“Whistler Blackcomb is one of the most iconic mountain resorts in the world with an incredible history, passionate employees and a strong community”, said Rob Katz, chairman and CEO of Vail Resorts in a press release. Stateside, Vail rose 6 per cent to $US153.02. Vail Resorts plans to integrate Whistler into its Epic Season Pass for the 2017-18 winter season. The Whistler Blackcomb Renaissance – the largest investment plan in its 50-year history – aims to develop year-round, any-weather amenities that can reduce financial reliance on wintery conditions.
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Vail Resorts Inc.is an American corporation that owns ski and snowboard mountains in Colorado, California, and Wisconsin.
Markets responded extremely well to news of the most recent deal, as Whistler Blackcomb’s stock shot up more than 45 per cent by closing on Monday.
Another aspect of the transaction Brownlie recognized is the wellbeing of First Nation communities near Whistler Blackcomb. The region’s other ski areas include: Arapahoe Basin Ski Area, owned by Dundee Resort Development; privately-owned Loveland Ski Area; in addition to Vail-controlled Breckenridge Ski Resort and Keystone Resort.
Late in 2014, Vail Resorts purchased the Park City Mountain Resort in Utah for $182.5 million, and combined it with its neighboring property, The Canyons, to create the largest US ski resort, featuring 41 lifts and 7,300 acres of skiable terrain. Whistler Blackcomb employees will continue working with aboriginal groups, according to the statement. One of Whistler’s board members will join Vail Resorts’ board of directors, pending a nomination from the company.
Looks like Whistler Blackcomb is the latest component of Vail Resorts’ “global footprint”.
Dave Brownlie, Whistler Blackcomb’s chief executive officer, said that Vail has “a track record and ultimately a commitment to reinvest more in the resort”. A competitor and site of the 2010 Winter Olympics, Whistler has been a perennial profit victor too.
A key element to Vail’s purchase of Whistler will be incorporating the resort into its successful season pass program. The total value is C$36.00 per share.
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The deal to buy the Canadian resort is expected to close before the end of calendar 2016. Stikeman Elliott LLP and Gibson Dunn & Crutcher LLP provided legal counsel to Vail.
