Parker Riehle

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Vail to buy Stowe ski operations for $50 million

MONTPELIER — Stowe Mountain Resort, one of the state’s most iconic ski areas, is slated to be sold to Colorado-based Vail Resorts for $50 million in a deal that could reshape the ski industry in Vermont and throughout New England. The two companies announced the deal Tuesday morning, but it is subject to state approval in Vermont. The sale, which before Tuesday had been a persistent rumor for months, is expected to close in the next several months. Vail will acquire all of the assets related to Stowe’s ski operations from AIG Global Real Estate, including base area skier services such as food and beverage, retail and rental equipment, lift ticket offices and ski and snowboard school facilities at Mount Mansfield and Spruce Peak. Other assets, including the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club and other real estate will be retained by Mt. Continue Reading →

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Senator’s letter to resorts rankles ski industry, fellow lawmakers

MONTPELIER — A state senator has sent a letter to each of the seven ski resorts utilizing state land asking them to renegotiate leases, but the closing paragraph he included has some lawmakers concerned he has issued a thinly-veiled threat to raise their taxes if they do not agree. Chittenden County Sen. Tim Ashe, a Democrat and the chairman of the powerful Senate Finance Committee, sent the letters on Senate letterhead last week to Bromley, Okemo, Killington, Stowe, Smuggler’s Notch, Burke and Jay Peak. He signed each letter as chairman of Senate Finance. Ashe’s letters follow the release of a report by State Auditor Doug Hoffer last month that found the resorts’ lease payments to the state have not kept pace with the resorts’ economic growth. The long-term leases with the resorts range between 50 and 100 years. Continue Reading →

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