Tag Archives: Bear Mountain

MAMMOTH SOLD

Mammoth Resorts to be acquired by affiliates of Aspen Skiing Company and KSL Capital Partners

Posted by Seth Conners

According to a press release from Lauren Burke in Mammoth, Mammoth Resorts, the owner of Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain, today announced that it has entered into a definitive agreement to be acquired by a newly formed entity controlled by affiliates of the Aspen Skiing Company, L.L.C. (“Aspen”) and KSL Capital Partners, LLC (“KSL”).  A Starwood Capital Group controlled affiliate owns a majority interest in Mammoth Resorts.  The transaction is expected to close by the end of the third quarter of 2017, and is subject to certain closing conditions, including regulatory approvals.  Terms of the transaction were not disclosed.  KSL and Aspen previously announced plans to acquire Intrawest Resorts Holdings, Inc. through this new entity.

 

“Mammoth has been Southern California’s mountain home since 1948,” said Rusty Gregory, Chairman and CEO of Mammoth Resorts. “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.” 

 

 

“We have taken great pride in our ownership of Mammoth over the last 12 years.  We invested in the mountains, our people, and planning for the long term future.  Together with Mammoth’s talented management team, we successfully navigated a very tumultuous period. We implemented state-of-the-art marketing programs, installed modern RFID technology to improve traffic flow, and we added significant new lift capacity.  By also acquiring and integrating Bear Mountain and Snow Summit into Mammoth we cemented Mammoth Resorts’ position as the leading provider of ski and summer mountain experiences for all of Southern California,” said Barry Sternlicht, Chairman and CEO of Starwood Capital Group. “We had greater plans for Mammoth but the Great Recession and then some less favorable weather, interfered with our strategic aspirations in a finite life investment vehicle.  We know Aspen and KSL have the experience, commitment, and balance sheet to help make our vision a reality.”

 

“If you live in Southern California and want to ski, Mammoth, June, Bear and Snow Summit universally come to mind first,” said Eric Resnick, CEO of KSL.  “This transaction will allow the combined company to better serve Mammoth’s loyal customers while at the same time exposing these world-class resorts to a broader audience.  Mammoth Resorts does so many things well.  We are excited to learn from their talented team.”

 

“Mammoth is a special place.  The landscape is spectacular, the mountain is phenomenal and the place is in constant motion.  Whether it’s the vibrant park and pipe scene, the high quality alpine racing programs, or excellent mountain biking, Mammoth has it all,” said Mike Kaplan, CEO of Aspen.  “At the same time, Bear and Snow Summit serve local skiers perhaps better than anyone in the industry with high quality skiing and riding right on the doorstep of Southern California.  We couldn’t be more pleased to work with these extraordinary properties.”

 

Season Passes

 

For the full 2017-18 winter season, Mammoth will continue to honor the resort’s existing pass products that are currently on sale, including the Mountain Collective.

 

Advisors

 

Morgan Stanley & Co. LLC is serving as financial advisor to Mammoth Resorts.  Goldman, Sachs & Co. is serving as financial advisor to the new entity formed by Aspen and KSL.

 

Kirkland & Ellis LLP is serving as legal advisor to Mammoth. Hogan Lovells US LLP, Latham and Watkins LLP and Simpson Thacher & Bartlett LLP are serving as legal advisors to Aspen and KSL. 

 

About Mammoth

 

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, which collectively host over two million annual skier/snowboarder visits.  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.

 

About Aspen Skiing Company

 

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, visit www.aspensnowmass.com.

 

About KSL Capital Partners

 

KSL Capital Partners, LLC 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 offices in Denver, Colorado; Stamford, Connecticut; and London. Since 2005, KSL has raised approximately $7.5 billion in equity capital commitments. KSL’s current portfolio includes some of the premier properties in travel and leisure.  For more information, please visit www.kslcapital.com.

 

About Starwood Capital Group

 

Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas.  The Firm and its affiliates maintain nine offices in three countries around the world, and currently have more than 2,000 employees. Starwood Capital Group has raised over $37 billion of equity capital since its inception in 1991, and currently manages approximately $52 billion in assets.  The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving.  Over the past 25 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets.  Additional information can be found at www.starwoodcapital.com.

Mammoth Mtn Owner Buys Bear Mountain and Snow Summit

Mammoth Resorts to Acquire Bear Mountain and Snow Summit Ski Resorts in Southern California

Launching new joint pass product, Cali4nia Pass to offer unrestricted access to all four California mountains —
Mammoth Mountain Ski Area, Bear Mountain, June Mountain and Snow Summit Mountain Resort.

MAMMOTH LAKES, CA September 24, 2014 —

Mammoth Mountain Ski Area, owner of Mammoth Mountain and June Mountain, announced today that it has entered into an agreement to acquire Big Bear Mountain Resorts in Big Bear Lake, California.

