Vail announced Tuesday that it would buy Stowe Mountain Resort, marking its first East Coast ski area.
Vail Resorts is in the process of acquiring Vermont’s Stowe Mountain Resort for $50 million.
Vail announced the acquisition on Tuesday. It will buy Stowe from Mt. Mansfield Company, Inc., which is owned by American International Group, Inc. (AIG). The purchase marks Vail’s first East Coast ski resort, expanding a portfolio that already includes ski areas in Colorado, Utah, California, Nevada, Wisconsin, Minnesota, Michigan, Australia, and British Columbia.
“We’re thrilled to add Stowe Mountain Resort to our family of world-class mountain resorts,” Rob Katz, chairman and chief executive officer of Vail Resorts, said in the press release.
“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.”
The transaction is subject to Vermont administrative review and the final purchase price may change based on an agreement regarding earnings in this fiscal year.