Tags: okemo | mountain | sold | vermont

Okemo Mountain Sold: Vt. Resort One of 4 in $82M Deal

Okemo Mountain Sold: Vt. Resort One of 4 in $82M Deal
(Bigandt/Dreamstime.com)

By    |   Monday, 04 June 2018 06:20 PM

Okemo Mountain announced Monday that the Vermont ski resort has been sold to Vail Resorts as part of a reported $82 million deal.

Also included in the transaction are Mount Sunapee Resort in Newbury, New Hampshire, and Crested Butte Mountain Resort in Colorado, Vail Resorts said in a news release.

In a separate transaction, Vail also will pick up the Stevens Pass ski area in Washington for $67 million.

“Together, the acquisitions of Okemo, Mount Sunapee, Crested Butte, and Stevens Pass will significantly enhance the Vail Resorts’ network of resort experiences, adding even more variety and choice for all of our pass holders and guests,” Vail Resorts Chairman and CEO Rob Katz said. 

“Okemo and Mount Sunapee are terrific complements to Stowe in the Northeast, as is Crested Butte to our four Colorado resorts, and Stevens Pass for our Whistler Blackcomb and Seattle guests. Additionally, each of these resorts will individually offer guests from around the world entirely new and distinctive experiences in extraordinary locations from coast to coast,” he added.

All four of the resorts being acquired by Vail are owned by a single entity, Triple Peaks LLC.

“We know our guests and employees will benefit from Vail Resorts’ outstanding track record of resort and community investment, environmental stewardship, and employee development,” Triple Peaks President Tim Mueller said in the release. “We care deeply about the legacy of these resorts, and have absolute confidence in Vail Resorts to celebrate what makes them so special, while also providing long-term stability for the communities.”

Pending governmental approval, the sales are expected to be finalized this summer.

"We have enjoyed fun celebrations, great skiing, and now bike riding and summer activities, we have seen incredible growth and, of course, weathered some disagreements along the way. Regardless, we have always known and felt that the support of this community has been unwavering. Thank you," the Muellers wrote in an email to customers, NBC 5 News reported.

After it takes possession, Vail intends to invest an addition $35 million in development costs.

© 2019 Newsmax. All rights reserved.

   
1Like our page
2Share
TheWire
Okemo Mountain announced Monday that the Vermont ski resort has been sold to Vail Resorts as part of a reported $82 million deal.
okemo, mountain, sold, vermont
340
2018-20-04
Monday, 04 June 2018 06:20 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved