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AIG to Sell Stowe Mountain Ski Operations After Seven Decades

Vail Resorts expands in East Coast with deal in Vermont
Insurer scales back from investment that began in the 1940s

Bloomberg business news — Why AIG Is Selling Stowe Ski Operations

By

Sonali Basak and Lisa Du

February 21, 2017, 1:08 PM UTCUpdated onFebruary 21, 2017, 2:43 PM UTC

American International Group Inc., the insurer that’s been divesting assets to narrow its focus, agreed to sell ski operations at Vermont’s Stowe Mountain to Vail Resorts Inc.

AIG will retain majority ownership of the base area, which includes a 312-room lodge, along with a country club and future development rights, according to statements Tuesday from the companies. The Broomfield, Colorado-based buyer gains a foothold in the U.S. East Coast to complement locations in its home state, Utah and California.