Deer Valley Resort to be Acquired by Newly Formed Resort Company and Joined with Intrawest, Mammoth Resorts, and Squaw Valley Ski Holdings
New Company’s portfolio increases from 12 four-season mountain resorts to 13
with the addition of iconic Utah resort
The newly formed entity controlled by affiliates of KSL Capital Partners, LLC and Henry Crown and Company that in July joined Intrawest Resorts Holdings, Inc., Mammoth Resorts and Squaw Valley Ski Holdings today announced, with Deer Valley Resort, that they have entered into a definitive agreement for the newly formed entity to acquire Deer Valley Resort. Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is anticipated to close prior to the upcoming 2017-18 ski season.
“Deer Valley Resort is one of the preeminent mountain resorts in the world and is a tremendous addition to our existing portfolio. Prior to this acquisition, we were able to offer our guests exceptional experiences throughout most of North America’s major ski regions, but we did not have a resort in Utah, a state that is renowned for great skiing and mountain town life. Park City and Salt Lake skiers have always known that powder, blue skies, a huge variety of terrain, and exemplary guest service have always set Deer Valley Resort apart,” said David Perry, president and chief operating officer of the new joint venture. “We could not be more pleased that Deer Valley Resort will be part of our new company, and we look forward to working with the staff and Park City community to carry on the traditions that make it so special,” added Mr. Perry.
“We are thrilled to join this impressive portfolio with 12 other resorts and are excited about the opportunities this transaction will create for our guests, staff, and the community of Park City. Deer Valley is a special place and being part of its growth has been one of the great joys of my life,” said Bob Wheaton, president and general manager. “Joining this portfolio of resorts will enable Deer Valley to build upon its outstanding traditions and further enhance our ability to provide our guests with a world class skiing experience. I look forward to working with them as we develop our vision for the future of the resort and the new company.”
Season Passes
For the full 2017-18 winter season, Deer Valley will continue to honor the existing pass products that are currently on sale.
About Deer Valley
Deer Valley Resort revolutionized the ski industry by providing the first-class service one would receive at a five-star hotel. The resort offers 21 chairlifts, 101 ski runs, six bowls, 12 restaurants, 300 annual inches of powder, three elegant day lodges, 2,026 acres of alpine skiing, hundreds of luxury accommodations and a renowned Ski School and Children’s Center.
About Intrawest Resorts, Inc., Mammoth Resorts, Squaw Valley Ski Holdings and the New Joint Venture (new name and identity to be announced before ski season)
The new joint venture is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers. Together, Intrawest, Mammoth Resorts and SVSH own and/or operate 12 four-season mountain resorts with approximately 20,000 skiable acres and significant land available for real estate development. The mountain resorts are geographically diversified across most of North America’s major ski regions: Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain in California; Steamboat Ski & Resort and Winter Park Resort in Colorado; Blue Mountain Ski Resort in Ontario; Mont Tremblant Resort in Quebec; Stratton Mountain Resort in Vermont; and Snowshoe Mountain Resort in West Virginia. The company’s mountain resorts are geographically diversified across most of North America’s major ski regions, including California, the Eastern United States, the Rocky Mountains, and Canada. The company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, the world’s leading heli-skiing adventure company. Additionally, the company operates a comprehensive real estate business through which it manages condominium hotel properties and sells and markets residential real estate.
Frequently Asked Questions:
TRANSACTION QUESTIONS
Question: What is the transaction?
Answer: The joint venture that brought Intrawest, Mammoth Resorts and Squaw Valley Ski Holdings together has entered into an agreement to acquire Deer Valley. The purchase price was not disclosed.
Question: When will the transaction close?
Answer: The transaction is expected to close prior to the new ski season.
Question: Is Solitude included in the buy?
Answer: No. Deer Valley partners will maintain ownership of Solitude Mountain Resort.
Question: Why are KSL and HCC interested in Deer Valley?
