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Vail Resorts Acquires First East Coast Property With Vermont's Stowe Mountain Resort

Vail Resorts on Monday announced it "is acquiring" Stowe Mountain Resort in Vermont from a subsidary of insurer AIG for $50M, according to Tommy Gardner of the STOWE REPORTER. Stowe will "join 10 well-known destinations" owned by Vail, and is the company's "first East Coast mountain." Vail will "acquire all the assets related to mountain operations -- lifts, snowmaking, maintenance -- as well as base area skier services such as food and beverage, retail and rental, ticket office and ski school." AIG, Stowe's longtime owner, "will retain its ownership of much of the real estate" (STOWETODAY.com 2/21). Vail Senior Advisor Blaise Carrig called Stowe the "premier destination resort in the East." Carrig said that Vail will be "introducing its Epic Pass to Stowe next ski season." In Vermont, Dan D'Ambrosio noted the pass "offers unlimited skiing at most of Vail's resorts." It cost $809 for this ski season if "purchased in the preseason." Stowe's adult pass "was $1,860 this year, although the resort offered a pass for $599 to skiers ages 18-34." Carrig said that Vail is "still working out how the Epic Pass will work at Stowe." But he said that it will "probably allow for unlimited skiing next season." Carrig "declined to say whether Vail was considering other properties in the East" (BURLINGTON FREE PRESS, 2/22).

UN-VAILING A NEW MARKET: In Denver, Jason Blevins noted Vail "owns ski areas in Colorado, California, Utah, the Midwest, British Columbia and Australia, but has lacked an East Coast presence." The 485-acre Stowe fits Vail’s "high-end profile." Stowe’s reputation as a "premiere ski destination is regularly affirmed with the priciest lift tickets in New England, reaching $124" for the '16-17 season. That high pricing "pushes more skiers toward its industry-shaking Epic Pass." The company "sold 650,000 of the passes this season." The addition of Stowe "gives Eastern skiers a reason to join the expanding Epic Pass club and travel west" to visit Vail-owned resorts (DENVER POST, 2/22).

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