Big Bear Mountain Resorts includes both Bear Mountain and Snow Summit, the largest and most popular of southern California’s ski and snowboard resorts that host nearly 800,000 winter visits annually.

The combination of these four iconic California mountain resorts creates diverse and unique offerings of both summer and winter experiences for day trips, weekend getaways and extended vacations. Bear Mountain and Snow Summit, located a short drive from everywhere in southern California, with their full complement of outdoor activities from action sports to first-time family experiences, provide an excellent fit with the world class, big-mountain destination experience offered at Mammoth.

“We couldn’t be more excited to enter into this agreement with Big Bear Mountain Resorts. These two uniquely southern California resorts have been providing great skiing, riding and biking experiences to
visitors from California and beyond. Millions have enjoyed their first mountain resort experience on the slopes of Bear Mountain and Snow Summit, and we look forward to expanding upon the legacy that
Dick Kun and his people have created over the past six decades,” said Rusty Gregory, Chairman and CEO of Mammoth Mountain.

“This acquisition represents the beginning of a renaissance for both
Mammoth and Big Bear and is the first step in the next era of skiing and riding in California. In the coming months we will be announcing exciting new development and expansion plans for each of our four resorts designed to attract visitors from down the street, across the country, and around the world,” added Gregory.

To celebrate the occasion, Mammoth has announced a new season pass that includes unrestricted access to all four mountains at the discounted rate of $689 for adults. The new Cali4nia Pass will go on
sale at the Hot Dawgz and Hand Rails event at Bear Mountain this Saturday, September 27 and will then be available online for a limited time only at www.snowsummit.com or www.Cali4niaPass.com.

“The Cali4nia Pass will cut through the clutter in the market by providing the most diverse set of resort options available in California by allowing you to ski where you want, when you want and as often as you want,” said Gregory.

This transaction will create one of the nation’s largest ski companies with over 2 million visitors per year. Dick Kun, the driving force behind skiing and riding in the Big Bear region and long-time CEO of Big Bear Mountain Resorts commented, “Mammoth has always been the natural long-term fit for the Big Bear
family and we are thrilled to enter this agreement. I am deeply grateful to the employees, shareholders, and the Big Bear community for their work and support during the 63 years of our operations. Mammoth’s experience and leadership will ensure that southern Californians will continue to enjoy recreating in the local mountains and will undoubtedly bring in a new era of experiences and opportunities for all of our constituents,” continued Kun.

Houlihan Lokey served as exclusive financial advisor to Big Bear Mountain Resorts and assisted in initiating, structuring and negotiating the transaction on its behalf.

Closing is subject to certain conditions, including Big Bear Mountain Resort shareholder approval and transfer of the U.S. Forest Service Permit that permits operations on nearly 1,500 acres of the San
Bernardino National Forest.

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About Mammoth Mountain

Mammoth Mountain Ski Area is the leading four-season mountain resort in California. With 1.3-1.5 million annual skier visits, Mammoth Mountain is the third most frequented ski resort in the United States. With longstanding commitment to athletic excellence and innovative alpine, freestyle and nordic terrain, Mammoth is proud to be an official USSA training facility. The company owns and operates a variety of resort businesses including recreation,
hospitality, real estate development, food and beverage and retail. Specific businesses owned and operated by Mammoth Mountain include Mammoth Mountain Ski Area, June Mountain, Tamarack Lodge and Resort, Mammoth Snowmobile Adventures, Mammoth Mountain Bike Park and the Mammoth Mountain Inn. Mammoth Mountain also operates Juniper Springs Resort, the Village Lodge and Sierra Star Golf Course in Mammoth Lakes, California. For
more information on Mammoth Mountain, visit MammothMountain.com or call 800.MAMMOTH.

About BBMR – Real Snow. Real Close. Real Deal.

Big Bear Mountain Resorts (BBMR) includes Snow Summit and Bear Mountain, plus Bear Mountain Golf Course and Snow Summit Summer. Together, BBMR has the region’s most progressive terrain parks, most dependable snow conditions, the largest full-service learning programs and a multitude of premier services – just a tank of gas away round-trip from most areas in Southern California. For more information, please visit www.bigbearmountainresorts.com. BBMR is an equal opportunity service provider operating under a San Bernardino National Forest special use permit.

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Mammoth Resorts to Acquire Bear Mountain and Snow Summit Ski Resorts in Southern California

http://www.kibskbov.com/mammothbuysbigbear/

Mammoth Mountain Ski Area / Ski / Snowboard / Resorts / Snow / Mammoth Mountain / June Mountain / Big Bear Lake / Mammoth Lakes / California Mountains / Bear Mountain / Snow Summit