Snowshoe Resort Parent Company Sold
Snowshoe Mountain Resort in Pocahontas County will soon be under new management. Intrawest Resorts Holdings, Inc announced in a press release dated April 10th that it had entered into a definitive agreement to be acquired by a newly-formed entity controlled by affiliates of the Aspen Skiing Company, L.L.C. and KSL Capital Partners, LLC. Under the terms of the merger agreement, Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock, representing a total valuation of approximately $1.5 billion including debt obligations to be assumed or refinanced net of cash at closing. The transaction was unanimously approved by the board of directors of Intrawest. Following the execution of the merger agreement, stockholders representing a majority of the voting shares of Intrawest delivered a written consent approving and adopting the merger agreement. The transaction is expected to close by the end of the third quarter of calendar year 2017 and is subject to certain closing conditions including regulatory approvals.
Aspen Skiing Company owns and operates the four mountains of Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk – as well hospitality properties The Little Nell, Residences at The Little Nell, Limelight Aspen and Limelight Ketchum in Ketchum, Idaho. In addition, Aspen Skiing Company owns and operates numerous retail and rental locations through the resort and the Roaring Fork Valley.
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; and London. Since 2005, KSL has raised approximately $7.5 billion in equity capital commitments.
Intrawest’s chief executive officer Thomas Marano said “This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders. We are excited to work with Aspen and KSL. Our new partners bring additional financial resources and a shared passion for the mountains and our mountain communities. Both Aspen and KSL are committed to helping Intrawest accelerate our plans to bring more value to our guests, more opportunities for our employees and more investment into our local communities.”
Eric Resnick, chief executive officer of KSL said “Intrawest is a collection of remarkable properties in exceptional locations. Each has its own unique story and its own unique sense of place. We are committed to honoring the deep traditions of each resort, while working with Intrawest’s talented management team and employees to continue to serve both their guests and local communities.”
Mike Kaplan, chief executive officer of Aspen said “The enthusiasm that Intrawest’s employees exhibit for the guest experience and for being responsible members of their communities is apparent in all they do. We are excited to be part of the investment group that is going to work hard to help realize the collective potential of Intrawest’s portfolio of resorts.”