Aspen Skico, KSL group to acquire Mammoth Resort properties
In another move to add to its holdings, the newly formed entity of Aspen Skiing Co. and KSL Capital is going to acquire Mammoth Resorts and its four California mountains, the resorts announced this morning.
No price for the deal was announced. Mammoth Resorts — which owns Mammoth Mountain Ski, Snow Summit, Bear Mountain and June Mountain — as a group hosted more than 2 million skier visits last season.
“Mammoth has been Southern California’s mountain home since 1948,” Mammoth Resorts chairman and CEO Rusty Gregory said in a statement announcing the deal. “After doubling down on our offerings to Southern California with the purchase of Snow Summit and Bear Mountain in 2014, joining this new venture led by Aspen and KSL is the next logical chapter in the story of Mammoth Resorts. 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. I am excited about the future prospects for Mammoth Resorts, our people and this new enterprise.”
Earlier this week, Skico and KSL joined in an effort to buy Intrawest Resort Holdings, which includes Steamboat and Winter Park ski areas, for $1.5 billion.
“Mammoth is a special place. The landscape is spectacular, the mountain is phenomenal and the place is in constant motion. Whether it’s the vibrant park and pipe scene, the high quality alpine racing programs, or excellent mountain biking, Mammoth has it all,” said Mike Kaplan, CEO of Aspen. “At the same time, Bear and Snow Summit serve local skiers perhaps better than anyone in the industry with high quality skiing and riding right on the doorstep of Southern California. We couldn’t be more pleased to work with these extraordinary properties.”
Mammoth Resorts also owns the Tamarack Lodge and Resort, Mammoth Mountain Inn, Juniper Springs Resort, the Village Lodge, Mammoth Mountain Bike Park, Snow Summit Bike Park, Mammoth Snowmobile Adventures, Sierra Star Golf Course, and Bear Mountain Golf Course.
Both transactions are set to close by the end of the third quarter of this year.
Denver-based KSL Capital Partners is the owner of the Squaw Valley and Alpine Meadows in the Lake Tahoe region. Aspen Skiing Company owns and operates Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk.
This is a developing story that will be updated.
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