Move over Vail Resorts. Major resort news coming out of Colorado today as it was just announced Aspen/Snowmass has partnered with its affiliate, KSL Capital Partners, to acquire Intrawest Resort Holdings, in a $1.5 billion deal.
This acquisition gives the new entity the power to run and operate former Intrawest resorts including; Winter Park, CO, Steamboat, CO, Snowshoe, WV, Stratton Mountain, VT, Mont Tremblant, Quebec, and Blue Mountain, Ontario among others.
"The enthusiasm that Intrawest's employees exhibit for the guest experience and for being responsible members of their communities is apparent in all they do,” said Mike Kaplan, CEO of Aspen Skiing Company. “We are excited to be part of the investment group that is going to work hard to help realize the collective potential of Intrawest's portfolio of resorts," he continued.
No immediate changes to pass products are planned, and Intrawest will continue to honor its existing multi-resort and season pass products.
Aspen/Snowmass posted information on this merger calling it, "Better Together."
"Aspen Skiing Company has been exploring ways to grow the company for some time. We are thrilled to announce that we have taken just such a step by partnering with an affiliate of KSL Capital Partners, LLC (KSL) to acquire Intrawest Resort Holdings. KSL is our partner in Snowmass Base Village and also owns Squaw Valley/Alpine Meadows. Together, we are forming a new entity to acquire this incredible collection of resorts, run by a capable and committed management team. Intrawest, headquartered in Denver, owns Steamboat and operates Winter Park in Colorado. The company also has several resorts in the East, including Snowshoe, WV, Stratton Mountain, VT, Mont Tremblant, Quebec, Blue Mountain, Ontario, as well as Canadian Mountain Holidays, British Columbia, and the management of several condominium hotel properties.
Each resort has a strong sense of place with incredible passion and commitment from their employees and loyal guests. We're convinced this new venture will bring fresh perspectives to these unique properties, help them enhance the guest experience, and foster even stronger partnerships with the local communities. Aspen Skiing Company will continue to be operated separately from Intrawest and Squaw, but we plan to work together in areas that make sense.
As we embark on this new adventure, it's our shared commitment and values-based approach alongside our new partners that will continue to grow our business, offer new opportunities to employees and make the company, the sport and the lifestyle sustainable for many years to come. Fundamental to this announcement is our ongoing dedication to maintaining and building upon what is special and unique about Aspen Snowmass. We have thought long and hard about growth and ensuring it does not distract us or diminish our dedication to this community, and we firmly believe that by broadening our perspective and reach, we will be even stronger and more effective in living our values, our principles, and our passion.
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