Answer: Deer Valley is one of the preeminent resorts in the world. This transaction allows the new company to reach skiers and vacationers that desire to ski and travel to Utah, one of the premier ski destinations in North America. This acquisition will benefit the skiing public by providing Utah skiers an option in their state and destination options within a larger portfolio of resorts; it also provides guests at the other 12 resorts another destination with premier skiing.
Question: Why did Deer Valley decide to enter into this agreement?
Answer: Over the last 36 years, Deer Valley has developed into one of the highest quality ski resorts in the country. This transaction puts the resort in a strong position to continue to grow as part of a portfolio of 12 other outstanding resorts. Deer Valley is excited about the new opportunities this will create for the staff, guests and the Park City community.
Question: Is Aspen Snowmass part of the new entity?
Answer: No, there is no inclusion of current Aspen Snowmass resorts in this transaction. Aspen remains independent, and we will explore opportunities to work together when and where it is appropriate.
Question: Who is the appropriate press contact or person to direct questions?
Answer: Please direct all press inquiries and external stakeholder questions to Lis de Roziere LdeRoziere@Intrawest.com at the new entity and Coleen Reardon creardon@deervalley.com or Emily Summers esummers@deervalley.com at Deer Valley.
DESCRIPTION OF COMPANIES
Question: Who is Henry Crown and Company?
Answer: Henry Crown and Company dates back to the early 1900’s when Henry Crown and his brothers started Material Service Corporation, which was later merged into General Dynamics. Today, the Crown’s family assets fall into four broadly defined categories, including publicly traded securities, real estate, investment funds, and privately held operating companies, including Aspen Skiing Company.
Question: Who is KSL?
Answer: KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has significant ski industry experience and has owned Squaw Valley Alpine Meadows for the last six years. KSL has offices in Denver, Colorado; Stamford, Connecticut; and London, England. Since 2005, KSL has raised approximately $7.5 billion in equity capital commitments. For more information, please visit www.kslcapital.com.
Question: Who is Intrawest?
Answer: Intrawest is a North American mountain resort, adventure, and real estate company. Intrawest’s ski resort portfolio is geographically diverse and includes Steamboat and Winter Park in Colorado, Mont-Tremblant and Blue Mountain in eastern Canada, Stratton and Snowshoe in the eastern U.S., and Canadian Mountain Holidays (“CMH”) in British Columbia. Additionally, Intrawest owns more than 1,100 acres of land for real estate development. For more information visit www.intrawest.com.
Question: Who is Squaw Valley Ski Holdings?
Answer: Squaw Valley Ski Holdings (“SVSH”), an affiliate of KSL, is the parent company of Squaw Valley Alpine Meadows. Squaw Valley Alpine Meadows is an internationally renowned mountain resort in North Lake Tahoe that spans over 6,000 skiable acres. The resort features slopeside lodging at The Village at Squaw Valley®, which bustles year round with nonstop events and over 50 bars, restaurants and boutiques. With an annual average of 450 inches of snowfall and 300 sunny days, Squaw Valley Alpine Meadows is known as the spring skiing capital as it provides one of the longest ski and snowboard seasons in Lake Tahoe. Skiers and riders of all ability levels are welcomed by over 65 percent beginner and intermediate terrain, 14 easy-to-navigate mountain zones and a custom app to make the most of every visit. For more information visit www.squawalpine.com.
Question: Who is Mammoth Resorts?
Answer: Mammoth Resorts is the leading four-season mountain resort operator in California. The company owns and operates a variety of recreation, hospitality, real estate development, food and beverage and retail enterprises. This includes Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain. Mammoth Resorts is also the owner-operator of Tamarack Lodge and Resort, Mammoth Mountain Inn, Juniper Springs Resort, the Village Lodge, Mammoth Mountain Bike Park, Snow Summit Bike Park, Mammoth Snowmobile Adventures, Sierra Star Golf Course, and Bear Mountain Golf Course. For more information visit www.mammothresorts.com.
