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Vail Resorts To Acquire Two Ski Areas In Midwest, Afton Alps In Minnesota And Mount Brighton In Michigan

Stocks in this article: MTN

BROOMFIELD, Colo., Dec. 6, 2012 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) announced today that it has entered into agreements to purchase two premier urban ski areas in the Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan, for total cash consideration of $20 million. Both ski areas serve major snow sports markets in the Midwest with more than 468,000 active skiers and snowboarders in the nearby Minneapolis-St. Paul and Detroit metropolitan areas. Vail Resorts plans to upgrade and enhance the experience at each resort and create opportunities to connect guests from each of these ski areas to its seven world-class resorts in Colorado and Lake Tahoe through season pass and other lift ticket products.

"We are thrilled to welcome Afton Alps and Mount Brighton to the Vail Resorts family. These acquisitions are part of a new strategy for Vail Resorts to drive season pass sales and build broader guest loyalty by looking at premier smaller ski areas located near major urban markets. We plan to bring state-of-the-art racing, terrain parks, coaching and technology to the guest experience. We also will connect these urban ski areas to our world-class resorts in Colorado, California and Nevada with new season pass offerings, providing the chance to experience the best skiing and riding locally and in the West," said Rob Katz, chairman and chief executive officer of Vail Resorts.

"Afton Alps' great terrain and strong heritage built by the Augustine family make it an ideal ski area for our entry into the Minneapolis-St. Paul market. Similarly, Mount Brighton is a great area for beginners and advanced skiers alike in the Detroit, Lansing and Ann Arbor markets with a strong snow sports tradition built over decades by the Tippett and Bruhn families. We plan to honor the important legacy of each ski area for their loyal guests while investing to enhance the experience in the years to come." Katz added.

Vail Resorts plans to enhance both the on-mountain and base area experience at each ski area. These enhancements will include redesigned and updated terrain parks, best-in-class coaching and instruction for all levels of skiers and riders, dedicated racing programs, expanded dining and entertainment options at the base area, and integrated technology and social media programs like EpicMix, EpicMix Photo and EpicMix Racing. The Company also will invest in each ski area's infrastructure to improve snowmaking, parking and access to provide a more consistent experience throughout the season. Finally, the Company will be reviewing opportunities to add new summer activities. The Company will be outlining its plans in the coming months and meeting with the local communities to seek their input.

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