Colorado ski giant Vail Resorts has acquired its second mountain resort near the Lake Tahoe Basin, the company announced Monday.
Vail acquired the stock of companies that operate and manage Northstar-at-Tahoe from Booth Creek Resort Properties LLC for $63 million, said Kelly Ladyga, spokesperson for Vail, in a Monday afternoon phone interview.
"Northstar is one of the fastest growing mountain resorts in North America and we are excited to add another world-class resort to our collection," Ladyga said. "Our company can leverage our marketing strength to provide guests flexibility to enjoy both North and South Shores of Lake Tahoe and elevate the region as a premiere winter resort destination."
Vail - based out of Broomfield, Colo. - also owns Heavenly Mountain Resort in Douglas County. It operates Vail, Beaver Creek, Breckenridge and Keystone, all in Colorado.
Northstar-at-Tahoe's operations are conducted on land owned by CNL Lifestyle Properties; according to the long-term arrangement finalized Monday, such land will be leased to Vail Resorts, said Kirstin Cattell, marketing and communications manager for Sierra-at-Tahoe Resort.
Booth Creek will continue to own the company that operates Sierra-at-Tahoe Resort, under a similar arrangement with CNL Lifestyle Properties, Cattell said.
"We would like to recognize everyone on the Northstar-at-Tahoe team for their invaluable contributions to the success of this resort," said Chris Ryman, president/partner of Booth Creek, and Betsy Cole, chief financial officer/partner of Booth Creek, in a joint statement. "We are proud to have been associated with such a talented group of individuals."
George Gillett, chief executive officer of Booth Creek, as well as Ryman and Cole, will no longer have management positions at Northstar-at-Tahoe, Ladyga confirmed Monday.
"Chris, Betsy and the entire Northstar-at-Tahoe team have created an incredible success story in the resort industry," Gillett said in a written statement. "My family and I are proud to have been associated with Northstar-at-Tahoe over the past fourteen years."
Vail Resorts will begin an immediate search for a new general manager of Northstar-at-Tahoe, which will include both internal and external candidates, she said.
Cattell confirmed are no changes in management planned for Sierra-at-Tahoe.
"We are sad to be losing co-workers at Northstar, but, at the same time, we are excited for the opportunity to concentrate our efforts at Sierra-at-Tahoe," she said.