Question: Who is Aspen?
Answer: Aspen Skiing Company owns and operates the four mountains of Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk – as well hospitality properties The Little Nell, Residences at The Little Nell, Limelight Aspen, and Limelight Ketchum in Ketchum, Idaho. In addition, Aspen Skiing Company owns and operates numerous retail and rental locations through the resort and the Roaring Fork Valley. For more information, please visit www.aspensnowmass.com.
OPERATION QUESTIONS
Question: Will Deer Valley continue with business as usual?
Answer: Operations will continue in ordinary course. For the full 2017-18 winter season, Deer Valley will continue to honor existing season pass and multi-resort products. Future seasonal hiring will remain in the ordinary course.
Question: Will Deer Valley allow snowboarding?
Answer: There are no plans to allow snowboarding at this time.
Question: How about all of the unique services such as limiting the numbers of skiers on the hill, ski valets, complimentary ski storage and host tours, and free parking?
Answer: There are no plans to change Deer Valley’s offerings or programs.
Question: Will staff grooming standards change or remain the same?
Answer: Staff grooming standards will remain the same, as outlined in the Deer Valley staff handbook
Question: What will happen to season passes?
Answer: For the full 2017-18 winter season, we will continue to honor all existing season pass products. Deer Valley will also maintain its current season pass reciprocal program benefits, such as the Wasatch Benefit and Solitude and Steamboat pass exchanges.
Question: Will Intrawest, Mammoth, or SVSH be added to our passes?
Answer: As passes for next year are already being sold, no immediate changes to pass products are planned.
Question: Will Aspen Snowmass be involved in a joint pass in the future?
Answer: This is open to discussion and consideration in the future.
Question: Are there additional acquisition opportunities?
Answer: The Company will continue to explore additional growth opportunities to complement the current resorts.
Question: When will a new pass product be announced? What will that look like?
Answer: There will be no changes in passes for the 2017-18 season. Regarding future new passes, this will be shared at the appropriate time.
Question: Will the current management at Deer Valley remain in place with the new company?
Answer: Yes. Bob Wheaton will maintain his position as General Manager serving in his current Deer Valley role with no anticipated changes for the foreseeable future. Bob will continue to provide guidance and support at Solitude Mountain Resort with Kim Mayhew continuing as General Manager.
Question: Who is running this new company?
Answer: Bryan Traficanti of KSL is serving as interim CEO for the new company while the company runs a search process to hire a CEO. Also, David Perry joined the company from Aspen to serve as President and Chief Operating Officer.
The Official Blog of Deer Valley Resort
I pay far more money at DV to have a locker and ski then I would at Alta or PC.
I’ve skied with a full seasons pass at DV for 23 years. Any aspect of this Hill and it’s policies change and I’ll leave.
Skip the corporate disclaimer. The decisions will now be made far above Bob’s head.
Goodbye to DV.
“For all of these acquisitions to take place,” said Malone, of “this company with a name to be picked later, I would assume the ultimate objective would be a shared-pass product, something that would be good at all of these places.”
PC Chamber of Commerce President on DV acquisition.
“At this time…”
DV has gone Vail. It’s over.
What makes Deer Valley pre-eminent , much safer than most resorts and special is:
1. No snow boarders.
2. Lower volume on the mountain, paid for by higher price lift tickets.
3. Great service associated with 1. and 2.
Any corporate attempt/stupidity to commoditise Deer Valley by negating 1-3 above will destroy the unique brand, which will be rued by management subsequently , but will never return.
Please confirm categorically- No snowboarders.
‘At this stage ‘ is certainly not a statement of brand support.
Dear new owners of Deer Valley:
Congratulations on your purchase. My family and i have come to Deer Valley to ski and vacation for over 15 years.
We prize the beautiful ski conditions, wonderful food and amenities, but especially the lack of snow borders. Please, please do not change what is so special about this resort.
