Vail Resorts, Inc. today announced an agreement to acquire Stowe Mountain Resort from Mt. Mansfield Company, Inc., a wholly owned subsidiary of American International Group, Inc., for a purchase price of $50 million. Stowe Mountain Resort will be Vail Resorts' first mountain resort on the East Coast, complementing its network of 10 mountain resorts and three urban ski areas.
Vail Resorts and AIG Global Real Estate "share a common vision for the long-term success of Stowe Mountain Resort as the premier, high-end resort for skiers and snowboarders on the East Coast," the companies said.
Vail Resorts is acquiring all the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities) at Mount Mansfield and Spruce Peak. Other facilities such as the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club and certain real estate owned and held for potential future development will be retained by MMC.