Aspen Skiing Company, KSL Partners To Acquire Mammoth Mountain
Aspen Skiing Company and KSL Partners are purchasing four California resorts, including Mammoth Mountain.
Moving quickly after purchasing Intrawest resorts, a new Aspen-based ownership group announced it has bought Mammoth Mountain and three other resorts in the Southern California mountains.
The heretofore unnamed entity, formed by Aspen Skiing Corp. and KSL Capital Partners, said it will close this fall on a sale of a quartet of areas including Mammoth Mountain, June Mountain, Snow Summit and Bear Mountain.
The announcement comes on the heels of the group’s industry-rocking purchase of Colorado’s Steamboat and Winter Park, Quebec’s Mont Tremblant, Vermont’s Stratton, Ontario’s Blue Mountain and West Virginia’s Snowshoe. The four Aspen mountains and Squaw Valley-Alpine, a KSL property, will come under the umbrella of the new group but will continue to operate independently.
Because both purchases aren’t expected to be finalized until next fall, resort-specific season tickets will be honored for next season. So will the M.A.X. Pass, Rocky Mountain Super Pass and Mountain Collective that overlap into the partnership’s new portfolio in various ways.
“We had greater plans for Mammoth but the Great Recession and then some less favorable weather, interfered with our strategic aspirations in a finite life investment vehicle,” said Barry Sternlicht of Starwood Capital Group that owned Mammoth and the other resorts “We know Aspen and KSL have the experience, commitment, and balance sheet to help make our vision a reality.”
No upgrading plans have been announced yet, but indications are that the new entity has the capital to put into improvements at these resorts – for both winter and summer. However, official statements have noted that coordinating e-commerce technology among all the resorts will a high priority in order to expand the marketing capabilities of all the mountains.
The move by Aspen Skiing Corp. to acquire and consolidate some 15 resorts under the Aspen-KSL roof is seen by industry officials as a response to Vail Resort’s two-decade effort to acquire 14 resorts across the U.S. and Canada.