California ski operator Mammoth Resorts is being acquired by the newly formed joint venture of Aspen Skiing Co. and private-equity firm KSL Capital Partners.
It will buy the majority shareholding owned by a Starwood Capital Group affiliate with the deal expected to close by September 2017.
Mammoth Resorts owns Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain.
"We have taken great pride in our ownership of Mammoth over the last 12 years. We invested in the mountains, our people, and planning for the long term future. We know Aspen and KSL have the experience, commitment, and balance sheet to help make our vision a reality," said Barry Sternlicht, chairman and CEO of Starwood Capital Group.
Eric Resnick, CEO of KSL said: "This transaction will allow the combined company to better serve Mammoth’s loyal customers while at the same time exposing these world-class resorts to a broader audience.
The Aspen Skiing Co – KSL Capital Partners JV recently formed to acquire Intrawest Resorts Holdings which owns six North American resorts.
Added to the upcoming Mammoth Resorts acquisition, the joint venture will then control a dozen ski resorts in the US and Canada.
