Who owns what.

[ski diva]

I just encountered this on the National Ski Areas Association website, and figured it was worth posting. So in case you're curious or have lost track, here's who owns what:

COLORADO

Aspen Skiing Company
Aspen Highlands, Colorado
Aspen Mountain, Colorado
Buttermilk, Colorado
Snowmass Ski Area, Colorado

Alterra Mountain Company
Squaw Valley | Alpine Meadows, California
Bear Mountain Resort, California
Blue Mountain, Ontario
Crystal Mountain, Washington
Deer Valley, Utah
June Mountain, California
Mammoth, California
Snow Summit, California
Snowshoe, West Virginia
Steamboat Ski & Resort Corporation, Colorado
Stratton, Vermont
Sugarbush, Vermont
Tremblant, Quebec
Winter Park Resort, Colorado

Mountain Capital Partners
Arizona Snowbowl, Arizona
Brian Head Resort, Utah
Nordic Valley Recreation, Utah (1)
Pajarito Mountain Ski Area, New Mexico
Purgatory Resort, Colorado
Ski Hesperus, Colorado
Sipapu Ski & Summer Resort, New Mexico

(1) Resort is operated under long-term agreement by Mountain Capital Partners. Resort is owned by Skyline Mountain Base, LLC.

Vail Resorts, Inc. (NYSE : MTN)*
Afton Alps, Minnesota
Alpine Valley, Ohio
Attitash, New Hampshire
Beaver Creek Resort, Colorado
Big Boulder Ski Area, Pennsylvania
Boston Mills/Brandywine, Ohio
Breckenridge Ski Resort, Colorado
Crested Butte Mountain Resort, Colorado
Crotched Mt. Ski Area, New Hampshire
Heavenly Mountain Resort, California/Nevada
Hidden Valley, Missouri
Hunter Mountain, New York
Jack Frost, Pennsylvania
Keystone Resort, Colorado
Kirkwood Mountain Resort, California
Liberty Mountain Resort, Pennsylvania
Mad River Mountain, Ohio (1)
Mount Brighton, Michigan
Mount Snow, Vermont
Mount Sunapee, New Hampshire
Northstar California, California (2)
Okemo Mountain Resort, Vermont
Paoli Peaks, Indiana
Park City Ski Area, Utah
Perisher Ski Resort, Australia
Ski Roundtop, Pennsylvania
Snow Creek Ski Area, Missouri
Stevens Pass, Washington
Stowe Mountain Resort, Vermont
Vail Mountain, Colorado
Whistler Blackcomb, British Columbia
Whitetail, Pennsylvania
Wildcat Mountain, New Hampshire
Wilmot Mountain, Wisconsin

(1) Resort is operated under long-term agreement by Vail Resorts, Inc. Resort is owned by EPR Properties.
(2) Resort is operated under long-term agreement by Vail Resorts, Inc. Resort is owned by EPR Properties.


MICHIGAN

Boyne USA, Inc.
Big Sky Resort, Montana
Brighton Ski Resort, Utah
Boyne Highlands Resort, Michigan
Boyne Mountain Resort, Michigan
Cypress Mountain, British Columbia
Loon Mountain, New Hampshire
Sugarloaf, Maine
Summit at Snoqualmie, Washington
Sunday River Ski Resort, Maine

Wisconsin Resorts. Inc.
Alpine Valley Resort, Wisconsin
Bittersweet Ski Area, Michigan
Mount Holly Ski Area, Michigan
Pine Knob Ski Area, Michigan
Searchmont Resort, Ontario

NEW YORK

State of New York
Belleayre Mountain (Olympic Regional Development Authority)
Gore Mountain (Olympic Regional Development Authority)
Whiteface (Olympic Regional Development Authority)

UTAH

Pacific Group Resorts, Inc.
Mount Washington Alpine Resort, British Columbia
Ragged Mountain Resort, New Hampshire (4)
Powderhorn Mountain Resort, Colorado
Wintergreen Resort, Virginia (5)
Wisp Resort, Maryland (5)

(4) Resort is operated under long-term agreement by Pacific Group Resorts, Inc. Resort is owned by RMR-Pacific LLC.
(5) Resorts are operated under long-term agreement by Pacific Group Resorts, Inc. Resorts are owned by EPR Properties.

Powdr Corp.
Boreal Ski Area, California
Copper Mountain Resort, Colorado
Eldora Mountain Resort, Colorado
Gorgoza Tubing Park, Utah
Killington, Vermont
Lee Canyon, Nevada
Mt. Bachelor, Oregon
Pico Mountain, Vermont
SilverStar Resort, Canada
Soda Springs Ski Area, California

Sinclair Oil Corporation
Snowbasin, Utah
Sun Valley, Idaho

CANADA

Mont Saint-Sauveur International Inc.
Edelweiss Valley, Ottawa
Mont-Avila Ski Area, Quebec
Mont Gabriel, Quebec
Mont Olympia, Quebec
Mont Saint-Sauveur Ski Area, Quebec
Ski Morin Heights, Quebec

Resorts of the Canadian Rockies Inc.
Fernie Alpine Resort, British Columbia
Kicking Horse Mountain Resort, British Columbia
Kimberley Alpine Resort, British Columbia
Mont-Sainte-Anne, Quebec
Nakiska Ski Area, Alberta
Stoneham Mountain Resort, Quebec

Source: National Ski Areas Association, Lakewood, Colo.

