LAKE TAHOE and#8212; Vail Resorts is set to acquire Kirkwood Mountain Resort, located south of Lake Tahoe, for roughly $18 million, the Colorado-based company announced this morning.

According to Vail, Heavenly and Northstar pass holders get immediate access to Kirkwood, and Kirkwood pass holders get immediate access to Heavenly and Northstar.

Below is a press release from about 7 a.m. Wednesday from Vail Resorts. Look for more to this story as it develops.