Vail Resorts, Inc. to Purchase Crested Butte Mountain Resort
Some very surprising news came out last week – Crested Butte Mountain Resort is being purchased by Vail Resorts, Inc.! Vail Resorts is paying $82 million to acquire Triple Peaks LLC, therefore acquiring Crested Butte Mountain Resort, Okemo Mountain Resort in Vermont, and Mount Sunapee in New Hampshire. An additional $155 million is being provided to pay off leases Crested Butte Mountain Resort and the other two resorts have with Ski Resort Holdings LLC, an affiliate of Oz Real Estate. Vail Resorts announced it will be investing $35 million in its new acquisitions (also including Stevens Pass Resort in Washington) over the next two years. The sale is expected to close by the end of the summer.
This will definitely have an interesting impact on the Crested Butte real estate market. Being a Crested Butte realtor for 18 years, I have experienced the markets during the time the Callaways owned the resort, sold to Tim and Diane Mueller (Triple Peaks LLC) during an already busy real estate market in 2004, and through the growth the resort and valley have experienced during the time since. Feel free to contact me with any questions, concerns or interest in what this means for your real estate listing and/or purchase options.