Colorado-based Vail Resorts announced Monday it has entered a merger agreement to acquire Peak Resorts for $264 million, adding 17 U.S. ski areas to its portfolio.
Located near major metropolitan areas, Peak Resorts operates Mount Snow in Vermont; Hunter Mountain in New York; Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire; Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio; Hidden Valley and Snow Creek in Missouri; and Paoli Peaks in Indiana.
"Peak Resorts' ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston.," said Rob Katz, chairman and chief executive officer of Vail Resorts. "With this acquisition, we are also able to make a much 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, Minneapolisand Detroit."
The transaction is expected to close this fall. Vail Resorts said it plans to invest approximately $15 million over the next two years in one-time capital spending to elevate the guest experience at these resorts.
Vail Resorts operate 21 ski resorts in the United States, Canada and Australia, most notably the Vail, Beaver Creek, Breckenridge, Keystone, and Crested Butte ski areas in Colorado and Park City in Utah.