Ski industry sees another big consolidation with Aspen deal

DENVER — A ski resort company that stretches from Quebec to Colorado was purchased this week by the Aspen Skiing Co., setting up seismic changes in a sector with few multistate ski operators.

Aspen Skiing Co. is partnering with Denverbased KSL Capital Partners to acquire Intrawest Resorts Holdings for about $1.5 billion, including debt, Aspen Skiing said in a statement Monday.

Intrawest owns Steamboat Ski Resort in Colorado, Snowshoe in West Virginia, Stratton Mountain in Vermont, Mont Tremblant in Quebec, Blue Mountain in Ontario and the Canadian Mountain Holidays heli-skiing operation in British Columbia. Intrawest also operates Colorado’s Winter Park.

KSL Capital Partners owns Squaw Valley and Alpine Meadows in the Lake Tahoe area.

Aspen Skiing Co. owns the Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk resorts.

The consolidation gives the industry a huge new player. Aspen Skiing has long resisted consolidation with larger owners, focusing on its smaller size and mix of ultra-wealthy out-of-town visitors and ski-savvy locals.

After Monday’s acquisition, the company now stretches coast to coast and in two countries, though the acquired resorts will retain the Intrawest name. The heli-skiing operation that was sold is the world’s largest operator of helicopter ski trips that put skiers atop mountains so they can ski virgin snow.

Aspen Skiing Co. will continue to offer its Max Pass, which offers just a couple days at 44 resorts spanning North America, from Taos to MontSainte-Anne near Quebec City Canada.