BROOMFIELD, Colo. – Vail Resorts will soon grow larger in Colorado. The company announced Monday that it has entered into an agreement to buy Crested Butte Mountain Resort’s parent company, Triple Peaks, LLC. Vail Resorts plans to buy Crested Butte along with two other U.S. ski resorts from the current owner, the Mueller family, for a price of $82 million.
Vail Resorts will also support the Mueller’s company Triple Peaks in funding $155 million to pay off the leases that all three resorts have with Ski Resort Holdings, LLC.
In a separate transaction, Vail Resorts will acquire Stevens Pass Resort in Washington State. Vail Resorts plans to invest $35 million in total capital across the four resorts over the next two years.
Upon closing, Epic Pass and Whistler Blackcomb Edge Card products will now include additional access to all four resorts for the 2018-19 winter season, providing options in New England, Colorado, and the Pacific Northwest.
When the transactions close, the 2018-19 Epic Pass, Epic Local Pass, Epic Australia Pass, and Epic Military Pass will include unlimited and unrestricted access to all four resorts, with seven and four unrestricted days for the Epic 7 Day and Epic 4 Day passes, respectively. Whistler Blackcomb Edge Card holders will be able to use any of their U.S. days at Stevens Pass, subject to the restrictions on each card.
The transactions are expected to close this summer. Operations at the four resorts for the remainder of the 2018 summer season will continue in the ordinary course of business, as will future winter seasonal hiring. Upon closing, Vail Resorts plans to retain the vast majority of each resort's employees and will be working with the local leadership teams in the coming months to determine the right long-term management structure for the resorts.