Owners of US-based Vail Resort have spent $176.6 million to purchase Australia’s largest and most visited ski resort, Perisher.
The acquisition from current entities that operate the resort – Murray Publishers and Transfield Corporate Pty Ltd – is expected to be complete by the fourth quarter of this year.
Taking 100 percent stake in the resort, Vail will own Perisher Valley, Smiggin Holes, Blue Cow and Guthega. It will also control the ski school, lodging, food, beverage, retail rental and transportation operations.
Vail said the acquisition is still pending because the NSW Government holds a long-term lease and licence in the resort under the National Parks and Wildlife Act. The lease is expected to expire in 2048 with a 20-year renewal option.
Chairman and CEO of Vail Resorts said the purchase deepens ties with an important international market.
“We see this as a ground-breaking acquisition that will dramatically enhance the connection between our Company and Australian skiers and riders. We also see the acquisition as a natural fit, as Perisher is the Australian leader in innovation and guest experience – both hallmarks of Vail Resorts.”
Rob Katz. Vail Resorts Chairman and CEO
Not wasting any time, Vail Resort has included Perisher’s upcoming ski season in its pass sales.
The season is set to open on 6 June 2015, with Perisher’s popular “Freedom Pass” on sale for $749.
It includes Epic Benefits; unlimited skiing at Breckenridge, Keystone and Arapahoe Basin in Colorado, Park City and Canyons in Utah and Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada.
It will also include 10 free days of skiing and riding at Vail and Beaver Creek in Colorado.
Vail Resorts expects Perisher to generate EBITDA of up to $20 million during its first year of operation following the acquisition.
