Vail Resorts Buys Northstar at Tahoe

Vail Resorts announced they have purchased Northstar at Tahoe. The purchase included buying stock from Booth Creek as well as other operators for considerations worth $63 million. In addition Vail Resorts has a long term agreement to lease the land that Northstar operates on from CNL Lifestyle Properties, the property owner. Vail Resorts also owns Heavenly Resort in South Lake Tahoe.

“We are thrilled by the opportunity to bring Northstar-at-Tahoe into our family of world-class mountain resorts. 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,” said Rob Katz, chairman and chief executive 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.”