Deer Valley Sold to New Resort Company
Deer Valley Resort will be acquired by a newly-formed resort company, according to a press release from the resort Monday. The transaction is expected to close before the next ski season. The sale does not include Solitude Resort. Deer Valley partners will maintain ownership of that resort in Big Cottonwood Canyon.
The new entity has 12 other resorts in its portfolio. In July, it joined Intrawest Resorts Holdings, Inc., Mammoth Resort and Squaw Valley Ski Holdings. The yet-to-be named resort group is controlled by affiliates of KSL Capital Partners, LLC and Henry Crown and Company. Financial terms of the the transaction were not disclosed.
According to the press release, Deer Valley decided to enter into the agreement in order to put the resort "in a strong position to continue to grow as part of a portfolio of 12 other outstanding resorts. Deer Valley is excited about the new opportunities this will create for the staff, guests, and the Park City community."
The press release also states that Deer Valley will continue "operations in ordinary course" for the 2017-2018 ski season. The resort will honor existing passes and maintain seasonal hiring procedures. Also, the resort indicated there are no plans to allow snowboarding at the resort "at this time." Deer Valley is one of only three ski resorts that are ski-only. The other two are Alta, in Little Cottonwood Canyon, and Mad River Glen in Vermont.
Bob Wheaton, the President and General Manager of Deer Valley, sent this email to KPCW Monday morning.
"As a valued guest, I want to be the first to let you know the latest news. The newly formed entity controlled by affiliates of KSL Capital Partners, LLC (“KSL”) and Henry Crown and Company (“HCC”) that in July joined Intrawest Resorts, Mammoth Resorts and Squaw Valley Ski Holdings has entered into an agreement with Deer Valley® to acquire the resort.
Over the last 36 years, Deer Valley has developed into one of the highest quality ski resorts in the country. This transaction puts the resort in a strong position to continue to grow as part of a portfolio of 12 other outstanding resorts. We are excited about the new opportunities this will create for our staff, our guests and the Park City community.
I know there will be questions about the purchase and why we entered into this agreement. For this reason, we have included a link to the press release that was sent to media as well as a list of your anticipated questions and answers.
Please know that KSL and HCC are committed to Deer Valley’s brand, providing exceptional service to our guests, as well as to the staff. They truly value the efforts and dedication from staff members in building this amazing, preeminent mountain resort.
I plan to stay on as President/General Manager serving in my current role at Deer Valley Resort with no anticipated changes, and I sincerely hope you share in my excitement as we enter this new phase in the evolution and growth of Deer Valley Resort.