Ski Wars: Aspen Skiing Buys Steamboat Ski Resort Owner

In a deal expected to escalate the ski resort wars, Aspen Skiing Company announced Monday they are buying Intrawest Resort Holdings, which operates Steamboat Resort and Winter Park in Colorado. Aspen - which owns Snowmass Base Village and Squaw Valley - is expected to close on the $1.5 billion deal later this year.

The move comes on the heels of expansion steps by rival Vail Resorts, already the largest resort operator, which bought Stowe in Vermont and a majority ownership in the Whistler Blackcomb in Canada.

With the deal, Aspen also will take over 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.

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"The enthusiasm that Intrawest’s employees exhibit for the guest experience and for being responsible members of their communities is apparent in all they do," said Mike Kaplan, CEO of Aspen Skiing Company. "We are excited to be part of the investment group that is going to work hard to help realize the collective potential of Intrawest’s portfolio of resorts."

To make the deal, Aspen partnered with KSL Capital Partners to form a new entity. They say that Aspen Snowmass will be separately owned and that the new company will be based in Denver. While ownership is changing, the management of Intrawest will continue, according to a release.

"Intrawest is a collection of remarkable properties in exceptional locations. Each has its own unique story and its own unique sense of place," said Eric Resnick, chief executive officer of KSL. "We are committed to honoring the deep traditions of each resort, while working with Intrawest’s talented management team and employees to continue to serve both their guests and local communities."

The deal marks a new beginning for Intrawest, which had once been the largest operator of ski resorts in the world. They are currently owned by New York-based Fortress Investment Group, which themselves were purchased by Japanese telecommunications company, SoftBank Group Corporation earlier this year.

Since that deal was announced, Fortress has been exploring the sale of Intrawest.

Photo via Steamboat Resort.