Starry eyes

21 February 2017 By Rob Cox Follow @rob1cox

The insurer is offloading the Vermont resort, built by its founder because he hated waiting in line. For Vail Resorts, the $50 mln deal nearly completes its American ski roll-up. Investors should welcome anything that helps focus management at AIG, which lost $3 bln last quarter.

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Vail Resorts said on Feb. 21 it agreed to acquire Stowe Mountain Resort from American International Group for $50 million. Vail, which owns and operates 10 major mountain resorts and three urban ski areas, is buying all of the assets related to the mountain operations of the Stowe resort, including base-area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities) at Mount Mansfield and Spruce Peak.

The New York-based insurer will retain other facilities such as the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club and certain real estate owned and held for potential future development.

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