KSL/Aspen/Intrawest sale a done deal as of 7/31/17

The closing of the Aspen/KSL/Intrawest was completed on 7/31/17.

Here's the best summary of the closing I’ve found so far. Intrawest is no longer a public company. The buzz around the various Intrawest ski resorts varies quite a bit. From the Steamboat blog, would hardly know that Intrawest owned any other ski resorts.  I get the sense that regulars at Tremblant are paying close attention but don’t seem worried.  The folks at Mammoth are a bit more nervous given the change at the top.  Given that there is no change in top management at Snowshoe, most folks who drive there won't notice.

http://www.sierrasun.com/news/busin…er-deal-completed-that-includes-squaw-valley/

Some people are still confused about the fact that Aspen Ski Co. remains a separate business entity.   Of course, with former ASC VP and COO, David Perry, as COO of the new corporation, the expectation is a good working relationship with ASC going forward.

The media reports include the following numbers:

* 12 resorts
* Over 20,000 acres
* About 6 million skier visits in 2016-17

Any guesses for the name of the new company?  

 

What biggest than MAX or Epic?  Ultra Pass anyone

Z wrote

What biggest than MAX or Epic?  Ultra Pass anyone

You thinking about acreage or skier visits?

I'm very interested in what Aspen/Snowmass does in terms of the MCP for 2018-19 when the new KSL/Intrawest resorts have figured out their multi-resort options.  I enjoyed the few days I've skied here, which were planned because I had other reasons to buy the MCP.  Would like to go back for a full week mid-season some time.

Officially, I think the sale is not KSL/Aspen/Intrawest but KSL/Henry Crown and Co/Intrawest.  The Crown family's corporation invested in the KSL/Intrawest deal but kept ownership of Aspen Ski Company separate.  But who outside Colorado or Chicago remembers the name of the family who owns ASC?

marznc wrote

Any guesses for the name of the new company?

I think Aspen Interwest sounds the best.

marznc wrote

Z wrote

What biggest than MAX or Epic?  Ultra Pass anyone

Officially, I think the sale is not KSL/Aspen/Intrawest but KSL/Henry Crown and Co/Intrawest.  The Crown family's corporation invested in the KSL/Intrawest deal but kept ownership of Aspen Ski Company separate.  But who outside Colorado or Chicago remembers the name of the family who owns ASC?

It is interesting that your original article you posted doesn't mention Aspen.

Marcski wrote

It is interesting that your original article you posted doesn't mention Aspen.

Even more interesting that the original article is gone.  There is a slightly different one with a different title, also dated 7/31/17.  Can't remember the first version enough to pinpoint the differences.

http://www.sierrasun.com/news/sale-closes-on-deal-to-combine-squaw-valley-ski-holdings-ksl-intrawest-and-mammoth-resorts-as-one-company/

"A new joint venture of KSL Capital Partners and Henry Crown and Company announced Monday, July 30, that the purchase of Intrawest Resort Holdings, the parent company of the Steamboat Ski Area, and of Mammoth Resorts is complete. . . ."

The Sierra Sun covers Tahoe.  Aspen probably doesn't get that many Tahoe regulars.

I've noticed that the slant of the various articles about the sale closing depends a lot on the location.  The Steamboat blog entry makes it sound like there aren't any other important ski resorts owned by Intrawest.  Steamboat was a key piece of what ASC wanted in the first place.  They didn't want all the Intrawest locations.  Folks around DC are most interested to know that there won't be a change in top management at Snowshoe in WV.  The Mammoth regulars are the most nervous given a change at the top for both Mammoth and Big Bear.

For anyone interested in the business details of the sale and upper management names, check out this article.  Wonder what the list will look like in a year?

http://www.businesswire.com/news/home/20170731005699/en/Affiliates-KSL-Capital-Partners-Henry-Crown-Company

Bryan Traficanti, interim Chief Executive Officer, from KSL
David Perry, President and COO (was VP and COO of Aspen Ski Corp.)

Thomas Marano, Intrawest’s CEO, resigned his position
Rusty Gregory, Mammoth Resort’s Chairman and CEO, is an investor in the new company and will serve on the Board, and become Senior Strategic Advisor to the new company

Resort leaders as of 01Aug2017:

