“This relationship will bring greater resources to support our current operations and our ambitious growth plans, including the Renaissance project, the most exciting and transformative investment in Whistler Blackcomb’s history”.
Advertisement
Vail Resorts stock has risen 40 percent during the past 12 months, The Wall Street Journal noted. The press release states that Whistler Blackcomb will honor its existing season pass products and Vail Resorts will integrate Whistler into the Epic Pass for the 2017-2018 winter season. Whistler Blackcomb, whose board has unanimously approved the deal, is also nominating one of its directors to join Vail’s board. A day pass for an adult at Vail and Beaver Creek during the peak ski season can top $165.
The sale of Whistler Blackcomb came with a hefty price tag.
Two years ago, Vail Resorts bought Utah’s Park City Mountain Resort for $182.5 million and merged it with a neighboring resort.
“Whistler Blackcomb has enjoyed tremendous success by delivering an exceptional mountain experience for our passionate and loyal guests, both locally and from around the world”, Brownlie said in a statement. David Brownlie will remain as Whistler’s CEO. Upon closing of the transaction, Whistler Blackcomb shareholders will own about 10% of Vail Resorts outstanding common stock. But she doubts having Vail Resorts as the new owners will impact the quality of the experience in Whistler, given the company’s deep pockets and high profile.
One of Canada’s most popular and internationally renowned ski destinations is being sold to an American resort operator with the architects of the almost C$1.4-billion deal citing financing for expansion and a push to attract more global visitors as benefits of the sale.
Brownlie earlier said that Whistler Blackcomb could expand its ski terrain by about 25 per cent from more than 3300 hectares now.
Shares of Whistler Blackcomb jumped to a new all-time high when markets opened Monday, rising above C$36 per share in Toronto.
Katz additionally sent a message to Vail Resorts employees about the acquisition, conveying his excitement while acknowledging the challenges that may lie ahead, as there is much reviewing to be done in order to make this deal go smoothly. The deal could spell disaster for the main competitor of the Epic Pass.
Advertisement
In Wyoming, Vail resorts does business under the Grand Teton Lodge Company brand, operating several hotels, restaurants, campgrounds and activities within Grand Teton National Park, including Jackson Lake Lodge, Jenny Lake Lodge, Colter Bay Village, and the Grand Teton Lodge Company.
