Mammoth Mountain announced this morning that the resort and its holdings—Bear Lake, June, and Snow Summit—will be acquired by Aspen Skiing Company and KSL Capital Partners. Terms of this transaction have not been disclosed. This immediately follows the announcement made on April 10 that Aspen and KSL—which owns Squaw/Alpine Meadows—have purchased Intrawest resorts for $1.5 billion.
This brings the total resorts owned by Aspen and KSL's newly formed investment group to 15; Vail Resorts currently owns 11. Aspen and KSL now have a serious foothold in California with Squaw/Alpine Meadows and Mammoth, Colorado with Aspen's four resorts and Steamboat, and the East with Tremblant and Stratton.
Aspen and KSL's new Acquisitions
For skiers not living on the West Coast, Mammoth tends to be a quiet giant, and not a top-of-mind destination resort. However, describing a resort as “quiet” that regularly is one of the top 10 most popular resorts in the nation when ranked by skier visits obviously is off the mark.
Mammoth’s low profile outside its region shows the marketing dominance of ski states such as Utah and Colorado, for instance. Or perhaps it shows a need for more aggressive marketing by Mammoth. You can bet that's about to change, with the new collective marketing muscle of Aspen and KSL undeniably taking on Vail Resorts' leadership position in the resort industry.
Yes, there’s a reason it's named Mammoth Mountain. The numbers are beefy with a 3,100-foot vertical, more than 3,500 acres and a summit elevation of 11,053 feet. And with a season that can slide into June, it all adds up to perhaps the busiest so-called regional resort in the U.S.
“Mammoth has been Southern California’s mountain home since 1948,” said Rusty Gregory, chairman and CEO of Mammoth Resorts in the press release issued this morning. “After doubling down on our offerings to Southern California with the purchase of Snow Summit and Bear Mountain in 2014, joining this new venture led by Aspen and KSL is the next logical chapter in the story of Mammoth Resorts. This new platform, built around a collective passion for the mountains and our commitment to the people who visit, work and live there, is exactly what the ski resort business needs. I am excited about the future prospects for Mammoth Resorts, our people and this new enterprise.”
Mountain Collective, indeed.