Aspen Skico, KSL group to acquire Mammoth Resort properties, adding to Intrawest deal
April 12, 2017
In another move to add to its holdings, the newly formed entity of Aspen Skiing Co. and KSL Capital plans to acquire Mammoth Resorts and its four California mountains, the resorts announced Wednesday morning.
No price for the deal was announced. Mammoth Resorts — which owns Mammoth Mountain Ski, Snow Summit, Bear Mountain and June Mountain — as a group hosted more than 2 million skier visits last season.
Earlier this week, Skico and KSL joined in an effort to buy Intrawest Resort Holdings, which includes Steamboat and Winter Park ski areas, for $1.5 billion. KSL Capital, which is based in Denver, also owns California's Squaw Valley Alpine Meadows ski area.
“Mammoth has been Southern California’s mountain home since 1948,” Mammoth Resorts chairman and CEO Rusty Gregory said in a statement announcing the deal. “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.”
"Mammoth is a special place. The landscape is spectacular, the mountain is phenomenal and the place is in constant motion. Whether it’s the vibrant park and pipe scene, the high quality alpine racing programs, or excellent mountain biking, Mammoth has it all,” said Mike Kaplan, CEO of Aspen. “At the same time, Bear and Snow Summit serve local skiers perhaps better than anyone in the industry with high quality skiing and riding right on the doorstep of Southern California. We couldn’t be more pleased to work with these extraordinary properties.”
A Starwood Capital Group controlled affiliate owns a majority interest in Mammoth Resorts, according to the news release. Starwood is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil and gas.
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Mammoth Resorts is also owns the Tamarack Lodge and Resort, Mammoth Mountain Inn, Juniper Springs Resort, the Village Lodge, Mammoth Mountain Bike Park, Snow Summit Bike Park, Mammoth Snowmobile Adventures, Sierra Star Golf Course, and Bear Mountain Golf Course.
Both transactions are set to close by the end of the third quarter of this year.
This is a developing story that will be updated.