Vail Resorts on February 21 announced that on February 17 it entered into an agreement with Mt. Mansfield Company, Inc to acquire Stowe Mountain Resort for a purchase price of $50 million. Stowe Mountain Resort contains two separate mountains: Mount Mansfield and Spruce Peak. Alpine skiing came to Vermont when the Civilian Conservation Corps cut the first trails on Mount Mansfield in 1933. The National Ski Patrol was based on the Mount Mansfield Ski Patrol, the oldest in the nation founded in 1934.
Vail Resorts is acquiring all of 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.
“We’re thrilled to add Stowe Mountain Resort to our family of world-class mountain resorts. With the investments in both mountain infrastructure and base area facilities that AIG has made over the years, Stowe Mountain Resort has become the premier, high-end resort for East Coast skiers and snowboarders. We look forward to working with AIG to continue enhancing the guest experience and to ensure the resort’s long-term success,” said Rob Katz, chairman and chief executive officer of Vail Resorts.