Vail Resorts closes acquisition of Kirkwood

Vail Resorts has closed on its acquisition of Kirkwood Mountain Resort at Lake Tahoe, Calif. Vail Resorts now operates three world-class mountain resorts in the Lake Tahoe region and together with Heavenly Mountain Resort and Northstar California provides guests and pass holders “unparalleled value with the very best that Lake Tahoe has to offer.”The transaction, which included the ski resort and undeveloped sites at the centre of the base area, closed for approximately US$18 million. The seller retains a participation interest in the base area parcels and continues to own the remainder of the real estate development sites. Vail Resorts also announced that the power plant, which the Kirkwood Meadows Public Utility broke ground on last May, is now fully operational and should provide reliable power service to Kirkwood for years to come. With the Kirkwood acquisition, Vail Resorts immediately began including Kirkwood in its season pass offerings. (http://www.vailresorts.com)