Okemo opening day November 11, 2017. Okemo photo.
Vermont Business Magazine Vail Resorts, Inc(NYSE: MTN) today announced that the Company has closed on its acquisition of Triple Peaks, LLC, the parent company of Okemo Mountain Resort inVermont, Mount Sunapee Resort inNew Hampshireand Crested Butte Mountain Resort inColorado. The Company purchased Triple Peaks from the Mueller family for a final purchase price of approximately$74 million (originally listed at $82 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 millionin leases that all three resorts had with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate.
Okemo Mountain Resort and Mount Sunapee Resort join Stowe Mountain Resort in Vail Resorts' northeastern network of resorts, providing even more options for skiers and snowboarders in the region. Okemo, approximately three hours fromBostonand four hours fromNew York City, sits just above theVermontvillage ofLudlowand has developed a reputation for superior guest service, incredible snow quality, grooming, terrain parks, and family programs.Mount Sunapee, located in the Mount Sunapee State Park, is the premier ski area in southernNew Hampshireand is just a short 90-minute drive fromBoston. The four-season, family-focused ski area has breathtaking views overlooking Lake Sunapee and consistently receives accolades for excellence in snowmaking and grooming.
With the addition ofCrested Butteto Vail Resorts'Coloradonetwork, pass holders now have access to up to seven world-class resorts throughout the state, includingVail,Beaver Creek,Breckenridge,Keystone,ArapahoeBasin, andTelluride. Crested Butte Mountain Resort is located in southwestColorado'sGrand Mesa Uncompahgre andGunnison(GMUG) National Forests and is known for the colorful and historic town ofCrested Butte, renowned mountain peaks, and legendary skiing and riding terrain.
The 2018-19 Epic Pass, Epic Local Pass, and Military Epic Pass now include unlimited and unrestricted access to Okemo Mountain Resort, Mount Sunapee Resort and Crested Butte Mountain Resort; the Epic 7 Day and the Epic 4 Day now offer up to seven and four unrestricted days, respectively. All 2018-19 season passes are currently on sale, with prices increasing onSunday, Oct. 7.
"We are thrilled to offer pass holders even more one-of-a-kind experiences in the northeast and inColoradowith the addition of Okemo,Mount SunapeeandCrested Butteto our network of world-class resorts," saidKirsten 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."
Today's acquisition closure on Triple Peaks, LLC, is the second of two acquisitions announced inJune 2018to be finalized. In the first, separate transaction, which closed onAug. 15, Vail Resorts announced the acquisition of Stevens Pass Resort inWashingtonfrom Ski Resort Holdings, LLC, an affiliate of Oz Real Estate. Less than 85 miles fromSeattleand renowned for its plentiful snowfall, the resort sits on the crest of the Cascade Range within two national forests – the Mt. Baker-Snoqualmie National Forest on the west side, and the Wenatchee National Forest on the east.
Following today's closing,Vail Resortsplans to invest$35 millionover 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 millionto support the addition of these four resorts.
Visitwww.epicpass.comfor details,FAQsand to purchase.
2018-19 season pass options for Okemo Mountain Resort, Mount Sunapee Resort and Crested Butte Mountain Resort skiers and snowboarders:
- Epic Pass™:For$929, the Epic Pass offers unlimited, unrestricted access to 19 mountain resorts plus additional access to 46 more, including 20 new mountains for the 2018-19 season. Discover 65 of the world's premier resorts throughoutthe United States,Canada,Australia,Japan,France,Switzerland,Italy, andAustria. The Epic Pass pays for itself in just over four days of skiing or snowboarding. Enjoy unlimited, unrestricted access toVail,Beaver Creek,Breckenridge,Keystone,Crested ButteandArapahoeBasin inColorado;Park CityinUtah; Heavenly,NorthstarandKirkwoodatLake Tahoe;Stoweand Okemo inVermont;Mount SunapeeinNew Hampshire;Stevens PassinWashington; Afton Alps inMinnesota; Mt.BrightoninMichigan;Wilmot MountaininWisconsin; Whistler Blackcomb inCanada; and Perisher inAustraliafor the 2019 season. New for the 2018-19 season, Epic Pass holders will receive seven days of skiing or snowboarding with no blackout dates at bothTellurideinColoradoand at Resorts of the Canadian Rockies (Fernie Alpine Resort, Kicking Horse Mountain Resort and Kimberley Alpine Resort inBritish Columbia, Nakiska inAlberta, and Mont-Sainte Anne andStonehaminQuebec), in addition to five total consecutive days with no blackout dates at Hakuba Valley's nine ski resorts inJapan. The Epic Pass also grants limited access to Les 3 Vallées, Paradiski and Tignes-Val D'Isere inFrance; 4 Vallées inSwitzerland; Arlberg inAustriaand Skirama Dolomiti inItaly. A child pass (ages five to 12) is$479.
