Colorado-based Aspen Skiing Co., which owns four resorts and hospitality projects, and KSL Capital Partners, a private equity firm based in Denver has agreed to buy Mammoth Resorts, the ski company that runs four of California’s most popular resorts, further consolidating the country’s ski slopes into the hands of a few major developers.
Mammoth Resorts, which operates Mammoth Mountain and June Mountain in the Eastern Sierra, plus Bear Mountain and Snow Summit in the San Bernardino Mountains, has agreed to be acquired by the newly formed partnership by fall, but terms of the deal were not disclosed.
“This new platform, built around a collective passion for the mountains and our commitment to the people who visit, work and live there, is exactly what the ski resort business needs,” said Rusty Gregory, chairman and chief executive of Mammoth Resorts, which took over Bear Mountain and Snow Summit in 2014 in a $38-million deal.
The dollar amount for the Mammoth purchase has not been disclosed; however, when Connecticut-based Starwood Capital Group bought a controlling interest in Mammoth Resorts in 2005, with only Mammoth and June Mountain, the purchase was for $365 million.
Only two days before announcing the latest deal for Mammoth Resorts, KSL and Aspen Skiing announced a deal to take over Intrawest Resorts Holdings, a Denver-based resort company that operates six mountain resorts, with approximately 8,000 skiable acres and 1,100 acres of land for real estate development. The deal was valued at $1.5 billion.