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Philpug

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DENVER, Colo. & PARK CITY, Utah--(BUSINESS WIRE)--The newly formed entity controlled by affiliates of KSL Capital Partners, LLC and Henry Crown and Company that in July joined Intrawest Resorts Holdings, Inc., Mammoth Resorts, and Squaw Valley Ski Holdings today announced, with Deer Valley Resort, that they have entered into a definitive agreement for the newly formed entity to acquire Deer Valley Resort. Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is anticipated to close prior to the upcoming 2017/18 ski season.

“We could not be more pleased that Deer Valley Resort will be part of our new company, and we look forward to working with the staff and Park City community to carry on the traditions that make it so special”

More to come.
 
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Philpug

Philpug

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We are Eclipsing and will get more up when we get home. Will Deer Valley be on the Mountain collective pass now?
 

mdf

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Wow. Surprised but I guess I shouldn't be.
 

Monique

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Huh.
 

dlague

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We are Eclipsing and will get more up when we get home. Will Deer Valley be on the Mountain collective pass now?

Because both resort companies have already put their season pass products on sale for next season (Intrawest’s MAX Pass and Aspen both solo and as part of Mountain Collective), no real changes in terms of access will be in place for the coming 2017-18 season. But going forward, this further ski industry consolidation will create the first serious competitor to Vail Resorts’ Epic Pass, with a similar geographic range of major ski resorts. By the following winter - barring any more purchases - Aspen should be able to offer a pass that will allow customers to ski at a dozen mountains from the East Coast to the Rockies to Tahoe, as well as Canada.
 

KingGrump

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WOW, HOLY S**T !!!

I go out for a morning drive and the world comes to an sudden end.

Edit ti add: Full disclosure - DV is my second favorite resort around SLC after the bird.
 

dlague

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DENVER, Colo. & PARK CITY, Utah--(BUSINESS WIRE)--The newly formed entity controlled by affiliates of KSL Capital Partners, LLC and Henry Crown and Company that in July joined Intrawest Resorts Holdings, Inc., Mammoth Resorts, and Squaw Valley Ski Holdings today announced, with Deer Valley Resort, that they have entered into a definitive agreement for the newly formed entity to acquire Deer Valley Resort. Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is anticipated to close prior to the upcoming 2017/18 ski season.

“We could not be more pleased that Deer Valley Resort will be part of our new company, and we look forward to working with the staff and Park City community to carry on the traditions that make it so special”

More to come.


Interesting - read a couple articles and no mention of Aspen but I guess that is because they are affiliates in the newly formed Henry Crown and Company.who are minority owners in the first deal with Intrawest.

It is all pretty confusing - read this.

http://www.kslcapital.com/pressroom/pressarticle/1038
 

Muleski

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More to come.

Yep. MUCH more to come, in more ways than one. The assumption among many is that KSL/HCC will be building a very nice portfolio of resorts, and shedding the ones that do not fit. A few of us have made similar comments here, most often to be reposted to by "no, this is them against Vail Resorts."

I do not hear that from folks that I think have a handle on this. I do not see any Epic Pass wars, in terms of gutted pricing. Combined deals, yes. Combined pricing yes. Best in class resorts? That is my heavy bet. High End? Yes, that has been discussed at length. Doesn't get much more high end than DV.

I can see one in their sights in WY, one in UT, maybe MT, and so on........

Not a bit surprised about this one. I think it's been underway for quite some time. Also doubt if it will be their last in Utah.

Aspen Ski Company, aka SkiCo, is NOT part of this combined entity. The Aspen connection is that the owner of SkiCo, Henry Crown and Company {the Crown Family} are the other partner, and the heavy betting, which we have already seen with David Perry's move, is that we'll see a lot of best practices and Aspen people move to the new company. My assumption is that the KSL group considers Aspen to be the gold standard of high end ski area operators. On hill stuff.

Vail keeps selling their stock, with metrics like total Epic Pass sales. KSL/HCC has no such pressure, and I assume no such plan, etc. They will create value, though, as that is the entire goal.

I hate to sound like a broken drum, but KSL/HCC and whatever they ultimately call this entity, is IMO not looking to be Vail Resorts 2.0

I also feel that there will be virtually zero competition between them to acquire properties, as I think they have different interests.

So will Och-Ziff be selling any to either VR, or KSL/HCC? Might be close to done until some post season closings. Or not.

More to follow.......
 
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dlague

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Repeating this was quoted from another article Bye bye MC.

Because both resort companies have already put their season pass products on sale for next season (Intrawest’s MAX Pass and Aspen both solo and as part of Mountain Collective), no real changes in terms of access will be in place for the coming 2017-18 season. But going forward, this further ski industry consolidation will create the first serious competitor to Vail Resorts’ Epic Pass, with a similar geographic range of major ski resorts. By the following winter - barring any more purchases - Aspen should be able to offer a pass that will allow customers to ski at a dozen mountains from the East Coast to the Rockies to Tahoe, as well as Canada.
 

Jed Peters

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As @Muleski "kind of" alludes to is that this is a destination-type real estate play.

Think about it. Someone buys a pass to the KSL family--where do they stay? They stay at the resorts. They spend money there, etc. They plan their vacations at KSL locations--like Deer Valley, Aspen, etc.

So @Muleski I actually disagree with you SOMEWHAT--I think KSL is trying to pull the "vacationing" skier away from the "epic pass" holder.

I can see this whole play as more of a resort/vacation/more than a lift ticket/season pass thing.
 

Jilly

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Oh, and another thing.

I think truly that Vail Resorts thinks there is money in skiing.

I think that KSL thinks there is money in the skiER.

I think KSL is right.

Intrawest proved that a long time ago. They hardly ever made any money with the Tremblant. Made lots of it developing it to what it is now.
 

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