- Epic Local Pass™:For$689, guests receive access to 27 resorts, including unlimited, unrestricted access toBreckenridge,Keystone,Crested Butte, Okemo,Mount Sunapee,Stevens Pass,ArapahoeBasin, Wilmot, Afton Alps and Mt.Brightonwith limited restrictions atPark City, Heavenly,Northstar,Kirkwood, andStowe, plus a combined total of 10 days atVail,Beaver Creek, and Whistler Blackcomb with holiday restrictions. The Epic Local Pass pays for itself in just over three days. New for the 2018-19 season, Epic Local Pass holders will receive access to 13 new mountains includingCrested Butte, Okemo,Mount Sunapee,Stevens Passplus five total consecutive days with no blackout dates at Hakuba Valley's nine ski resorts inJapan. A child pass (ages five to 12) is$369.
- Epic 7-Day Pass™:For$689, receive a total of seven unrestricted days valid atVail,Beaver Creek,Breckenridge,Telluride,Keystone,Crested Butte* andArapahoeBasin inColorado;Park CityinUtah; Heavenly,NorthstarandKirkwoodatLake Tahoe;Stoweand Okemo* inVermont;Mount Sunapee* inNew Hampshire;Stevens PassinWashington; Whistler Blackcomb, Fernie Alpine Resort, Kicking Horse Mountain Resort, Kimberley Alpine Resort, Nakiska, Mont-Sainte Anne andStonehaminCanada; plus an additional 7 free days total at Afton Alps inMinnesota; Mt.BrightoninMichigan;Wilmot MountaininWisconsin. After the seven days, regardless of the resort at which they were redeemed, pass holders can get 20 percent off additional lift tickets atTelluride. A child pass (ages five to 12) is$369.
- Epic 4-DayPass™:For$479, a convenient option for a short ski trip as the pass pays for itself in just over two days and includes a total of four unrestricted days valid atVail,Beaver Creek,Breckenridge,Telluride,Keystone,Crested Butte* andArapahoeBasin inColorado;Park CityinUtah; Heavenly,NorthstarandKirkwoodatLake Tahoe;Stoweand Okemo* inVermont;Mount Sunapee* inNew Hampshire;Stevens PassinWashington; Whistler Blackcomb, Fernie Alpine Resort, Kicking Horse Mountain Resort, Kimberley Alpine Resort, Nakiska, Mont-Sainte Anne andStonehaminCanada; plus an additional 4 free days total at Afton Alps inMinnesota; Mt.BrightoninMichigan;Wilmot MountaininWisconsin. After the four days, regardless of the resort at which they were redeemed, pass holders can get 20 percent off additional lift tickets atTelluride. A child pass (ages five to 12) is$259.
- Military Epic Pass: In celebration of the 10th anniversary of the Epic Pass onMarch 18, 2018, Vail Resorts is honoring the epic service of the Company's founders from the U.S. Army's 10th Mountain Division, and the men and women of the U.S. Armed Forces, Canadian Armed Forces and Australian Defence Force with the introduction of a new$129Military Epic Pass for active and retired military personnel and their dependents – more than an 85-percent off the regular Epic Pass price. Additionally, as the first of its kind in the mountain resort industry, all other U.S., Canadian and Australian veterans and their dependents are eligible for a$529Military Epic Pass, which offers more than a 40-percent discount off the regular price ($289for children under 18 years of age). Vail Resorts will donate$1for every 2018-19 season pass sale to Wounded Warrior Project® to benefit wounded veterans and their families, which would exceed$750,000based on last year's sales. Visitwww.epicpass.com/militaryfor all details on military pass options.
Vail Resortswill continue to offer pre-existing 2018-19 season pass products for Okemo,Mount Sunapee,Crested Butte, andStevens Passthrough the duration of the fall sales season.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts' subsidiaries operate 15 world-class mountain resorts and three urban ski areas, includingVail,Beaver Creek,Breckenridge,KeystoneandCrested ButteinColorado;Park CityinUtah; Heavenly,NorthstarandKirkwoodin theLake Tahoearea ofCaliforniaandNevada; Whistler Blackcomb inBritish Columbia, Canada; Perisher inAustralia;Stoweand Okemo inVermont;Mt. SunapeeinNew Hampshire;Stevens PassinWashington;Wilmot MountaininWisconsin; Afton Alps inMinnesotaand Mt.BrightoninMichigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company inJackson Hole, Wyo.Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website iswww.vailresorts.comand consumer website iswww.snow.com.
About Oz Real Estate
Oz Real Estate, the real estate platform at Oz Management, was founded bySteven E. Orbuchin 2003 to make investments in real estate and real estate related assets acrossNorth AmericaandEurope. The principals of Oz Real Estate have invested in over$9.0 billionof private real estate assets, including direct equity investments, preferred equity structures, mezzanine financing, and senior loans. Oz Real Estate's portfolio has included over 20,000 hotel rooms, over 30,000 multifamily and residential units, and over 20 million square feet of retail and office properties. In addition, Oz Real Estate has developed expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, ski resorts, and land development. For more information on Oz Real Estate, please see ozm.com.
Source: BROOMFIELD, Colo.,Sept. 27, 2018/PRNewswire/ --Vail 9.27.2018