Vail Resorts Acquires Northstar

PR Newswire reports the sale of Northstar-At-Tahoe to Vail resorts.
Vail Resorts, Inc. (NYSE: MTN) today announced that it has closed on the acquisition of Northstar-at-Tahoe™ Resort in North Lake Tahoe, Calif., one of the premier mountain resort destinations inNorth America. Vail Resorts acquired the stock of the companies that operate Northstar-at-Tahoe from Booth Creek Resort Properties LLC and other sellers for total consideration of $63 million. The operations of Northstar-at-Tahoe are conducted on land owned by CNL Lifestyle Properties, Inc. which will be leased to Vail Resorts under a long-term agreement. Vail Resorts now operates two mountain resorts in the Lake Tahoe region, also operating Heavenly Mountain Resort in South Lake Tahoe. The Sierra-at-Tahoe resort is not part of the acquisition and will continue to be operated by Booth Creek.
"We are thrilled by the opportunity to bring Northstar-at-Tahoe into our family of world-class mountain resorts. With substantial and diverse ski terrain, a completely renovated and modern base village and outstanding guest service, Northstar-at-Tahoe has been one of the fastest growing mountain resorts over the past few years," said Rob Katz, chairman and chief executive officer of Vail Resorts. "We believe guests of Heavenly and Northstar will greatly appreciate the flexibility to enjoy both the north and south shores of Lake Tahoe as we introduce pass and lift tickets products that offer access to both resorts starting with this coming 2010-2011 ski season."

Northstar At Tahoe Sold