Respectfully,
Meryl H
Solitude Ski Resort will be held by Deer Valley Partners. Who are they now that they no longer have Deer Valley. Will they have any plans for this wonderful mountain? The Powderhorn chair really needs to be upgraded to a high speed Quad.
The loose and non-committal language used with regard to the plan for snowboarders is extremely concerning. The reason why people buy houses in DV and vacation here regularly, is because we are provided with excellent service, grooming, and a family oriented ski terrain that is skier-only. Permitting snowboarders, and saying there is no plans “at this time,” is raising red flags for many committed DV skiers, and leaving me very concerned.
Hey John,
Royal Street and their partners still own the land in Big Cottonwood Canyon. That has not changed.
Honestly…I was shocked to hear this news. If Deer Valley was ready to enter into a joint venture, why not with Vail? This makes no sense to me. Frankly, the resorts, for the most part that are involved with this transaction, are significantly substandard compared to Deer Valley. The connection of Park City, Canyons and Deer Valley would have been the perfect trifecta. This is so disappointing.
Thanks for sharing Ann. Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley and will remain an alpine only resort. Our senior leadership will remain in place and we believe you will find little change to the experience at Deer Valley Resort. Let us know if you have any questions. We hope to see you on the slopes this winter.
Hey Charlie, there is no inclusion of current Aspen Snowmass resorts in this transaction. Aspen remains independent, and we will explore opportunities to work together when and where it is appropriate.
Hey Tom, there is no inclusion of current Aspen Snowmass resorts in this transaction. Aspen remains independent, and we will explore opportunities to work together when and where it is appropriate.
Hey Ruby,
Thank you for your comment and we are sorry to hear you are disappointed in the news. Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley. Our senior leadership will remain in place and we believe you will find little change to our operations and the experience at Deer Valley Resort. Please let us know if you have any questions.
Hey Ken, thank you for your loyalty to Deer Valley Resort. We believe you will find little change to our operation and the experience at Deer Valley Resort. We look forward to seeing you on the slopes this winter.
Hey Bob, we are so are grateful that you are invested in being a guest of Deer Valley. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We hope to see you on the slopes this winter.
Hey Lane, we are so are grateful that you are invested in being a guest of Deer Valley. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We want our loyal guests to know that we are monitoring the feedback and passing it on to our management team. We hope to see you on the slopes this winter.
Hey Chris, we are so are grateful that you are invested in being a guest of Deer Valley. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We want our loyal guests to know that we are monitoring the feedback and passing it on to our management team. We hope to see you on the slopes this winter.
Hey Chris, as mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We want our loyal guests to know that we are monitoring the feedback and passing it on to our management team. We hope to see you on the slopes this winter.
Hey Brett, as mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We want our loyal guests to know that we are monitoring the feedback and passing it on to our management team. We hope to see you on the slopes this winter.
Hey Meryl, thank you for the kind words. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We hope to see you on the slopes this winter.
Hey Matthew, Solitude will continue to be owned by the current ownership. We have passed your comment on to the management team at Solitude. Let us know if we can help with any other questions you might have.
Hey Marijana, As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We hope to see you on the slopes this winter.
Hey Ron, For the full 2017-18 winter season, we will continue to honor all existing season pass products. Deer Valley will also maintain its current season pass reciprocal program benefits, such as the Wasatch Benefit and Solitude and Steamboat pass exchanges.
Hey John, As passes for next year are already being sold, no immediate changes to pass products are planned.
Hey Jane,
Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley and will remain an alpine only resort. Our senior leadership will remain in place and we believe you will find little change to the experience at Deer Valley Resort. Let us know if you have any questions. We hope to see you on the slopes this winter.
Hey John, the Mayflower project will continue as planned.
Hello Mr. and Mrs Sorenson, Solitude is not part of the acquisition. For the full 2017-18 winter season, we will continue to honor all existing season pass products.
