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Vail to Buy Whistler Ski Resort for $1 Billion, Increasing Portfolio

Image: Vail to Buy Whistler Ski Resort for $1 Billion, Increasing Portfolio

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By    |   Tuesday, 09 Aug 2016 10:48 AM

Vail Resorts has announced a $1.06 billion deal to buy Whistler Blackcomb, a Canadian ski resort.

Vail Resorts is the largest resort operator in North America and will include Whistler in its season pass products next year, The Denver Post reported.

The deal still needs the approval of Canadian courts, as well as Whistler shareholders, and is expected to close in the fall.

The massive Whistler resort, which hosted the 2010 Olympic and Paralympic Winter Games, includes 8,000 acres of terrain, 200 trails, 14 alpine bowls, and three glaciers. That compares with about 5,300 skiable acres at Vail Mountain Resort.

"With our combined experience and expertise, together we will build upon the guest experience at Whistler Blackcomb while preserving the unique brand and character of the resort as an iconic Canadian destination for guests around the world," Vail Resorts CEO Rob Katz said in a statement.

Whistler CEO Dave Brownlie will remain in his role and said the deal will support the resort's "ambitious growth plans," the Post reported.

Vail Resorts stock has risen 40 percent during the past 12 months, The Wall Street Journal noted.

Unpredictable weather patterns pose unique challenges for ski resorts, and the deal will help secure the company's long-term future, Brownlie said, according to the Journal.

Whistler has more annual snowfall and a longer season than many ski resorts in the U.S.

"In summer, Whistler is absolutely a leader in North America and we feel that adding that to Vail Resorts certainly helps our summer revenue and profitability," Katz told Reuters.

Growth plans at Whistler include an indoor adventure center and a six-star luxury hotel.

Vail Resorts owns and operates resorts in Colorado, Utah, California, Michigan, Wisconsin, and Australia.

Twitter users had mixed reactions to the deal.

 

 

 

 

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Vail Resorts has announced a $1.06 billion deal to buy Whistler Blackcomb, a Canadian ski resort.
vail, buy, whistler, ski, resort, acquire
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2016-48-09
Tuesday, 09 Aug 2016 10:48 AM
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