The transaction is the third large ski area sale in New England in recent months.
Monday, April 10, 2017, NewEnglandSkiIndustry.com
In a statement released today, Intrawest Resort Holdings, owner of Stratton Mountain Resort, announced it has been sold to Aspen Skiing Co. and KSL Capital Partners for $1.5 billion. NewEnglandSkiIndustry.com News reported last month that prospective buyers had visited the Vermont resort.
The entity acquiring Intrawest has been named Hawk Holdings and is registered in Delaware. The deal, which was agreed upon on April 7, is expected to pay Intrawest owners $23.75 per share.
The sale will bring together a vast portfolio of ski areas across North America, competing directly with Vail Resorts.
Intrawest's portfolio includes Stratton, Steamboat and Winter Park in Colorado, Snowshoe in West Virginia, and Mt. Tremblant and Blue Mountain in Canada.
Aspen Skiing Co.'s portfolio includes Aspen Mountain, Aspen Highlands, Buttermilk, and Snowmass in Colorado. KSL Capital Partners owns Alpine Meadows and Squaw Valley in California.
The deal was reached just one day after the CNL Lifestyles sale was closed with hedge fund Och-Ziff Real Estate's Ski Resort Holdings LLC for $810.7 million. The assets of Jiminy Peak in Massachusetts, Okemo in Vermont, Loon and Mount Sunapee in New Hampshire, and Sunday River and Sugarloaf in Maine were sold in the transaction.
Weeks earlier, Vail Resorts announced its acquisition of Stowe Mountain Resort for $50 million. Rumors continue to persist about the possibility of another Vail acquisition in New England.
Survey work was reportedly conducted for a Snow Bowl lift replacement at Stratton in the months preceding the sale. Stratton has been owned by Intrawest since 1994.
The Intrawest transaction is expected to be finalized this summer.