In the latest move to grab market share, Vail Resorts announced the purchase of Okemo Mountain, Mount Sunapee and Crested Butte Mountain Resort from Triple Peak, LLC.
In a separate deal, Vail Resorts is also purchasing Washington’s Stevens Pass from Ski Area Holdings, LLC, 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. 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,” said Rob Katz, chairman and CEO of Vail Resorts.
Official Press Release:
Triple Peaks, LLC to sell Okemo Mountain,
Mount Sunapee and Crested Butte Mountain Resort to Vail Resorts
LUDLOW, Vt. – Triple Peaks, LLC, owned by Tim and Diane Mueller, and their children Ethan and Erica Mueller, announced today they have entered into a purchase agreement with Vail Resorts, Inc. Triple Peaks, LLC is the parent company for Okemo Mountain, in Ludlow, Vt., Mount Sunapee, in Newbury, N.H., and Crested Butte Mountain Resort in Mt. Crested Butte, Colo.
The sale includes the three ski resort operations, as well as Okemo Valley Golf Club in Ludlow, Vt., and Tater Hill Golf Club in Windham, Vt. As part of the transaction, Vail Resorts will also own the leasehold assets presently owned by Och-Ziff Real Estate.
“Diane and I are incredibly proud of what we have accomplished at the three resorts for the last 36 years,” remarked Tim Mueller, co-owner and president of Triple Peaks, LLC. “We have had the great privilege of working with a lot of smart, hardworking, dedicated team members, as well as many other people in the local communities and the states where the resorts are located.”
Co-owner and executive-vice president Diane Mueller adds, “Over the years, we have honored each resort’s distinctive attributes, thus establishing a culture and brand at each resort which has translated into visitation by millions of loyal guests over the years. Knowing that Vail Resorts has a knowledgeable, invested and experienced team gives us optimism about the future of our resorts, our dedicated employees, and our local communities.”
“We’re very much looking forward to welcoming Crested Butte, Okemo and Mount Sunapee to our family of resorts, and each of their teams into our company” said Rob Katz, chairman and chief executive officer of Vail Resorts. “These three resorts add incredibly unique and special experiences to our portfolio, and will truly enhance the variety of options for all our guests.”
The sale is anticipated to close later this summer. During the transition period prior to closing, the Mueller family and the three resort leadership teams will continue to operate each area while collaborating with Vail Resorts on the transition. Upon closing, Vail Resorts will lead the resorts into the future.
Vail Resorts will honor any previously purchased Okemo, Mount Sunapee or Crested Butte season passes for the 2018-19 winter season as they integrate the resorts into the Epic Pass and other Vail Resorts pass products. For details, visit www.epicpass.com.
About Triple Peaks:
Triple Peaks, LLC, owned by the Mueller family, is the parent company for Okemo Mountain, Mount Sunapee and Crested Butte Mountain Resort, three quality ski resorts situated in Vermont, New Hampshire and Colorado. Tim and Diane Mueller purchased Okemo Mountain in Ludlow, Vt., in 1982 and as they grew the ski area, they expanded their ski resort operations business to acquire Mount Sunapee in Newbury, N.H., in 1998 and then Crested Butte Mountain Resort in Mt. Crested Butte, Colo., in 2004.
About Vail Resorts, Inc.:
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts’ subsidiaries operate 11 world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Stowe in Vermont; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.