Deer Valley is the most recent resort to be snapped up by KSL Capital and Henry Crown and Company, a new resort holding entity that came to life earlier this year when it joined Intrawest Resorts Holdings, Mammoth Resorts, and Squaw Valley Ski Holdings.
The 36-year-old Utah-based resort has entered into a definitive agreement to be acquired by the newly formed entity for an undisclosed amount. The deal is anticipated to close prior to the upcoming 2017-18 snow season. At that time, the new joint venture bringing together 12 North American resorts is also expected to unveil a new name and identity.
"Deer Valley Resort is one of the preeminent mountain resorts in the world and is a tremendous addition to our existing portfolio,” said David Perry, president and chief operating officer of the new joint venture. “Prior to this acquisition, we were able to offer our guests exceptional experiences throughout most of North America's major ski regions, but we did not have a resort in Utah, a state that is renowned for great skiing and mountain town life. We could not be more pleased that Deer Valley Resort will be part of our new company, and we look forward to working with the staff and Park City community to carry on the traditions that make it so special.”
In June, Intrawest Resort Holdings -- parent company to Steamboat, Stratton and Winterpark, Tremblant, Snowshoe, and Blue Mountains -- was acquired by Aspen Skiing Company and KSL Capital Partners for $1.5 billion. The deal followed on the heels of KSL’s acquisition of Mammoth Mountain Resorts in April for an undisclosed amount.
"We are thrilled to join this impressive portfolio with 12 other resorts and are excited about the opportunities this transaction will create for our guests, staff, and the community of Park City,” said Bob Wheaton, Deer Valley president and general manager. “Joining this portfolio of resorts will enable Deer Valley to build upon its outstanding traditions and further enhance our ability to provide our guests with a world class skiing experience. I look forward to working with them as we develop our vision for the future of the resort and the new company."
Solitude Mountain Resort will remain a separate entity owned and operated by Deer Valley partners, and is not included as part of the deal. Aspen Snowmass Resorts will also remain independent of the new joint venture, but the companies will explore ways for the resorts to work together.
Deer Valley is one of only three resorts that does not allow snowboarding. Last year, a federal court ruled in favor of keeping Alta Resorts “skier only” after snowboarder Bjorn Leines and non-profit Wasatch Equity elevated the case, calling out the snowboarder ban as discriminatory because it limits a certain group's access to public land. Deer Valley says it has no plans to open its resort to snowboarders at this time.
The following are more details from the official announcement from Deer Valley.
For the full 2017-18 winter season, Deer Valley will continue to honor the existing pass products that are currently on sale.
About Deer Valley
Deer Valley Resort revolutionized the ski industry by providing the first-class service one would receive at a five-star hotel. The resort offers 21 chairlifts, 101 ski runs, six bowls, 12 restaurants, 300 annual inches of powder, three elegant day lodges, 2,026 acres of alpine skiing, hundreds of luxury accommodations and a renowned Ski School and Children's Center.
About Intrawest Resorts, Inc., Mammoth Resorts, Squaw Valley Ski Holdings and the New Joint Venture (new name and identity to be announced before ski season)
The new joint venture is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers. Together, Intrawest, Mammoth Resorts and SVSH own and/or operate 12 four-season mountain resorts with approximately 20,000 skiable acres and significant land available for real estate development. The mountain resorts are geographically diversified across most of North America's major ski regions: Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain in California; Steamboat Ski & Resort and Winter Park Resort in Colorado; Blue Mountain Ski Resort in Ontario; Mont Tremblant Resort in Quebec; Stratton Mountain Resort in Vermont; and Snowshoe Mountain Resort in West Virginia. The company's mountain resorts are geographically diversified across most of North America's major ski regions, including California, the Eastern United States, the Rocky Mountains, and Canada. The company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, the world's leading heli-skiing adventure company. Additionally, the company operates a comprehensive real estate business through which it manages condominium hotel properties and sells and markets residential real estate.
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