Vail Closes on Kirkwood
SAM Magazine--April 12, 2012--Vail Resorts, Inc. (VR) today announced that the company has closed on its acquisition of Kirkwood Mountain Resort at Lake Tahoe, Calif. Vail Resorts now operates three mountain resorts in the Lake Tahoe region and together with Heavenly Mountain Resort and Northstar California. The transaction, which included the ski resort and undeveloped sites at the center of the base area, closed for approximately $18 million. The seller retains a participation interest in the base area parcels and continues to own the remainder of the real estate development sites.
Vail Resorts also announced that the power plant which the Kirkwood Meadows Public Utility broke ground on last May is now fully operational and should provide reliable power service to Kirkwood for many years to come.
With the previous announcement of the Kirkwood acquisition, Vail Resorts immediately began including Kirkwood in its season pass offering. VR recently announced the best value in 2012-2013 season passes, including the new Tahoe Local Pass that provides access to more than 10,000 total skiable acres between Kirkwood, Heavenly Mountain Resort and Northstar California, priced at $419. Other pass products are also available.