Snow Creek in Weston could have a new owner after a deal valued at $264 million will see the ski resort become part of Vail Resorts, Inc.
The Broomfield, Colo.-based business is set to acquire 17 properties from St. Louis-based Peak Resorts, which includes Snow Creek. The sale is pending regulatory review and approval by both companies’ board of directors.
Vail Resorts will honor and continue to sell all Peak Resorts pass products during the upcoming season.
The local ski resort was the second property opened by Peak, when it opened in 1986.
The deal will include the sale of Hidden Valley in Wildwood, Mo., as well as locations in Vermont, New York, New Hampshire, Pennsylvania, Ohio and Indiana.
“We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our company,” Vail Resorts CEO Rob Katz said in a press release. “With this acquisition, we are able to make such a stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit.
“The ski areas within the Peak Resorts portfolio exemplify the spirit of our sport as well as our company’s mission to provide an experience of a lifetime to guests. We’re thrilled to welcome the resorts and their employees into the Vail Resorts family and invest in their continued success.”
The deal would have Vail Resorts acquire 100 percent of the outstanding stock at $11 per share.
Kansas City-area skiers will now have the ability to ski at other Vail Resorts throughout the world. The current ‘Epic Pass’ features 70 different ski areas, which costs $939 per season.
Vail Resorts plan to invest $15 million over the next two years to ‘elevate the guest experiences’ at the 17 locations purchased.
“Vail Resorts has a proven track record of celebrating the unique identity of its resorts, while continually investing in the guest and employee experience,” Peak Resorts CEO and president Timothy Boyd said in a press release. “For this reason, we are confident that our resorts and employees will continue to thrive within the Vail Resorts network.”