Stevens Pass Resort Changes Hands in $64M Deal
The resort property, located less than 85 miles from Seattle, sits on the crest of the Cascade Range within two national forests—the Mt. Baker-Snoqualmie National Forest on the west side and the Wenatchee National Forest on the east.
SKYKOMISH, WA—Vail Resorts Inc. of Broomfield, CO has purchased the Stevens Pass Resort here from an affiliate of New York City-based Oz Real Estate (Och-Ziff Capital Management Group LLC) in a deal valued at $64 million.
The resort property, located less than 85 miles from Seattle, sits on the crest of the Cascade Range within two national forests—the Mt. Baker-Snoqualmie National Forest on the west side and the Wenatchee National Forest on the east.
The closure on Stevens Pass is the first of two acquisitions announced in June 2018 to be finalized. In the second, separate transaction, which is expected to close later this summer, Vail Resorts has agreed to purchase Triple Peaks, LLC, the parent company of Okemo Mountain Resort in Vermont, Mount Sunapee Resort in New Hampshire and Crested Butte Mountain Resort in Colorado. After the two transactions close, Vail Resorts plans to invest $35 million over the next two years across the four resorts.
“We are thrilled to officially welcome Stevens Pass to our family of world-class resorts and to offer pass holders another exceptional, unique experience in North America’s Pacific Northwest,” says Kirsten Lynch, chief marketing officer of Vail Resorts.
Vail Resorts’ subsidiaries operate 11 world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone, CO; Park City in UT; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Stowe, VT; Wilmot Mountain in WI and Afton Alps in MN and Mt. Brighton in MI. Vail Resorts owns and/or manages a collection of hotels under the RockResorts brand, as well as the Grand Teton Lodge Co. in Jackson Hole, WY.