Andy Wirth, President and Chief Operating Officer, Squaw Valley Ski Holdings (was Pres. and CEO of SVSH)
Mark Brownlie, President and Chief Operating Officer, Mammoth Resorts (newly appointed)
Wade Reeser, General Manager, Big Bear Resort (reporting to Mark Brownlie)
Rob Perlman, President and Chief Operating Officer, Steamboat Ski & Resort
Sky Foulkes, President and Chief Operating Officer, Winter Park Resort (was Pres. WP and COO Intrawest)
Patrice Malo, President and Chief Operating Officer, Mont Tremblant Resort
Dan Skelton, President and Chief Operating Officer, Blue Mountain Ski Resort
Bill Nupp, President and Chief Operating Officer, Stratton Mountain Resort
Frank DeBerry, President and Chief Operating Officer, Snowshoe Mountain Resort
Jeremy Levitt, President and Chief Operating Officer, Canadian Mountain Holidays
Jeff Denomme, President, Alpine Aerotech

http://unofficialnetworks.com/2017/08/03/is-the-kslaspen-shopping-spree-finally-over-we-dont-think-so/

speculation that Snowbasin and Sun Valley are the next ones in the merger bulls eye.  Snowbasin makes the most sense for Aspen as they don't have a Utah resort and Epic has PC.  Snowbasin is 1000% times better in my book than Park City.

Sun Valley fits both Aspen and Vail's demo.

I still think Okemo will be the next domino to fall in the East and I think that its a must buy for Aspen or Epic to take the lead over the other in the east.  It would pair well with Stratton and Tremblant and it a good demo market even though its pretty bland skiing in my book.  I'm sure Epic is focusing on Smuggs but Okemo makes a ton of sense for them too.  I would believe that company would also package its other two resorts in Crested Butte and Sunapee as well in any sale.

Z wrote

I still think Okemo will be the next domino to fall in the East and I think that its a must buy for Aspen or Epic to take the lead over the other in the east.  It would pair well with Stratton and Tremblant and it a good demo market even though its pretty bland skiing in my book.  I'm sure Epic is focusing on Smuggs but Okemo makes a ton of sense for them too.  I would believe that company would also package its other two resorts in Crested Butte and Sunapee as well in any sale.

What about Jay Peak?

Not sure if anyone saw this or if this is the proper thread for this information but I think I remember Coach Z posting his thoughts/predictions as the next ones to "fall" in this thread.

http://unofficialnetworks.com/2017/08/03/is-the-kslaspen-shopping-spree-finally-over-we-dont-think-so/

Scroll up two posts

Z wrote

Scroll up two posts

You expect me to read the jibberish that's posted on here?  

http://unofficialnetworks.com/2017/08/21/sold-deer-valley-resort-to-kslsquaw-valley-aspen/

Deer Valley sold to Aspen

No word on if Solitude is part of the package.  If not then Brighton should buy it and become a bigger combined resort since they share a boundary.  I think Brighton is owned by Boyne Resorts.

Solitude is not part of the sale.

Brighton is not owned by Boyne.  Boyne is the long-term operator.  Brighton was part of the CNL collection that was bought recently by another real estate investment company.  Boyne operates several other ski areas that have the same ownership.  Big Sky is the only ski resort Boyne owns and operates now that Crystal ownership was transferred to the Boyne son who has been GM there for quite a while.

Brighton is currently the only Utah ski area on the Max Pass.  Mountain Collective has more of a presence there.

With the Mountain Creek bankruptcy, I could see an outcome where they are sold.  I think both Aspen/KSL and Vail could be interested in it because it would give them a presence in the NYC area to get people on their respective passes.  This is assuming that Aspen/KSL makes their own pass and doesn't stick with Max, Mountain Collective, or both.  Funny thing is that if it were sold to Aspen/KSL which now owns Intrawest, it would go full circle since they were owned by Intrawest in the past.

The intrawest team will remember the brown winters and advise not to get involved with MC

https://www.skiutah.com/news/authors/pr/deer-valley-resort-to-be-acquired-by

This paints a very confusing picture of Aspen KSL and Imtrawest being a maze of joint ventures and partnerships.  This is more of its own version of a Max Pass than is it really a true competitor to Epic.

That they have yet to name this group is not a good sign.  These things can come apart as fast as they go together.

Intrawest could've run Mountain Creek just fine had they not flushed millions of dollars down the toilet on unnecessary lodging when 90+ percent of their guests are day trippers.  Part of the reason they went bankrupt is because of having to spend millions to do upgrades like the new lodge and Sojourn lift that Intrawest should've done, but didn't because they were wasting their time building more hotels and condos.

Mammoth already went full circle because it was a former Intrawest mountain that was sold, and now is back under this new company.  Quite a different animal than Mountain Creek though.

How much longer will trying to run a functioning ski area in New Jersey last? 15,20 more years?

We could debate the affects of climate change or its legitimacy but no matter, we would be foolish to believe ski area conglomerates aren't weighing a changing climate into their purchasing decisions.

Mountain Creek isn't being sold, but will be operated by Snow Operating Corp which runs many other ski areas (not sure which ones).

I suspect they'll be around for quite a while.  Being close to as many people as they are will keep them alive while other ski areas might fail.