NORTH LAKE TAHOE, CALIFORNIA Vail Resorts Inc. has closed on the acquisition of Northstar-at-Tahoe Resort in North Lake Tahoe, California.
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 US$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.
Booth Creek executives, including CEO George Gillett and President Chris Ryman, will no longer have management positions at Northstar-at-Tahoe. Julie Maurer, vice president of marketing and sales at Booth Creek, will immediately become a vice president of marketing with Vail Resorts, overseeing the marketing and sales of both Heavenly Mountain Resort and Northstar-at-Tahoe Resort. Vail Resorts announced that it will begin an immediate search for a new general manager of Northstar-at-Tahoe, which will include both internal and external candidates.
“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,” says Rob Katz, chairman and CEO 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 is host to a new base area village featuring 35 unique shops and restaurants in more than 100,000 sq. ft. of commercial retail space, a conference center, a 9,000-sq.-ft. skating rink, on-site lodging, special events and more. A winter sports paradise, the mountain offers 19 lifts, 92 ski trails spread across 3,000 acres, snowmaking that covers 50% of the ski trails, seven terrain parks and snow sports including alpine and telemark skiing, snowboarding, cross-country skiing, snowshoeing and tubing. Summer activities include mountain biking, golfing, scenic lift rides for sightseeing and hiking, fly-fishing and more. During the 2009-2010 ski season, Northstar-at-Tahoe saw more than 700,000 skier visits.