KIRKWOOD, Calif. (KRNV & MyNews4.com) -- Vail Resorts, Inc. today announced that it has entered into an agreement to acquire Kirkwood Mountain Resort at Lake Tahoe, Calif.
Vail Resorts 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.
The seller will retain a participation interest in the base area parcels and will continue to own the remainder of the real estate development sites.
Following the acquisition, Vail Resorts will now operate three world-class mountain resorts in the Lake Tahoe region which between them offer the entire breadth of the skiing and riding experience, including Heavenly Mountain Resort in South Lake Tahoe, Northstar on the north shore and Kirkwood Mountain Resort.
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.
Vail Resorts expects to close on the acquisition of Kirkwood Mountain Resort within the next month. Further terms of the agreement were not disclosed. Closing is subject to certain conditions, including transfer of the U.S. Forest Service Permit.