Vail Resorts expands its holdings
February 23, 2012
Denver — Vail Resorts expanded its stable of ski resorts to seven Wednesday, signing an agreement to buy Kirkwood Mountain Resort south of Lake Tahoe for $18 million.
Kirkwood will be Vail's third resort in the Lake Tahoe area. In 2002, Vail bought Heavenly for $99 million, and in 2010, it paid $63 million for the right to lease and operate Northstar from real estate investment trust CNL.
Kirkwood is owned by a private-equity group led by Charles Cobb, a former U.S. ambassador to Iceland and owner of Durango Mountain Resort. The sellers will retain real estate in base-area subdivisions and much of the base village. Vail Resorts acquired select parcels in the village, where the company plans to develop a lodge, said company chieftain Rob Katz.
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