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Steven Agar | |
The new joint venture of KSL Capital Partners and Henry Crown and Company, the Crown family own Aspen Skiing CO. (SkiCo), announced yesterday that the $1.5bn purchase of Intrawest Resort Holdings and of Mammoth Resorts is now complete, reports sierrasun.com.
The sale consolidates Squaw Valley Ski Holdings, KSL, Intrawest and Mammoth Resorts as one company with 12 mountains and 6m annual skier visits. The capital from the Crown family does not affect SkiCo and the Aspen resorts are not part of the deal.
The resorts consolidated include:
The new company expects to launch a new name and brand in time for the start of the 2017/18 season, but as of yet remains unnamed. All existing pass products that are currently on sale will be honored, including the Rocky Mountain Super Pass +, Mountain Collective and the M.A.X. Pass, but unfortunately it’s too late to offer a special pass for 2017/18 across all 16 resorts. New ‘guest-focused’ announcements are expected in October, according to Lis de Roziere who handles investor relations for Intrawest.
KSL’s Bryan Traficanti replaces Intrawest’s Thomas Marano as interim Chief Executive Officer while a comprehensive search for a new CEO is completed.
On the acquisition, an excited Traficanti had this to say:
This transaction marks a significant milestone for our company, our guests and our communities, and we are excited about the opportunities that lie ahead as a result of combining Intrawest, Squaw Valley Ski Holdings and Mammoth Resorts. We believe that each resort brings something different to the company, and our goal is to preserve the unique character and culture of each while also building something greater.
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