Vail Resorts has already a large series of acquisitions in their industry. Not long ago, the company acquired Whistler Blackcomb ski resort north of Vancouver, Wilmot Mountain in Wisconsin, Perisher Ski Resort, and others. As of recently, the organization has turned its attention to Stowe Mountain Resort in Vermont. The deal was once just a rumor, but now it is going to be settled on Tuesday. This portfolio addition marks the first time the company extends its activity to the East Coast of the United States.
Vail Resorts has just announced that last Friday the company was in negotiations with Stowe Mountain Resort for an acquisition price of $50 million. The current owner of the facility is Mt. Mansfield Corporation which is a subsidiary of American International Group or AIG for short. This is the first time Vail Resorts is going to control winter amenities on the East Coast of the United States.
The deal covers a lot more facilities than the mountain resort itself. The new owner will have full control over different services for ski fans, such as rental, retail, and food. Other properties that come with the acquisition will be the ski school and the lift ticket offices. The official statement did not avoid mentioning the staff situation. Most of the old employees are going to keep their jobs while the planned summer and winter interview sessions will continue to develop as it was previously decided.
Vermont state officials have to give their official permission for the acquisition to be valid. Once this happens, the most popular product at Vail Resorts, namely the Epic Pass, will be available at the new resort as well. However, with the current season close to an end, mountain lovers will be able to benefit from this offer starting next season.
The Epic Pass is sold for a price of $729 for adults and $379 for kids up to 12 years old. This allows unlimited access for an entire season to all resorts owned by Vail except for Whistler Blackcomb. Not only that, but the owners of such a pass have granted access to other 30 European resorts from Switzerland, Italy, France, and Austria. If the pass is used to its full capacity, the owners will pay only half the price for an all season skiing experience.
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