Until now, Stowe was the only ski resort in America under the same ownership since 1949. PHOTO: Courtesy Stowe Mountain Resort
Vail Resorts, Inc. announced that it will purchase Stowe Mountain Resort from current owners for $50 million, making it the company’s first mountain resort on the East Coast. The addition will be Vail Resort’s 13th ski area, including the most recent additions of Whistler Blackomb, which was purchased in August 2016 for $1.06 billion.
Stowe Mountain Resort will be integrated into the Epic Pass and other Vail Resorts season pass products for the 2017-18 winter season, pending the transaction’s approval by Vermont’s administrative review.
According to the press release shared by Vail Resorts this morning, the purchase includes all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities) at Mount Mansfield and Spruce Peak. Other facilities such as the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club and certain real estate owned and held for potential future development will not be included in the sale and will remain with the current owners, Mount Mansfield Company, Inc.
"We're thrilled to add Stowe Mountain Resort to our family of world-class mountain resorts. With the investments in both mountain infrastructure and base area facilities that AIG has made over the years, Stowe Mountain Resort has become the premier, high-end resort for East Coast skiers and snowboarders. We look forward to working with AIG to continue enhancing the guest experience and to ensure the resort's long-term success," said Rob Katz, chairman and chief executive officer of Vail Resorts.
Operations at the resort for the remainder of the 2016-17 ski season will continue in the ordinary course as will future summer and winter seasonal hiring. Vail Resorts will be retaining the vast majority of the resort's year-round staff.
Located less than 40 miles from Burlington, Stowe Mountain Resort includes 485 skiable acres with a vertical drop of 2,360 feet. Home to America's oldest organized ski patrol, founded 1934, Stowe averages an annual snowfall of 314 inches. The current price for an adult lift ticket is $124.