Ski industry sees another big consolidation with Aspen deal

Intrawest Resort Holdings Inc. includes resorts in Steamboat and Winter Park in Colorado as well as West Virginia Vermont and Quebec

Intrawest owns and operates Stratton Mountain in Vermont, Mont Tremblant in Quebec and Steamboat in Colorado. The deal is expected to close the third quarter of this year. The transaction was unanimously approved by the board of directors of Intrawest.

The acquisition of Intrawest is the latest move in the competition between Aspen and its big rival, Vail Resorts.

According to a media release, Stratton Mountain has been acquired by the Aspen Skiing Company and KLS Partners.

While some Canadian ski areas have struggled to adapt to warmer winters and changing demographics, many others have thrived, said Christopher Nicolson, the president and chief executive of the Canada West Ski Areas Association.

The aforementioned press release also explains that, "For the full 2017-18 winter season, each Intrawest resort will continue to honor the resort's existing pass products that are now on sale, including the Rocky Mountain Super Pass + and the M.A.X".




Manchester Town Manager John O'Keefe said he'll be interested to see how the changes affect the relationship between Stratton and the town, especially given the competition for skiers and other resort visitors looking for hotel rooms or condominium units.

To make the deal, Aspen partnered with KSL Capital Partners to form a new entity. Inc., said the American ski chains are looking north of the border for the same reason as American visitors. Canadian Mountain Holidays, the largest heliskiing operation on Earth, will be acquired by the Aspen Skiing Co. and KSL, too. He explained the company can no longer rely on repetitive business. Intrawest Resorts Holdings, Inc. common stock is traded on the New York Stock Exchange (NYSE: SNOW).

The combined resort holdings of Aspen Skiing Company and KSL now includes all the aforementioned properties as well as Aspen Mountain, Aspen Highlands, Snowmass, Buttermilk, Squaw Valley and Alpine Meadows in California.

Aspen/Snowmass posted information on this merger calling it, "Better Together". Since 2005, KSL has raised approximately $7.5 billion in equity capital commitments.

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