Vail Resorts closed its purchase of Crested Butte on September 27, 2018, when it bought Triple Peaks, LLC, the parent company of Crested Butte Mountain Resort in Colorado, Okemo Mountain Resort in Vermont and Mount Sunapee Resort in New Hampshire. The company's closing announcement puts the final price at about $74 million, after adjustments, and says that Triple Peaks also paid off $155 million in leases on the three resorts using money Vail provided. The deal had been announced on June 4, 2018 at an $82 million price. Stevens Pass in Washington, announced the same day, was a separate purchase that had already closed on August 15.
The deal in figures
| Item | Vail Resorts' figures |
|---|---|
| Announced | June 4, 2018, in a press release and an SEC Form 8-K |
| Closed | September 27, 2018 |
| What was bought | Triple Peaks, LLC, parent company of Crested Butte, Okemo and Mount Sunapee |
| Seller | The Mueller family |
| Price | $82 million at announcement, "subject to certain adjustments"; about $74 million at closing after adjustments (the annual report calls it a cash purchase price of approximately $74.0 million) |
| Lease payoff | $155 million paid at closing to end the leases all three resorts had with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, funded by Vail Resorts |
| Land | New U.S. Forest Service special use permit for Crested Butte; state land leases at Okemo and Mount Sunapee taken over |
| Planned investment | $35 million over two years across the four resorts bought in 2018, plus about $7 million more a year in ongoing capital spending |
The price is for Triple Peaks as a whole, so there is no separate figure for Crested Butte.
Stevens Pass was a separate transaction
The June 2018 announcement described "two transactions": Triple Peaks, and separately Stevens Pass Resort in Washington. Vail announced Stevens Pass at $67 million, bought from Ski Resort Holdings, LLC, the same Oz Real Estate affiliate that had leased Crested Butte, Okemo and Mount Sunapee to Triple Peaks. Its annual report for the year ended July 31, 2018 records the Stevens Pass closing on August 15, 2018, at a total purchase price of $64.0 million. The September 27 closing therefore covered three resorts, not four. Like Crested Butte, Stevens Pass needed a new Forest Service permit.
Why Vail wanted Crested Butte
Chief executive Rob Katz called the resorts complements to the existing network: Okemo and Mount Sunapee to Stowe in the Northeast, Crested Butte to "our four Colorado resorts" and Stevens Pass to Whistler Blackcomb and Seattle guests. The June 2018 announcement expected the four acquisitions together to generate incremental annual EBITDA above $35 million in the fiscal year ending July 31, 2019.
Who owned Crested Butte before
Crested Butte Mountain Resort was established in 1961 and, in Vail's words, "has since passed through three families." The Muellers added it in 2004, after buying Okemo in 1982 and Mount Sunapee in 1998. The resort sits in southwest Colorado's Grand Mesa, Uncompahgre and Gunnison National Forests, so the ski terrain is public land used under a permit, and Vail's fiscal 2025 annual report shows a 4,350-acre special use permit running to September 27, 2058, alongside buildings, improvements and land that Vail owns for the resort's operation. Crested Butte is one of five Colorado mountains held this way; how Vail Resorts holds its Colorado mountains compares the permits.
What changed for pass holders
At closing, the 2018-19 Epic Pass, Epic Local Pass and Military Epic Pass immediately included unlimited, unrestricted access to Crested Butte, Okemo and Mount Sunapee, and the Epic 7 Day and Epic 4 Day passes covered them too. The adult Epic Pass was $929 then, and Vail counted seven Colorado resorts on its pass, including Telluride and Arapahoe Basin, which it does not own. Existing Crested Butte season passes stayed on sale through the fall. Crested Butte is still among the resorts with unlimited access on the 2026/27 Epic Pass; see the Epic Pass listing, and check the pass terms on the official Epic Pass site before you buy.
Crested Butte today
Crested Butte has 1,547 skiable acres, 15 lifts and 165 trails, with a base at 9,375 feet, a top at 12,162 feet and 236 inches of average snowfall. By terrain, 14 percent is beginner, 24 percent intermediate, 25 percent advanced and 37 percent expert, with 561 acres of expert terrain (resort figures). Rambo, a tree run, averages a 55-degree pitch and is billed by the resort as the steepest lift-served tree cut trail. For schedules, tickets and conditions, use Crested Butte's official site.
Related purchases and the wider portfolio
Crested Butte is one of several acquisitions that built the company's portfolio. Related guides cover Breckenridge in 1997, Park City in 2014, Heavenly in 2002 and Whistler Blackcomb. For the full list of resorts see how many mountains Vail Resorts owns, and for the company's own history see who owns Vail Ski Resort.
