Colorado-based Vail Resorts is all set to pay about $50 million to take over Stowe Mountain Resort, which is one of Vermont’s most famous ski resorts. This news was announced on Tuesday by the concerned companies.
This deal would mark the first East Coast property for Vail. Stowe would also soon be added to the firm’s network of 10 resorts.
Vail Resorts would take over all of Stowe Mountain resort’s operations, including their skier services, such as beverage and food facilities and lift offices and rental located on Mount Mansfield and the nearby Spruce Peak.
Stowe Mountain Resort, which is now owned by Mount Mansfield Co., is wholly owned outlet of ‘American International Group’. As per news, the company is to retain the ownership of various other facilities, including Stowe Mountain Lodge, Stowe Country Club, Stowe Mountain Club, and various other real estates.
A State Representative Heidi Scheuermann said, “I think it’s going to be a great development for Stowe and for the region and the state.” She is a Stowe Republican who has a property management and development business within the community.
Heidi said that currently, Stowe owners are committed to the area by selling it to Vail.
She further explained, “I think this was a business decision that they really wanted to make, and they did it responsibly with a real world-class resort.”
A large area of Stowe ski area lies on Vermont’s tallest peak – that is Mount Mansfield. Additional skiing is accessible on Spruce Peak, the adjacent peak.
A senior adviser to mountain sector of Vail, Blaise Carrig said that Vail owns many iconic resorts, which extend across North America and beyond.
Blaise Carrig said, ‘‘The missing piece for us was having a good quality resort in the East. And Stowe is certainly that’’. He further explained telling, ‘‘It’s got a great history, it’s got a terrific brand with both the mountain experience and the town experience, it’s the perfect fit for us. We think it’s the premier resort in the East.’’
There are regional and local differences in one’s skiing experiences across the region and the globe, he said.
He said that they don’t intend to bring the Western feel to Stow. He said that the sole reason for them buying the resort in the East is to include that experience in their portfolio. He said that their value toward their network and customers is expressed through these iconic resorts.
Carrig said currently Vail has no plans for any changes at Stowe.
In the company’s press release announcing the sale, the firm said it expects to retain almost all of Stowe’s year-round staff.