Deer Valley Resort acquisition completed, adding to new ski entity’s portfolio that also includes Steamboat Resort
October 11, 2017
The purchase of Deer Valley Resort by a newly formed resort company has been finalized, the entity announced in a news release Tuesday morning.
The entity, comprising affiliates of KSL Capital Partners, LLC and Henry Crown and Company, first announced the acquisition in August. The move reverberated throughout the ski industry and the Park City area, where Deer Valley, which was recently named by SKI Magazine as the top resort in North America, had been independently owned since its inception.
The finalized transaction places Deer Valley among a collection of 13 resorts that has a total of about 7 million skier visits and 22,000 skier acres, the news release states. The other resorts include Mammoth Mountain Ski Area and Squaw Valley Ski Resort in California and Steamboat Resort in Colorado.
"Joining this impressive portfolio of resorts is a big step forward in the future of Deer Valley Resort," said Bob Wheaton, Deer Valley's longtime president, whose title now includes chief operating officer, in a press release. "It will enable the resort to build upon its time-honored traditions while further enhancing the overall experience. We are thrilled to be a part of the new company and are excited to begin welcoming guests to Utah this winter."
Wheaton also said in the release that the new entity, which does not yet have a name, will focus on investing greater resources into improving operations and guest experiences and creating new opportunities for employees.
David Perry, president and chief operating officer of the resort entity, said in the release that Deer Valley is an important addition.
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"We believe that this transaction not only adds tremendous value to our company but also enhances the opportunities we are able to provide to our guests, our employees, and our communities," he said. "We are committed to maintaining the first-class experience and level of guest service for which the resort is known, and we look forward to what should be a fantastic 2017-18 ski season across our portfolio."
Deer Valley Resort will continue to honor existing passes for the upcoming season.