KSL/SkiCo Joint Venture to Acquire Deer Valley
SAM Magazine—Denver, Colo., and Park City, Utah, Aug. 21, 2017—After a short breather from ski resort ownership consolidation, the newly formed entity of KSL Capital Partners and Aspen SkiCo is at it again—this time entering into a definitive agreement to acquire Deer Valley Resort in Park City, Utah. Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is anticipated to close prior to the upcoming 2017-18 ski season.
“Deer Valley Resort is one of the preeminent mountain resorts in the world and is a tremendous addition to our existing portfolio,” said David Perry, president and chief operating officer of the new joint venture. “Prior to this acquisition, we were able to offer our guests exceptional experiences throughout most of North America’s major ski regions, but we did not have a resort in Utah, a state that is renowned for great skiing and mountain town life. We could not be more pleased that Deer Valley Resort will be part of our new company, and we look forward to working with the staff and Park City community to carry on the traditions that make it so special.”
“We are thrilled to join this impressive portfolio with 12 other resorts and are excited about the opportunities this transaction will create for our guests, staff and the community of Park City,” said Bob Wheaton, Deer Valley president and general manager. “Deer Valley is a special place and being part of its growth has been one of the great joys of my life. Joining this portfolio of resorts will enable Deer Valley to build upon its outstanding traditions and further enhance our ability to provide our guests with a world-class skiing experience. I look forward to working with them as we develop our vision for the future of the resort and the new company.”
Deer Valley will continue to honor existing pass products that are currently on sale for the entire 2017-18 season. Deer Valley partners will maintain ownership of Solitude Mountain Resort.
In just the last six months, the yet-to-be-named joint venture has combined Intrawest, Mammoth Resorts, Squaw Valley/Alpine Meadows, and Aspen Skiing Company. With the addition of Deer Valley, the company will control resorts in California, Colorado, Utah, West Virginia, Vermont, Quebec, and Ontario.