AIG Global Real Estate Agrees to Sell Stowe Mountain Operations to Vail Resorts
February 21 2017 - 8:00AM
Business Wire
AIG Global Real Estate announced today that it has signed an
agreement to sell the mountain operations of Stowe Mountain Resort
to Vail Resorts, Inc. The sale includes Stowe’s ski operations,
related infrastructure and machinery, and the summer season
on-mountain attractions. The deal is subject to Vermont
administrative review.
Following completion of the deal, AIG Global Real Estate will
retain ownership of the majority of the Spruce Peak base area
including Stowe Mountain Lodge, Stowe Mountain Club and future
development rights. AIG will also continue to own the Stowe Country
Club.
Douglas Tymins, President and CEO of AIG Global Real Estate
said, “Under Vail Resorts’ management, Stowe’s reputation as a
premier ski destination with a commitment to excellent service will
continue to grow. AIGGRE is looking forward to combining Vail
Resorts’ tremendous mountain operations capabilities with our
continued commitment to the development of the Spruce Peak
community.”
Rob Katz, Chairman and Chief Executive Officer of Vail Resorts
said, “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.”
About AIG Global Real Estate
AIG Global Real Estate, founded in 1987, comprises a group of
international companies within AIG that invests in and actively
manages approximately $18.8 billion of real estate for clients and
AIG member companies in various countries. The business includes
AIG Affordable Housing (representing over 102,000 multi-family
units across the United States), and the investment management of
Stowe Mountain Resort. More information can be found at
http://www.aig.com/aig-global-real-estate.
About American International Group, Inc.
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, and other financial services to
customers in more than 80 countries and jurisdictions. These
diverse offerings include products and services that help
businesses and individuals protect their assets, manage risks and
provide for retirement security. AIG common stock is listed on the
New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig. These references with
additional information about AIG have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20170221005347/en/
AIGInvestors:Liz Werner,
212-770-7074elizabeth.werner@aig.comMedia:Claire Talcott,
212-458-6343claire.talcott@aig.comorStowe Media:Michael Colbourn,
802-253-3431mcolbourn@stowe.com
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