Aspen Skiing Company and KSL Acquire Mammoth Resorts

April 12, 2017

Mammoth Resorts today announced that it has 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. A Starwood Capital Group controlled affiliate owns a majority interest in Mammoth Resorts.

Mammoth Resorts is a great operator with a large California footprint. They operate Mammoth Mountain, June Mountain, Snow Summit, Bear Mountain and several hospitality properties as well as two golf courses. Mammoth Lakes is a vibrant community on a year round basis, offering alpine and freestyle on-snow camps well into June. Their extensive mountain biking trail system attracts visitors all summer and their close proximity to Yosemite National Park is also a big draw. Just as importantly, these resorts have distinct personalities stemming from their early days as fledgling resorts, creating a strong sense of place that is alive and well.

Considering these attributes in the context of the Intrawest deal announced Monday, the strength of this overall combination is clear. While the details of how Aspen Skiing Company will collaborate with this collection of amazing resorts will be worked out over the coming months, we share a common passion for the mountains and for our home communities. That gives us great confidence that by working together, we will ultimately offer even more compelling experiences to our guests, while staying true to Aspen Skiing Company's commitment to Live Passionately.


Mammoth Resorts Press Release

Aspen Skiing Company and KSL Acquire Intrawest Resort Holdings

Originally Published April 10, 2017

Aspen Skiing Company has been exploring ways to grow the company for some time. We are thrilled to announce that we have taken just such a step by partnering with an affiliate of KSL Capital Partners, LLC (KSL) to acquire Intrawest Resort Holdings. KSL is our partner in Snowmass Base Village and also owns Squaw Valley/Alpine Meadows. Together, we are forming a new entity to acquire this incredible collection of resorts, run by a capable and committed management team. Intrawest, headquartered in Denver, owns Steamboat and operates Winter Park in Colorado. The company also has several resorts in the East, including Snowshoe, WV, Stratton Mountain, VT, Mont Tremblant, Quebec, Blue Mountain, Ontario, as well as Canadian Mountain Holidays, British Columbia, and the management of several condominium hotel properties.

Each resort has a strong sense of place with incredible passion and commitment from their employees and loyal guests. We’re convinced this new venture will bring fresh perspectives to these unique properties, help them enhance the guest experience, and foster even stronger partnerships with the local communities. Aspen Skiing Company will continue to be operated separately from Intrawest and Squaw, but we plan to work together in areas that make sense.

INTRAWEST RESORT HOLDINGS PRESS RELEASE

As we embark on this new adventure, it’s our shared commitment and values-based approach alongside our new partners that will continue to grow our business, offer new opportunities to employees and make the company, the sport and the lifestyle sustainable for many years to come. Fundamental to this announcement is our ongoing dedication to maintaining and building upon what is special and unique about Aspen Snowmass. We have thought long and hard about growth and ensuring it does not distract us or diminish our dedication to this community, and we firmly believe that by broadening our perspective and reach, we will be even stronger and more effective in living our values, our principles, and our passion.

For the full 2017-18 winter season, all resorts involved in the transaction will honor their existing pass products currently on sale, including the Mountain Collective, the Rocky Mountain Super Pass + and the M.A.X. Pass.



Here are some answers to your biggest questions:

Q: Will management at Aspen Skiing Company change?

A: No, Aspen Skiing Company has built a strong and dedicated team and we are excited to continue working with our guests and the community.


Q: Will the new entity have ownership of be involved in Aspen Skiing Company?

A: No, there is no inclusion of current Aspen Snowmass assets in this transaction


Q: Will Intrawest and Mammoth be merged?

A: While it is anticipated that there will be greater centralization of certain functions, each of Intrawest and Mammoth will continue to operate on a standalone basis.


Q: How will the new entity be structured?

A: ASC and KSL formed a new entity. While it is anticipated that there will be greater centralization of certain functions, each resort will continue to operate on a standalone basis. Please reference the press release for further information.


Q: Who will run Mammoth?

A: The current management team will continue to run Mammoth.


Q: Where will the entity be headquartered?

A: The entity will continue to be headquartered in Denver, Colorado.


Q: Will Intrawest continue with business as usual?

A: Operations at Intrawest will continue in ordinary course. For the full 2017-18 winter season, Intrawest will continue to honor its existing multi-resort and season pass products.


Q: What will happen to Intrawest’s passes?

A: While there are still great conditions for this year, next year’s season passes are already on sale. For the full 2017-18 winter season, Intrawest will continue to honor its existing multi-resort and season pass products that are currently on sale.


Q: Who will run Intrawest?

A: The current management team will continue to run Intrawest.


Q: Will Aspen Snowmass or Squaw Valley/Alpine Meadows be added to Intrawest’s passes?

A: As passes for next year are already being sold, no immediate changes to pass products are planned.


Q: What will happen to The Mountain Collective and M.A.X. Pass?

A: Both passes are on sale for the 2017-2018 season and both will be honored at the participating resorts. There are currently no changes planned for either pass.