Kirkwood, CA – Vail Resorts continues to snatch up ski resorts surrounding Lake Tahoe, and this time it’s Kirkwood Mountain Resort 35 miles southwest of the lake.
Vail Resorts, based in the Denver suburb of Broomfield, Colo., announced this morning that the company is purchasing the ski resort as well as the undeveloped sites at the center of the base area which are zoned for residential and commercial development for a purchase price of approximately $18.0 million. Kirkwood’s shareholders will retain 100% of the remaining real estate development parcels in the Kirkwood base area including the single family subdivisions in The Palisades and Martin Point and the future village development projects in East Village and Timber Creek, as well as an economic interest in Vail’s village project.
Following the acquisition, which is expected to close within the next month subject to transfer of the U.S. Forest Service Permit upon which Kirkwood operates and other conditions, Vail Resorts will operate three ski resorts in the Lake Tahoe region, including also Northstar California near Truckee and Heavenly Mountain Resort in South Lake Tahoe.
Vail Resorts also announced that, effective immediately, Heavenly and Northstar pass holders will have access to Kirkwood and Kirkwood pass holders will be able to ski and ride Heavenly and Northstar.
“We are thrilled to welcome Kirkwood into our family as our seventh world-class mountain resort. Kirkwood offers some of the most extraordinary ski terrain found anywhere in North America with high alpine trails and the most annual average snowfall in Lake Tahoe. Kirkwood represents skiing and riding at its purest, something we intend to retain and protect long into the future,” said Rob Katz, chairman and chief executive officer of Vail Resorts. “When combined with Heavenly and Northstar, we will be able to offer our guests and pass holders unparalleled value with the very best that Lake Tahoe has to offer. We are excited to be able to offer Kirkwood to our pass holders right away – it’s like opening day to a whole new season.”
As of today, Epic Pass and Epic Local Pass holders will have unrestricted access to ski and ride Kirkwood. Tahoe Value Pass holders can ski and ride there every day except on Saturdays. Kirkwood pass holders with the following passes will have access to Heavenly and Northstar: Premium Pass holders and 7 Wood Pass holders will have unlimited, unrestricted access to Heavenly and Northstar, while 6 Wood Pass holders will have access to Heavenly and Northstar six days a week, Sunday-Friday, with no holiday restrictions. 5 Wood Pass holders will have access to Heavenly and Northstar five days a week, Monday-Friday. The company also announced that it intends to retain a Kirkwood-only season pass and Kirkwood-only daily lift tickets, priced comparably to what’s offered today.
The Kirkwood community, founded by visionary Bud Klein nearly 40 years ago, is approximately 50% complete with over 500 residential units yet to be constructed. The selling shareholders, along with Kirkwood CEO David Likins and CFO Nathan Whaley, will continue the residential development and community management through its subsidiaries Kirkwood Mountain Development and Kirkwood KirMountain Realty. The same group recently divested its publicly regulated utility to the local municipality that is within two weeks of opening a brand new, state of the art electricity plant.
Noted Whaley, “We have the most intriguing mountain resort real estate left in the Western United States. From on slope single family home sites to hundreds of ski-in, ski-out village based townhomes, condominiums and hotel properties, we are looking forward to what the future holds when combined with Vail’s reputation for creating unparalleled guest and on mountain experiences.”
Kirkwood Mountain Resort chairman, former Ambassador Charles Cobb, commented, “We are extremely pleased to be in a position to work with Vail Resorts to build one of the most unique ski communities in North America. The combination of Kirkwood’s natural ski assets and Vail’s best in class resort operating capabilities will make this the most coveted resort experience in the West.”
“Kirkwood has an incredibly exciting future. The idea that Vail will own and operate a resort that is so convenient to Silicon Valley via hassle free Highway 88 and is now coupled with the benefit of the Vail family of resorts both regionally and in Colorado makes Kirkwood the place where many Northern California families will want to immediately plant roots,” added Likins. “The fact that they are committed to retaining the unique Kirkwood culture while introducing their world class operating practices will make this the next must-visit destination.”