Aspen buys Intrawest + Mammoth

Discussion in 'United States' started by absentskier, Apr 11, 2017.

  1. absentskier

    absentskier Old And Crusty
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  2. absentskier

    absentskier Old And Crusty
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    Get ready for a pass that covers Aspen, Steamboat, Winter Park and Squaw/Alpine Meadows!
     
  3. person s

    person s Old And Crusty
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    they still own Tremblant too, I think?
    there seems to be a consolidation process across the whole industry
    probably not surprising
     
  4. absentskier

    absentskier Old And Crusty
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    It's not surprising at all. Intrawest has been for sale for a while. And yes they still own Tremblant.
     
  5. absentskier

    absentskier Old And Crusty
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  6. absentskier

    absentskier Old And Crusty
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    Aspen Skiing Co.'s planned acquisition of Intrawest Resort Holdings will help it compete against Vail Resorts but it won't immediately produce a shared ski pass for Snowmass, Steamboat and Squaw Valley.

    Aspen Skiing Co. President and CEO Mike Kaplan said shared marketing efforts are one of the expected benefits of the acquisition of Intrawest by affiliates of Skico and KSL Capital Partners. However, it's too late in the process to offer a special ski pass for 2017-18, he said.
     
  7. absentskier

    absentskier Old And Crusty
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  8. Scooter

    Scooter Dedicated Member

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    Hi @absentskier - I still occasionally read http://www.steamboattoday.com/eEdition/ and they had an article at some stage this year about the fact a sale was likely citing things such as not wanting to spend on infrastructure such as the Gondola etc. (which reinforces what an employee told me at some stage this season - i.e. the Gondy should be replaced but they are only in maintenance mode). The writings been on the wall for Intrawest from the moment they had to offload their flagship resort being Whistler which that article you linked alludes to.

    Will see what happens. Last few years I see Steamboat increasingly pricing itself out in terms value proposition so will be interesting to see if that continues under new ownership because I am not sure if that direction was a function of Intrawest (so ownership decisions) or local management (thus potentially continuing) - interesting anyway.

    Just recently I noticed that one of the owners where I stay had put his place on the market so I asked how come (as they do the Xmas/New Year thing and a few trips spread out as well) and it was interesting that he citied ever increasing pass prices as one of the reasons and that it might be time to start visiting elsewhere (think he mentioned WP - sure I responded that I knew someone who rated it - that someone being you :D).
     
  9. absentskier

    absentskier Old And Crusty
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    Aspen season passes are US$1799 early bird!

    I like Winter Park, but not as a longer term holiday destination. It is not really a destination resort and most of the people who ski there want it to stay that way. A Winter Park only season pass is US$409, so really it is going to be very interesting to see what happens in this space. I strongly suspect that they will have to continue to offer a cheap Winter Park pass.

    Yeah Steamboat is far from a cheap place to ski now. It is one of the most popular resorts in North America and its pricing reflects this. Your accommodation deal has really kept it affordable for you, as well as the free season passes for kids under 13.

    Also, it is apparent that Steamboat needs to spend big $$ on improvements if it wants to stay competitive with the big destination resorts it competes against. I think the chances of Intrawest doing this were very small. Just didn't have the cash.

    Interesting times.
     
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  10. Born2ski

    Born2ski Part of the Furniture

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    So have you put in an offer yet ? ;)
     
  11. Scooter

    Scooter Dedicated Member

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    I haven't read any of the threads over on TGR for a couple of months but just went and had a quick look then and see this was being discussed with a few interesting comments (like KSL head being ex Vail exec etc.) so it will be interesting to see how that discussion pans out as it is a bit of a mixed bag in there (so have to take what is being said accordingly). Also see it being commented on in Opensnows CO (current forecast/report) discussion.

    I think for me the thing that keeps it affordable (relatively - it isn't exactly that cheap :p) isn't so much the accommodation deal per say (although I think I do get a good deal and the owner has been fair and great to deal with etc.) rather being able to stay longer term and if you can do that then I think you would be able to get relatively good deals where ever you choose to go. That first year I went we almost stayed at Crested Butte as plenty of good deals were on offer so I think if I looked at it again I reckon you would find a comparable deal and the same for various places - of course its all very subjective as well (value proposition).

    If you start talking a more traditional NH ski holiday (so maybe a couple of weeks) I think that evens it all out a bit.
     
  12. Scooter

    Scooter Dedicated Member

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    I actually think he is wanting more than it is worth and whilst I love the idea, in all honesty I know its probably not a wise way to spend x dollars.
     
