Vail Resorts Buys Adjoining Lake Tahoe Kirkwood in $18 Million Transaction

Vail Resorts Inc. (MTN) agreed to buy Kirkwood Mountain Resort in Lake Tahoe, California, along with adjoining development sites for about $18 million.

The purchase gives Vail control of three mountain ski resorts in the Lake Tahoe region, including Heavenly Mountain Resort and Northstar California, the Broomfield, Colorado-based company said today in a statement. The deal is expected to be completed in the next month.

Heavenly and Northstar pass holders will have access to Kirkwood, effective immediately. Kirkwood pass holders will be able to ski and snowboard at Heavenly and Northstar.

“When combined with Heavenly and Northstar, we will be able to offer our guests and pass holders unparalleled value with the very best that Lake Tahoe has to offer,” Rob Katz, chairman and chief executive officer of Vail Resorts, said in the statement.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net