Hey Karen, Thank you for your comment and we are sorry to hear you are disappointed in the news. Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley Resort. Our senior leadership will remain in place. We sincerely hope you keep us on your list as we believe you will find little change to our operations and the experience at Deer Valley Resort. We hope to see you on the slopes this winter.
Hey Mike, Thank you for your comment and we are sorry to hear you are disappointed in the news. Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley Resort. Our senior leadership will remain in place. We sincerely hope you keep us on your list as we believe you will find little change to our operations and the experience at Deer Valley Resort. Want our guests to know that we are monitoring feedback and passing it on to our management team. We hope to see you on the slopes this winter.
Tough to compete with Vail and the Epic pass so I can see the rationale for combining with someone that has a portfolio to “package”. Although we have been very happy with the Mountain Collective and also wondered why DV didn’t join to counter the Epic. Hope you guys can include Aspen in the mix down the road…and continue with the DV “tradition” (especially no snowboarders) because that tradition beats any of the ones included in the current “portfolio”.
From an “annual winter freeloader” of my brother’s beautiful DV home.
Ignorant comments regarding snowboarders. Let it go. Also, I am confused as to how Solitude is still a side bar of Deer Valley. Something is amiss in all this. I understand the conglomeration of the ski industry. But the release is vague at best. Also the Powder horn chair has been up graded from previous. It’s a slow fixed grip for a reason. See you this winter.
As far as the vagueness of the article, take what you want and create your own narrative. As far as snowboarding is concerned, get over it, it saved the ski industry. Why Solitude is still a side bet baffles me. There is something going on that doesn’t sit well. Conglomerate price inflating by these resorts is the new norm. ie: Vail. Also, Powder horn is new with in last few years. It’s fixed grip for a reason . My advice ride it and drop Here be Dragons. Cold smoke in the white room. Peace. I love Soli. One more thing Alta SUCKS.
I echo the comments regarding the non-committal language about snowboarders. It is very concerning to me, and to others I know who are invested in the Deer Valley community, that there is a possibility that one of the main differentiating attributes about DV might be changed. Please consider this as a huge issue and come out with language that is a bit more reassuring about the future of DV as a boarder free resort. Additionally, it would be great if you would accept season passes from the now related resorts (Mammoth, for instance) during this upcoming season. It can only help to increase the exposure of DV to new users from other geographies.
Hey Bob, thank you for reaching out and sharing your thoughts on the acquisition. Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley. Our senior leadership will remain in place and we believe you will find little change to the experience at Deer Valley Resort. Let us know if you have any questions. We hope to see you on the slopes this winter.
As a super senior season pass holder I am very concerneded you will allow snow boarders
After being hit three years ago at Park City and spending time in the hospital frankly I will not ski where snowboarders are alllowed.
I sincerely enjoy skiing at Deer Valley and have planned to purchase a super senior season pass again for the 2017-2018 season but would like reassurance that snowboarders will not be allowed for the 2017-2018 ski season
Thank you
Hey Tony,
Please know that our senior leadership will remain in place and we believe you will find little change to the experience at Deer Valley Resort. We will remain an alpine only resort. Snowboarding will not be allowed at Deer Valley Resort in the 2017- 2018 ski season. Let us know if you have any questions. We hope to see you on the slopes this winter.
Ah yes, another consolidation! What Vail Associates has wrought! It’s a long time since I rode a rope tow and tied my long thongs. Much has changed in skiing. Roger Penske, the Sterns and Bob Wheaton and staff created a truly unique and “special” resort that set the bar for top quality resorts in at least the US if not the world. The financial challenges and demands of competing for a share of the small pie of skiers has required that ski areas access the wall street market. That in turn requires “return on investment”! Let’s hope that doesn’t change the uniqueness of Deer Valley!
I think I speak for many long-time skiers of DV who love the resorts uniqueness that may have already described when I say; drop the “at this time” in your responses and we will begin to believe you!