  13. Brimmo

    Brimmo Just Registered

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    The Aspen Skiing Company / KSL Capital Partners consortium on Wednesday April 12 announced they are purchasing Mammoth, June and Bear Mtns as well as Snow Summit in California. The purchase also includes Canadian Mountain Holidays in BC (a Heli Skiing operation in Canada).
     
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  14. absentskier

    absentskier Old And Crusty
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    This is now becoming a very big story in the US ski industry. Have changed the thread title to add in Mammoth.
     
  15. absentskier

    absentskier Old And Crusty
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    "It was no secret that Vail chief Rob Katz had long pined for Mammoth, with its drive-up proximity to southern California’s more than 23 million residents promising to turbo-charge sales of his company’s popular Epic Pass. It is almost inevitable that the new, yet unnamed partnership between KSL Capital Partners, which owns California’s Squaw Valley Alpine Meadows ski area, and Aspen Skiing, which owns four ski areas in Colorado’s Roaring Fork Valley, will be offering a season pass that will include Aspen Snowmass, Squaw Alpine, Steamboat, Winter Park, Quebec’s Mont Tremblant, Vermont’s Stratton, Ontario’s Blue Mountain and West Virginia’s Snowshoe ski areas.

    Maybe not for 2017-18, but a pass rivaling the $869 Epic Pass for 2018-19 seems certain, according to sources close to the deal. In a resort industry that is swiftly abandoning a reliance on real estate sales, season pass revenue is the proven financial engine, as shown by Vail Resorts.

    But the previously undisputed dominance of Vail Resorts is threatened with this upstart union of industry veterans. In two days time, Vail Resorts went from virtually invincible in the season pass game — with its newly acquired Whistler Blackcomb and Stowe ski areas opening up new geographic markets on both coasts to grow Epic Pass sales beyond last season’s 650,000 — to nearly matched in a pass battle that will define the rapidly consolidating resort industry. The rivalry between Aspen Skiing-KSL Capital Partners and Vail Resorts will sculpt the industry’s development for decades."
     
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  16. POW_hungry

    POW_hungry Part of the Furniture
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    Highly critical comments have fill Mammoth's social media... frontline staff and customers are really not happy about the deal.
    The concern is with Aspen/KSL surging ticket prices and lack of operational management (namely at Squaw since it took ownership there).
     
  17. absentskier

    absentskier Old And Crusty
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    Yes there's a lot of people critical of KSL's management of Squaw.

    The flip side is that the owners of Mammoth didn't have the capital to invest in the long term future of Mammoth.

    Going to be very interesting to see where this guys.
     
  18. CarveMan

    CarveMan aussieskier.com
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    Most of the people you see ranting about Squaw are locals that would prefer it to go back to how it was in the 1970s.
     
  19. absentskier

    absentskier Old And Crusty
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    Yeah that's true.
     
  20. DPS Driver

    DPS Driver Dedicated Member

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    Aspen / KSL aren't as advanced in ticketing as Vail Resorts but they will catch up.

    They'll be copying the Katz model. This is good for the skiing public to have two major competitors. Competition should "keep the bastards honest".
     
  21. Annabuzzy

    Annabuzzy Part of the Furniture
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    Maybe they'll buy Thredbo. Event doesn't seem interested in mountain improvements, which is a shame
     
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  22. chunky

    chunky Old And Crusty

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    Having Squaw and Mammoth relatively close to each other is going to be of huge interest to travellers. Provided the dollar stays reasonable it gives choice to two epic pass areas when it all happens. I would be keen to see what comes out of it.
     
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  23. miss_b_haven

    miss_b_haven Dedicated Member

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    With this, Vail Resorts no longer holds such a monopoly. Excellent competition coming right up. It might be the perfect opportunity now to spread my Heavenly wings and check out some other nearby resorts.
     
  24. climberman

    climberman CloudRide1000 Legend
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    Pretty sure they've publicly stated (softly) that without improved lease security / length, they are hesitant to undertake major investment.
     
  25. Brimmo

    Brimmo Just Registered

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    The Aspen Skiing Company / KSL Capital Partners consortium on Monday August 21 announced they are purchasing Deer Valley.

