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News Roundup: Everybody’s Doing It

News Roundup: Convoy

Vail to Acquire Peak Resorts for $264 Million

Vail Resorts has agreed to purchase Peak Resorts, the publicly-traded parent company of 17 ski resorts in the northeast and midwest.  The deal will more than double the number of mountains Vail operates and expand markets such as New York, Philadelphia and Washington, D.C. for the Epic Pass.  Mountains to be acquired include Mt. Snow in Vermont, Hunter Mountain in New York and Attitash in New Hampshire.  Combined, Peak Resorts operates 109 aerial lifts in seven states.  Vail will be up to 37 mountains in three countries with 437 lifts upon closing.

Peak itself closed on a $76 million purchase of Snow Time, Inc. less than eight months ago, yet the merger and acquisition action continues. “We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our Company,” said Rob Katz, chairman and chief executive officer of Vail Resorts in an early morning announcement. “Peak Resorts’ ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston. With this acquisition, we are also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit.”  The deal must still be approved by Peak’s shareholders, which are being offered $11.00 per share.  When the deal closes, Epic Pass holders will receive unlimited, unrestricted access to all 17 resorts.

IMG_3944
The flagship Bluebird Express at Mt. Snow will now truly be a sister lift to Sunburst Six at Okemo.

Vail plans to spend approximately $15 million for one-time capital improvements over the first two years and an ongoing $10 million per year to support the Peak properties.  Vail’s EBITDA is expected to increase by $60 million annually with the new additions.  The transaction is expected to close in the fall.

News Roundup: Norway

  • Arctaris Impact Fund still wants to buy Saddleback but no deal has been reached after more than a year.
  • The Banff-Norquay gondola project faces stiff headwinds from Parks Canada.
  • The latest podcast from Vail Resorts CEO Rob Katz highlights how the company takes over operations at newly-acquired resorts.
  • A judge rejects the Hermitage Club’s proposed restructuring plan as members look to reopen under new management.
  • In other Hermitage news, a New Jersey bank seeks to repossess 46 snow guns.
  • Here is the complete incident narrative from the February SeaWorld gondola deropement.
  • Lift construction gets underway at Skeetawk, America’s first all-new ski area since Cherry Peak in 2015.
  • Village construction resumes at Tamarack with Wildwood Express installation to follow this fall.
  • A helicopter delivers most of the new Steamboat gondola towers.
  • Last week’s gondola incident at Vail was not a result of tampering or sabotage.
  • Medellín’s sixth urban gondola, Line P, is on track to open in December.
  • After 1,231 days as Yosemite Ski & Snowboard Area, the Badger Pass name returns thanks to a $12 million settlement between the National Park Service and two competing concession companies.
  • I spoke too soon on Eaglecrest possibly building Alaska’s first gondola.  Icy Strait Point on Chichagof Island is planning a gondola project to open as soon as next summer.
  • The haul rope is spliced for a rare fixed grip chondola in Illinois.
  • Mi Teleférico in La Paz broke its own daily record again on Monday with 583,841 riders, more than average weekday ridership for Boston’s three subway lines combined.

  • Municipally-owned Great Bear resorts to private fundraising in hopes of replacing its Borvig chairlift.
  • Placer County leaders will vote Tuesday on the Squaw-Alpine gondola.
  • Simon Fraser University steps up its Burnaby Mountain gondola marketing.
  • The Los Angeles Griffith Park gondola study is underway.
  • Eagle’s Rest 2.0 nears completion at Jackson Hole.

News Roundup: Tallying

  • Just in time for summer, the Sea to Sky Gondola welcomes ten more cabins to the line, increasing capacity by 50 percent.
  • The Idaho Springs, Colorado city council may vote Monday on rezoning for a proposed 17 tower, 27 cabin gondola lift.
  • Hermitage Club founder Jim Barnes explains his reorganization plan but for now, a receiver remains in place.
  • Snowshoe is purportedly planning to replace Powder Monkey with a fixed grip quad next summer.
  • Although it doesn’t build lifts in the United States, Bartholet has built some very slick machines lately.
  • The Indy Pass grows to 28 resorts.
  • A rocket from Syria damages a ski lift at Israel’s Mt. Hermon, where a Leitner gondola is also currently under construction.
  • Vail Resorts CEO Rob Katz launches a podcast with a great first episode about the Park City acquisition.
  • The City of Steamboat is still weighing options for bringing in a private operator and/or replacing Barrows at Howelsen Hill.
  • California Express notches another approval but litigation could be coming.
  • Vail Resorts reports a great quarter: skier visits up 14.3 percent and lift revenue up 16.4 percent with season pass sales for next year trending up 9 percent and 13 percent in units and dollars.  “We are still absolutely aggressive on looking for additional resorts that we think add to our network and make the experience that we provide our guests better,” says Rob Katz on the quarterly conference call.
  • Quebec tallied 4.6 million skier visits last winter, a ten year high for a province with three new chairlifts already under construction for next year.
  • New Hampshire resorts logged 100,000 more skier days than 2017-18.
  • Colorado is king with 13.1 million estimated skier visits, a new record.
  • This was supposed to be the summer the town of Grafton, Illinois celebrated a new gondola.  Instead, 2019 will be remembered for the flooding that has thrown a wrench in its construction.
  • Teo II is approved but has no timeline for construction yet.

News Roundup: 3S

News Roundup: Lots of Euros

News Roundup: Heating Up