Alterra Mountain Company has entered into an agreement to purchase Sugarbush Resort in Vermont, bringing the company’s portfolio up to 15 resorts throughout North America.
Summit Ventures NE LLC, owner of the resort since 2001, agreed to sell the majority of its Sugarbush assets to Alterra. Summit Ventures CEO Win Smith will stay on as president and COO of the resort. Terms of the transaction were not disclosed, but the deal is expected to close in early January 2020, subject to regulatory approval.
“Sugarbush Resort is a premier East Coast mountain destination and we are excited to expand the Alterra Mountain Company family in the Northeast, with Sugarbush joining Stratton in Vermont,” said Rusty Gregory, chief executive officer, Alterra Mountain Company.
Sugarbush has been independently owned and operated for nearly two decades and has undergone $74 million in capital improvements over that time. In a statement to season passholders, Smith talked about the decision to sell the resort to Alterra at this time.
“The recent acquisition of Peak Resorts by Vail was the tipping point in my decision,” said Smith. “It will be increasingly difficult for ski areas like Sugarbush to compete alone against Vail Resorts, Alterra Mountain Company, and others like POWDR and Boyne Resorts.” Smith cited “the challenge of rising costs posed both by climate change and by doing business in Vermont” as another determining factor.
“We are delighted that Sugarbush will join the Alterra Mountain Company family, knowing that Alterra Mountain Company will continue to maintain our culture, values, and commitment to our community, while bringing additional capital and other resources to make Sugarbush even better in the years ahead,” said Smith.
Last season, Sugarbush joined the Ikon Pass, Alterra’s marquee pass product, which gives skiers and riders access to 40 mountains globally. For winter 2019-20, Ikon Pass access to the mountain will remain the same. The resort is scheduled to open for the season on Saturday, Nov. 23.
On Wednesday, Nov. 20, Sugarbush will host an open forum for the Sugarbush community where Alterra and Sugarbush executive leadership plan to share more information about the transaction, Alterra, and future plans for the resort.