Vail Buys Crested Butte
October 4, 2018
Greetings from Crested Butte!
It is official. Vail Resorts has acquired Crested Butte and the rest of Triple Peaks LLC, the parent company of Okemo Mountain Resort in Vermont, Mount Sunapee Resort in New Hampshire and Crested Butte Mountain Resort. Vail purchased all three resorts for approximately $74 million and notably, they paid off $155 million in Triple Peaks lease debt with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate. Over the next two years, Vail plans to invest $35 million across their newly acquired resorts including Stevens Pass Resort in Washington.
Part of the sale included two high profile base area development parcels commonly known as the Cimarron parcel (slope side parcel and part of Warming House Hill) and Mountaineer Square North (the large dirt parking lot located west of the Grand Lodge). It will be very interesting to learn of Vail Resort’s plans for development of these critical commercial and residential zoned locations. Will the base area become more of a Vail style walking village with upstairs lodging and ground level shops, restaurants and other resort services and amenities?
