Vail Resorts to Buy Stowe Mountain Resort Operations From AIG
February 21 2017 - 9:43AM
Dow Jones News
By Ezequiel Minaya
Vail Resorts Inc. said it would buy the ski operations of Stowe
Mountain Resort in northern Vermont for about $50 million from the
real-estate business of insurance giant American International
Group Inc.
Vail Resorts will acquire Stowe's ski business, related
infrastructure and machinery and summer season on-mountain
attractions. AIG will retain ownership of most of the Spruce Peak
base area, including Stowe Mountain Lodge, Stowe Mountain Club and
future development rights.
Broomfield, Colo.-based Vail has a strategy of purchasing and
improving ski areas near urban centers as way of increasing
visitors. The Stowe transaction would give the company a foothold
in the populous northeast market.
AIG has been in the real-estate business since 1987 and built
the group into one of the world's largest property investors, with
about $25 billion in assets before the financial crisis.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
February 21, 2017 09:28 ET (14:28 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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