Colorado’s Vail Resorts Inc. said Monday it plans to buy the parent company of Mount Sunapee Resort in Newbury.
The Colorado business, which already owns Stowe Mountain Resort in Vermont, said it had reached agreement to purchase Triple Peaks LLC from the Mueller family for $82 million, subject to certain adjustments, according to the announcement.
At closing, Triple Peaks also will use funds from Vail Resorts to pay $155 million to pay off the leases that all three resorts have with Ski Resort Holdings LLC, an affiliate of Oz Real Estate.
Triple Peaks also owns Okemo Mountain Resort in Vermont and Crested Butte Mountain Resort in Colorado.
Meanwhile, Vail Resorts separately will buy Stevens Pass Resort in Washington from Ski Resort Holdings LLC for $67 million, subject to certain adjustments. Both transactions are subject to closing conditions, including regulatory approvals.
After the two deals are expected to close this summer, Vail Resorts plans to invest $35 million over the next two years across the four resorts. Also, the yearly ongoing capital expenditures are expected to increase by $7 million.
“Upon closing, Vail Resorts plans to retain the vast majority of each resort’s employees and will be working with the local leadership teams in the coming months to determine the right long-term management structure for the resorts,” the statement said.
Subject to approval, Vail Resorts will assume the state land leases for Okemo Mountain Resort and Mount Sunapee Resort and will obtain new special use permits from the U.S. Forest Service for Crested Butte Mountain Resort and Stevens Pass Resort. The state land lease transfers in Vermont and New Hampshire are subject to administrative review and consent from those states.
A publicly traded company, Vail Resorts through its subsidiaries operates 11 mountain resorts and three urban ski areas.
“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 chief executive officer of Vail Resorts. “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.”