    Here's the press release:


    Deer Valley Resort to be Acquired by Newly Formed Resort Company and Joined with Intrawest, Mammoth Resorts, and Squaw Valley Ski Holdings
    New Company’s portfolio increases from 12 four-season mountain resorts to 13 with the addition of iconic Utah resort
    Denver, Colorado, and Park City, Utah [August 21, 2017] – 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.
    “Deer Valley Resort is one of the preeminent mountain resorts in the world and is a tremendous addition to our existing portfolio. Prior to this acquisition, we were able to offer our guests exceptional experiences throughout most of North America’s major ski regions, but we did not have a resort in Utah, a state that is renowned for great skiing and mountain town life. Park City and Salt Lake skiers have always known that powder, blue skies, a huge variety of terrain, and exemplary guest service set Deer Valley Resort apart,” said David Perry, president and chief operating officer of the new joint venture. “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,” added Mr. Perry.
    “We are thrilled to join this impressive portfolio with 12 other resorts and are excited about the opportunities this transaction will create for our guests, staff, and the community of Park City. Deer Valley is a special place and being part of its growth has been one of the great joys of my life,” said Bob Wheaton, president and general manager. “Joining this portfolio of resorts will enable Deer Valley to build upon its outstanding traditions and further enhance our ability to provide our guests with a world class skiing experience. I look forward to working with them as we develop our vision for the future of the resort and the new company.”
    Season Passes
    For the full 2017-18 winter season, Deer Valley will continue to honor the existing pass products that are currently on sale.
    About Deer Valley
    Deer Valley Resort revolutionized the ski industry by providing the first-class service one would receive at a five-star hotel. The resort offers 21 chairlifts, 101 ski runs, six bowls, 12 restaurants, 300 annual inches of powder, three elegant day lodges, 2,026 acres of alpine skiing, hundreds of luxury accommodations and a renowned Ski School and Children’s Center.
    About Intrawest Resorts, Inc., Mammoth Resorts, Squaw Valley Ski Holdings and the New Joint Venture (expect a new brand launch prior to the upcoming ski season)
    The new joint venture is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers. Together, Intrawest, Mammoth Resorts and Squaw Valley Ski Holdings own and/or operate 12 four-season mountain resorts with approximately 20,000 skiable acres and significant land available for real estate development. The mountain resorts are geographically diversified across most of North America’s major ski regions: Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain in California; Steamboat Ski & Resort and Winter Park Resort in Colorado; Blue Mountain Ski Resort in Ontario; Mont Tremblant Resort in Quebec; Stratton Mountain Resort in Vermont; and Snowshoe Mountain Resort in West Virginia. The company’s mountain resorts are geographically diversified across most of North America’s major ski regions, including California, the Eastern United States, the Rocky Mountains, and Canada. The company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, the world’s leading heli-skiing adventure company. Additionally, the company operates a comprehensive real estate business through which it manages condominium hotel properties and sells and markets residential real estate.
     
    #25 Brimmo, Aug 22, 2017
    Last edited: Aug 22, 2017
  26. Seth

    Seth Old And Crusty
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    WOW!!!!!!

    edit. not solitude though. interesting.
     
  27. absentskier

    absentskier Old And Crusty
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    It's going to be very interesting to see how this all plays out, particularly with the new consortium coming up with a pass to compete with EPIC.
     
  28. Brimmo

    Brimmo Just Registered

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    I doubt there will be a combined pass for 2017/2018 but there will be one for 18/19.
     
  29. absentskier

    absentskier Old And Crusty
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    Definitely nothing until 18/19.
     
  30. CarveMan

    CarveMan aussieskier.com
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    I have a theory on this.

    DV owned the land on the LHS of the map, and leased the stuff on the RHS, the development went mental over there and when I was working there I heard they weren't happy with it but there wasn't much they could do about it.

    I reckon they might have conceded that it has become a bit of a monster so they're happy to flog it, and start again at Solitude and turn that into an intimate, high service ski resort.

    Or it could be the kids of the owner who passed away a few years ago cashing in.
     
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  31. Seth

    Seth Old And Crusty
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    The development over at the base of Empire?
     
  32. CarveMan

    CarveMan aussieskier.com
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    And at the bottom of Northside. Plus at the bottom of Northside there is the new Lady Morgan lift and they've done heaps down there too. Tons has been done there since you've been.
     
  33. Crystal

    Crystal Sand skier extraordinaire
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    Not sure I like the to many eggs in one basket...does it stop real competition and the consumer will loose ?
     
  34. dawooduck

    dawooduck Pool Room
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    Ultimately
     
  35. CarveMan

    CarveMan aussieskier.com
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    Duopolies aren't much better than monopolies.
     
  36. absentskier

    absentskier Old And Crusty
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    It's going to make it hard for a lot of places to compete. Temptation to sell out will be strong.
     
  37. dawooduck

    dawooduck Pool Room
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    Note the value of combined passes being diminished by black out periods and multi tier cost access passes being introduced.
     
  38. Crystal

    Crystal Sand skier extraordinaire
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    black out dates drive me insane...I don't even look at the multi passes anymore. i pick a resort plonk there and buy a seasons pass. Must say if we were sans kids we'd be road tripping :)