Mammoth Resorts announced today that it had entered into an agreement with Aspen Skiing Company to be purchased in 2017 by the skiing power that of course owns and operates the famous resort in Central Colorado. The purchase includes Mammoth, June Mountain, Big Bear and Snow Summit. Pending closing conditions, the purchase is expected to be completed by the third quarter of 2017.
“After doubling down on our offerings to Southern California with the purchase of Big Bear and Snow Summit in 2014, joining this new venture led by Aspen and KSL is the next logical chapter in the story of Mammoth Resorts,” said Mammoth chairman and CEO Rusty Gregory in the release.
It has been a busy week for KSL, the parent company to Aspen. The resort giant purchased Intrawest for around 1.5 billion, which includes Steamboat and Winter Park (Colo.). There was no price tag included in the Mammoth purchase but one can guess. The Mammoth Resort group sold for $365 million in 2005 so this purchase was probably well north of $500 million (more likely north of a billion given that it includes four resorts this time around in one of the most expensive real estate markets in the country).
The move by Aspen seems in direct response to Vail Resorts recent purchase of areas like Whistler and Stowe. The rumor mill is rampant now so watch for other resorts that stand alone to perhaps be purchased by the new conglomerate. Places like Jackson Hole, Telluride, Snowbird and Sun Valley (Aspen’s Limelight Lodge actually built a second location in the Idaho ski town so local talk there is rife with purchase rumors).
2017 has certainly been a year of resort conglomeration and the trend continued today.