Vail Resorts, Inc. closed on its third ski resort in the Lake Tahoe area – the Kirkwood Mountain Resort at Lake Tahoe, CA. Kirkwood is recognized by skiers and snowboarders as offering some of the best high alpine advanced terrain in North America.
Vail Resorts now operates three world-class mountain resorts in the Lake Tahoe region and together with Heavenly Mountain Resort and Northstar California, provides guests and pass holders unparalleled value with the very best that Lake Tahoe has to offer. The transaction, which included the ski resort and undeveloped sites at the center of the base area, closed for total consideration of approximately $18.0 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.
Vail Resorts is already delivering amazing value from the acquisition to its guests. This season, Heavenly and Northstar pass holders can ski and ride at Kirkwood and Kirkwood pass holders can visit Northstar and Heavenly. The company reported that they are already seeing thousands of reciprocal visits from pass holders at the three resorts.
With the previous announcement of the Kirkwood acquisition, Vail Resorts immediately began including Kirkwood in its industry-leading season pass offering. The Company 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, marking the most combined terrain in Tahoe. Priced at $419, Tahoe Local pass holders receive seven-day-per-week access to all three Tahoe resorts for $80 less than last year's comparable Epic Local Pass.
