aspen Skiing Company, L.L.C. "Mammoth Resorts does so many things well".

That's what led Skico to take the initiative on the Mountain Collective pass for the 2012-13 season, when four iconic ski resorts teamed on a multi-resort ski pass.

But the previously undisputed dominance of Vail Resorts is threatened with this upstart union of industry veterans.

Vail recently acquired North America's biggest and busiest ski resort, Canada's Whistler Blackcomb Holdings Inc. KSL Capital's Squaw Valley Alpine Meadows resort in the Lake Tahoe region will remain under existing management but will be part of the new partnership with Aspen Skiing.

KSL Capital Partners CEO Eric Resnick said the merged company will provide advantages for Mammoth's customers. Teachers Advisors LLC now owns 57,444 shares of the company's stock valued at $1,025,000 after buying an additional 17,523 shares during the last quarter. Intrawest's CEO prior to a year ago was Bill Jensen, also a former president at Vail Resorts. He went on, "This new platform, built around a collective passion for the mountains and our commitment to the people who visit, work and live there, is exactly what the ski resort business needs".

For Northern Californians interested in skiing or snowboarding, it's hard to overstate the importance of the Aspen-KSL purchase.

"It's a really great ski area". "We would love to see real estate developed in a responsible manner because it does add value and. vibrancy to the village". The merger places Steamboat Springs Resort and Winter Park Resort under the ownership of Aspen-KSL. "We couldn't be more pleased to work with these extraordinary properties".

At Mountain High ski resort in Wrightwood, the acquisition will not result in day-to-day changes in operations for the next ski season, said spokesman John McColly. Perhaps just as attractive as the ski resorts is the more than 1,100 acres of land available for real estate development that Intrawest also owns across the United States and Canada.

The announcement came two days after Aspen Skiing and KSL said they were joining forces to buy Intrawest Resort Holdings for about $1.5 billion. “We think theres an opportunity to collaborate with technology and we think theres an opportunity to collaborate with the strength of our employee bases and on the marketing end. By also acquiring and integrating Bear Mountain and Snow Summit into Mammoth, we cemented Mammoth Resorts' position as the leading provider of ski and summer mountain experiences for all of Southern California. Those resorts, at 100 miles east of Los Angeles, draw close to 800,000 visits.

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 worldwide resorts.

"Winter Park offers an authentic, family-friendly Colorado experience that lacks pretentiousness", Hulbert says.

Intrawest owns Steamboat Ski Resort in Colorado, Snowshoe in West Virginia, Stratton Mountain in Vermont, Mont Tremblant in Quebec, Blue Mountain in Ontario and the Canadian Mountain Holidays heliskiing operation in British Columbia. "We had greater plans for Mammoth but the Great Recession and then some less favorable weather, interfered with our strategic aspirations in a finite life investment vehicle. 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.