Vail Resorts has announced that it is buying Crested Butte Mountain Resort and two other resorts from the Mueller family, making The Butte its fifth Colorado ski resort along with Vail, Beaver Creek, Breckenridge and Keystone.
Vail will be paying the Muellers $82 million to acquire Triple Peaks LLC, which owns Crested Butte, Okemo Mountain Resort in Vermont and Mount Sunapee in New Hampshire, while also providing Triple Peaks $155 million to pay off leases owed to another resort company, Ski Resort Holdings. In a separate deal, Vail will pay $67 million to acquire the Stevens Pass ski area in Washington state.
In a news release, Vail Resorts said its Epic Pass will be good at Crested Butte and its other new acquisitions next season. Vail also said it would invest $35 million over the next two years to improve its new holdings.
“We know our guests and employees will benefit from Vail Resorts’ outstanding track record of resort and community investment, environmental stewardship, and employee development,” said Tim Mueller, president of Triple Peaks, LLC. “We care deeply about the legacy of these resorts, and have absolute confidence in Vail Resorts to celebrate what makes them so special, while also providing long-term stability for the communities.”