 

[marzNC]

(4) Resort is operated under long-term agreement by Pacific Group Resorts, Inc. Resort is owned by RMR-Pacific LLC.
(5) Resorts are operated under long-term agreement by Pacific Group Resorts, Inc. Resorts are owned by EPR Properties.

Like when Boyne was operating Loon, Sunday River, and Sugarloaf but didn't own them, it doesn't make much difference to people who ski at Ragged, Wisp, or Wintergreen that the property is owned by a real estate company they have probably never heard of. Looking at the resort websites for Ragged, Wisp, and Wintergreen, there is a consistent look and feel based on what Pacific Group does for operations.

The same is true for the resorts operated, but not owned, by Vail Resorts and Mountain Capital (Nordic Valley). I doubt very many people who vacation regularly at Northstar is aware that VR doesn't actually own the property.

Ikon is now primarily a combination of Alterra, Boyne, Powdr. Epic is Vail Resorts, plus a partnership with RCR and Sinclair (Snowbasin, Sun Valley). Both Ikon and Epic have a few independent destination resorts as well. Snowbasin, Sun Valley, and Telluride were on the MCP for a few years and then opted to change to Epic.

The history of each ski resort seems to have unique elements from what I've learned in recent years. Even within the same region, there are special circumstances.

 

[Christy]

This may seem a little fussy but Sinclair Oil does not own Sun Valley. The Holding family owns Sinclair, and they also own Sun Valley, and these are separate entities.

 

[santacruz skier]

(1) Resort is operated under long-term agreement by Vail Resorts, Inc. Resort is owned by EPR Properties.
(2) Resort is operated under long-term agreement by Vail Resorts, Inc. Resort is owned by EPR Properties.

Why is this confusing me?

 

[santacruz skier]

I doubt very many people who vacation regularly at Northstar is aware that VR doesn't actually own the property.

I have heard that several times. Many of the restaurants and some shops at Northstar operate independently of "Vail Resorts."

 

[marzNC]

Why is this confusing me?

What's your question? EPR Assoc. is a REIT. That means they hold real estate for a while but have no interest in actually running a resort. Operations are usually handled by an operator based on a long term contract. So Vail Resorts doesn't own Northstar, but for day-to-day operations it doesn't make any difference at all.

A decade ago Boyne Resorts sold Sunday River and a few other resorts to a REIT because of the 2008 recession. They kept ownership of Big Sky and their Michigan home base. That allowed to avoid building too large a debt. Operations never changed. When the timing seemed right, pre-COVID, Boyne bought the properties back and once again because the owner and operator. In the short run, doesn't make too much difference. But long term planning such replacing lifts or adding terrain may be less likely to happen when a REIT is the owner.

I have heard that several times. Many of the restaurants and some shops at Northstar operate independently of "Vail Resorts."

That's probably different. Leasing space in a building owned by a destination resort to an independent small business owner is pretty common. For instance, all the big resorts I've ever been to have multiple ski shops. One is owned by the resort. The others are competitors but it helps the resort overall but they usually carry different brands.

 

[santacruz skier]

#1 and #2 says the exact same thing.

 

[marzNC]

#1 and #2 says the exact same thing.

Oh . . . they are footnotes that refer to the list above them. Probably ended up being repeated because the timing of the acquisitions was different. And somebody didn't want to have to re-number later on.

Mad River Mountain, Ohio (1)
Mount Brighton, Michigan
Mount Snow, Vermont
Mount Sunapee, New Hampshire
Northstar California, California (2)

 

[santacruz skier]

Oh . . . they are footnotes that refer to the list above them. Probably ended up being repeated because the timing of the acquisitions was different. And somebody didn't want to have to re-number later on.

Mad River Mountain, Ohio (1)
Mount Brighton, Michigan
Mount Snow, Vermont
Mount Sunapee, New Hampshire
Northstar California, California (2)

I know they're footnotes! It was just a joke really, but it's okay!

 

[marzNC]

I know they're footnotes! It was just a joke really, but it's okay!

LOL. Guess I'm used to answering simple questions because the ski industry can be confusing . . . when there isn't an emoji.

 

[gardenmary]

This may seem a little fussy but Sinclair Oil does not own Sun Valley. The Holding family owns Sinclair, and they also own Sun Valley, and these are separate entities.

True. This is what's on Snowbasin's website:
"Snowbasin is a member of the Grand America Hotels and Resorts family. Sister properties include Sun Valley Resort in Sun Valley, Idaho; Grand America in Salt Lake City, Utah; The Westgate Hotel in San Diego, California; and Little America Hotel locations in Salt Lake City, Utah; Flagstaff, Arizona; Cheyenne, Wyoming; and Little America, Wyoming." Sun Valley's site uses the same wording, reversing Sun Valley/Snowbasin.