Hey Walter,
We are grateful that you are invested in being a guest of Deer Valley. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. Please know that our senior leadership will remain in place and we believe you will find little change to the experience at Deer Valley Resort. We hope to see you on the slopes this winter.
I sold my business to a large private equity fund. They used language similar to what I read in your press release about keeping things the same and retaining existing management. I wish you luck Bob Wheaton and team! Its not like working for Edgar and Roger anymore. Talk is cheap from financial guys!!! Its all about making a return on investment… not about providing continuity and existing customer satisfaction. Good thing I sold my Silver Lake residence last season and moved to Pinebrook. Now I can have equal access to Big and Little Cottonwoods and the Canyons. I can play it by ear if I want to renew my DV season pass next year based on reality.
I agree with others! As home owners, and loyal skiers, for decades, at Deer Valley, if snowboarders are allowed, we would be forced to reconsider owning and skiing DV. The uniqueness and specialness of DV is why we fly from LA, to ski only at DV all season long, vs the subpar Los Angeles area resorts (crowded Mammoth, with snow boarders). If there are discussions, I hope they will consider only allowing snowboarders on the new mountain, that isn’t developed yet, and keeping the current DV slopes as skier only! I understand the need to link up with these large conglomerates, however, DV has to honor their image to maintain their loyal customers. The verbiage, in this article, does not reflect this confidence.
Love, love, love Deer Valley.
Love, love, love the “no snowboarders” rule.
Please, please, please keep it!
Too bad. This is going to be the end of Park City, as we know it. We do not have enough infrastructure, and no room for more, after the terrible cheating deal of Veil corporation. I have to move out, and continue skiing in Snow basin and The US Largest and best ski resort Powder Mountain.
Shame on these hungry wolf_character businessmen!
Hey Colleen,
Thank you for the kind words. There are no plans to allow snowboarding at this time. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We hope to see you on the slopes this winter.
Hey Stepanie,
There are no plans to allow snowboarding at this time. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We hope to see you on the slopes this winter.
Hey Jeff,
Thank you for your comment and we are sorry to hear you are disappointed in the news. Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley. Our senior leadership will remain in place. We sincerely hope you keep us on your list as we believe you will find little change to our operations and the experience at Deer Valley Resort. As mentioned in our press release and FAQs, we honestly do not anticipate any changes to our offerings or our business model. We hope to see you on the slopes this winter.
Hey Rocky,
Thank you for your comment and we are sorry to hear you are disappointed in the news. Please know that at this time we have no plans to change any of the offerings so unique to Deer Valley. We sincerely hope you keep us on your list as we believe you will find little change to our operations and the experience at Deer Valley Resort. Please let us know if you have any questions.
Much of my success in business has come from the experiences I gained at Deer Valley as a ski instructor and in the marketing department years ago. Norm Burton taught us my very first day that the Deer Valley customer deserved our best every day – from the first day of the season to the last. The leadership over the years, and most specifically with Bob Wheaton, has created a clear line-of-sight from the top management to the considerate workers providing shuttle service from the parking lots. I respect and care for these people.
With change comes new challenges – no doubt! But it can also bring new opportunities while maintaining time-proven traditions. I recommend that all Deer Valley fans share their concerns, but expect positive outcomes. I expect to remain a Deer Valley skier and promoter of this special place.
‘
My husband and I were married on the slopes of Deer Valley over 20 yrs ago. As I am from Las Vegas I’m well aware of what happens when corporations take over. Wishing you all the best however very concerned about what’s to come. Deer Valley is one of a kind , my little slice of heaven….
Change is inevitable – and can’t help feeling that when something is perfect leave it alone. Please don’t open it up to snowboarders. The exclusively , service 5 star experience as you know is what attracts skiers who come from all over the world.
I hope you can live up to my expectations -if not I will also say so long to DV
AT THIS TIME…..
Thank you for the kind words Dan. It’s only 100 days until the 17-18 ski season starts! We look forward to seeing you on the slopes this winter.