Big news in Mammoth today!
Word just came out this morning that Aspen Skiing Company and KSL Capital Partners, LLC, are purchasing Mammoth Resorts for an undisclosed amount. Click Here to view an article from the Denver Post. This has definitely created a buzz here in Mammoth (and outside of Mammoth).
What will this mean for the MVP season pass and for overall pricing for resort products? what will it do for the Mammoth Mountain Ski Area brand? We remember the disappointing feeling that Mammoth was getting ‘corporatized’ when Starwood Capital bought MMSA from Intrawest and Dave McCoy in 2005. But they seemed to be able to keep the boutique feel of an independent ski resort (mainly by keeping key people in place, the veteran employees who have been here over 30 years), but also innovate and improve operations and marketing. And when Mammoth (with June) bought Big Bear and Snow Summit, it seemed like a logical next move. Does this now seem like the next logical move, to be acquired by Aspen? Rusty Gregory, CEO of MMSA seems to think so, according to his resort’s press release this morning. But he also states that Mammoth will “continue to operate on a standalone basis but coordinate closely with our new partner resorts.” Rusty also disclosed that he will continue to own part of thew new company.
We have experienced (and are continuing to experience) an amazing winter here in Mammoth and, given this news, it should be an interesting spring for our real estate market. With an already low inventory and healthy demand, there may be more confidence among buyers that a name like Aspen will just add more stability to operating a world class ski resort, restaurants, mountain bike park and partnerships with our local airport. We would also anticipate that with new ownership we may see new capital improvements on Mammoth Mountain that have been put on hold for years. Stay tuned. Your comments are welcome!
-Tara P. & Dennis C.