Breaking...Vail to acquire Stowe

NELSAPNELSAP advanced
in NELSAP Forum Posts: 110
No details yet but looks like it is going to happen.

Comments

  • rickbolgerrickbolger expert
    Posts: 900
    NOW you're gonna see some Epic® ticket prices   X_X
  • NELSAPNELSAP advanced
    Posts: 110
    My connection to Stowe is that my great aunt, Gladys Durkee Lyons (my grandmother's sister) and her husband Chelsea owned Barnes Camp in the 1950's and 1960's, and ran it as a ski dorm/gift shop. It is right across the street from the Gondola parking lot. If only the building could have been kept in the family, especially after this purchase...

    More info on Barnes Camp
  • JMaulJMaul advanced
    Posts: 186
    $50M seems low.

    They just built the Adventure Center (and related features) for $80M.

    Maybe Vail is taking on debt on top of the $50M?
    My Life Is A Very Complicated Drinking Game......
  • mtsnow123mtsnow123 advanced
    Posts: 245
    My buddy said the $50 million is a typo, should be $500 million. 
  • yardsaleyardsale intermediate
    Posts: 25
    mtsnow123 said:

    My buddy said the $50 million is a typo, should be $500 million. 



    That would be some typo - considering it is on their announcement:  http://news.vailresorts.com/corporate/vailresorts/resort-news/vail-resorts-stowe.htm

    The sale does not include the real estate i.e. Stowe Mt Lodge, Stowe Mt Club, Stowe Mt. Country Club etc.

  • SP5SP5 novice
    Posts: 7
    Rumor is they want to buy smuggs as well and own the entire mountain range.
  • obienickobienick expert
    Posts: 722
    Even if it included all the real estate, there is no way it'd be $500M. 

    The $50M does seam low.  It must include debt but the release doesn't mention debt at all.  

    Yes they just spent something like $82M on the adventure center/rental shop/ski school.
  • rickbolgerrickbolger expert
    edited February 21 Posts: 900
    nothing from AIG yet, not even an internal AIG announcement according to my contact inside AIG
  • JMaulJMaul advanced
    Posts: 186

    It has hit the insurance trade press IBA via Bloomberg.

    http://www.insurancebusinessmag.com/us/news/breaking-news/like-a-ski-resort-this-major-insurer-is-selling-one-60645.aspx 

    ....AIG will retain majority ownership of the base area, which includes a 312-room lodge, along with a country club and future development rights.....

    Broad term, "base area". Maybe the base lodges are included, they are specific in the running of the ski operations. 

    But, again I bring up the Adventure Center. It is a mixed use building.
    I feel that if the $50M is correct, it is NOT included and Vail will need to lease the facilities.
    My Life Is A Very Complicated Drinking Game......
  • Dirk109Dirk109 novice
    Posts: 6


    50 Million is correct.. Vail get ski use buildings & AIG
    (though Destination) keeps the hotel, club, retail space at Spruce, golf course
    & real estate.



  • lotsoskiinglotsoskiing advanced
    Posts: 475
    The question everyone wants to know: Will season's passes still cost $1600 or will the Epic Pass take over and cut that down? I am sure one-day tix will be $175 or whatever...
  • philphil intermediate
    Posts: 20
    Vail's website is saying Vail will be on the Epic Pass for 2017-2018.  Details will be some time in March at www.snow.com.

    I certainly got my money's worth out of an Epic Local pass the week before Christmas, and still have 5 days at Whistler coming up in March


  • JMaulJMaul advanced
    Posts: 186
    The Vail Impact

    Interesting read. I know that traffic was an issue a few weeks ago when they experienced big snow.

    Also, there's mention that the Advanture Center and Spruce Camp Lodge ARE included in the sale (doubt it).

    Take it what it's worth......
    My Life Is A Very Complicated Drinking Game......
  • obienickobienick expert
    edited February 24 Posts: 722
    "Let's build a giant village with hundreds if not thousands of condos on the parking lot of a ski area while blocking what little parking remains to keep reserved for our extra special guests blowing boatlods of money on us.  What could possibly go wrong?"

    This is not the first and certainly won't be the last of these boondoggles.  Why does the Act 250 process, and/or whatever local control exists allow ski areas to keep doing this? Why not require 1:1 parking replacement?

    IIRC Killington is the only proposed village that has ever proposed building new parking.
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