Aspen/KSL also Buying Mammoth


Aspen SkiCo and KSL Capital Partners to Acquire Mammoth

SAM Magazine—Aspen and Denver, Colo., April 12, 2017—Resort ownership
consolidation was already moving at an unprecedented clip, and it just
keeps speeding up. The same entity formed by Aspen Skiing Co. and KSL
Capital Partners that announced its $1.5 billion acquisition of Intrawest
two days ago, has entered into a definitive agreement to acquire Mammoth
Resorts—owner of Mammoth Mountain, Snow Summit, Bear Mountain, and June
Mountain in California.

“Mammoth has been Southern California’s mountain home since 1948,” said
Rusty Gregory, chairman and CEO of Mammoth Resorts. “After doubling down on
our offerings to Southern California with the purchase of Snow Summit and
Bear Mountain in 2014, joining this new venture led by Aspen and KSL is the
next logical chapter in the story of Mammoth Resorts. This new platform,
built around a collective passion for the mountains and our commitment to
the people who visit, work and live there, is exactly what the ski resort
business needs. I am excited about the future prospects for Mammoth
Resorts, our people and this new enterprise.”

A Starwood Capital Group-controlled affiliate owns a majority interest in
Mammoth Resorts. For the past 12 years, it has invested heavily in
infrastructure and marketing, and was at the helm when Bear and Snow Summit
were acquired in 2014.

Barry Sternlicht, chairman and CEO of Starwood Capital Group, said, “We had
greater plans for Mammoth but the Great Recession, and then some less
favorable weather, interfered with our strategic aspirations in a finite
life investment vehicle. We know Aspen and KSL have the experience,
commitment, and balance sheet to help make our vision a reality.”

KSL CEO Eric Resnick said, “This transaction will allow the combined
company to better serve Mammoth’s loyal customers while at the same time
exposing these world class resorts to a broader audience.” Aspen CEO Mike
Kaplan said Mammoth Mountain “has it all,” and lauded Snow Summit and Bear
for serving local skiers and riders “perhaps better than anyone in the

All season passes currently on sale will be honored at Mammoth Resorts for
the entire 2017-18 season, including the Mountain Collective. The
transaction is expected to close at the end of the third quarter this year.

For the parties involved in these recent blockbuster acquisitions, there’s
obvious excitement and optimism about the future. Every property that the
new Aspen/KSL powerhouse is acquiring has been successful on its own.
Combining them under one umbrella could yield some interesting new
products, and capital investment appears to be forthcoming.

It also leads to several broader questions: What does this mean for the
rest of the industry? Will other major players, such as Vail Resorts, Powdr
Corp, and Boyne Resorts, respond? How will this affect competition and
pricing? A bevvy of other unknowns exist, but there’s one thing for
certain—the recent buying spree, and resulting consolidation, is far from

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