Vail Resorts, Inc. and Whistler Blackcomb Holdings, Inc. announced they have entered into a strategic business combination joining Whistler Blackcomb with Vail Resorts. Under the $1.06 billion transaction, Vail Resorts would acquire 100 percent of the stock of Whistler Blackcomb.
"Combining Whistler Blackcomb with Vail Resorts' portfolio of outstanding resorts provides [it] with increased financial strength, marketing exposure, guest relationships and broadens the geographic diversity of our company with resorts across the United States, as well as in Australia and Canada,” said Dave Brownlie, Whistler Blackcomb's CEO. “This relationship will bring greater resources to support our current operations and our ambitious growth plans, including the Renaissance project.”
Whistler Blackcomb will nominate one member of its board to the Vail Resorts board of directors, and Brownlie will continue leading Whistler Blackcomb as the resort's chief operating officer and will become a member of the senior leadership team of Vail Resorts' mountain division.
"Whistler Blackcomb is one of the most iconic mountain resorts in the world with an incredible history, passionate employees and a strong community,” said Rob Katz, chairman and CEO of Vail Resorts. “With our combined experience and expertise, together we will build upon the guest experience at Whistler Blackcomb while preserving the unique brand and character of the resort as an iconic Canadian destination for guests around the world. We are delighted to add such a renowned resort.”
Supporting the Whistler Blackcomb Experience
Upon completion of this transaction, Vail Resorts said it is committed to building on Whistler Blackcomb's strengths, including further investment that advances the following objectives:
- Support for Master Development Agreements with local First Nations. Vail Resorts recognizes that Whistler Blackcomb is in the Squamish and Lil'wat First Nations' traditional territories and will support and continue the ongoing efforts to negotiate the renewal of Whistler Blackcomb's Master Development Agreements with significant long-term benefits to the Squamish and Lil'wat First Nations, the Province of British Columbia and the Resort Municipality of Whistler.
- Local leadership. Whistler Blackcomb will continue to have principally local Canadian leadership, with critical day-to-day mountain operations residing at the resort, including ongoing primary responsibility for relationships with the local community, governments and First Nations.
- Maintain local employment. Vail Resorts intends to retain the vast majority of Whistler Blackcomb employees, while only impacting a few select areas where there may be duplication in corporate functions. This transaction will not change the day-to-day operations at the resort, community engagement or the input of local management in shaping the resort’s future.
- Investment in the resort experience. Vail Resorts will invest substantially in Whistler Blackcomb's mountain infrastructure and growth plans, including continuing to build community and stakeholder support for the recently announced Renaissance project, a transformational investment which will diversify the local tourism economy; provide new four-season, weather-independent activities; and elevate Whistler Blackcomb's core experiences.
- Common values on community and environmental sustainability. Consistent with Vail Resorts' core values, Whistler Blackcomb will continue its community involvement through the Whistler Blackcomb Foundation as well as its significant environmental and sustainability commitments.
Katz continued, "We look forward to working with Dave and the entire Whistler Blackcomb team as we support their efforts to continue the great progress that has made Whistler Blackcomb the world-renowned resort it is today. We are excited about what this transaction means for guests and look forward to providing access to the resort for our season pass holders around the world."
Season Passes
For the full 2016-17 winter season, Whistler Blackcomb will continue to honor the resort's existing season pass products. Vail Resorts said it looks forward to integrating Whistler Blackcomb into its Epic Season Pass and other season pass products for the 2017-18 winter season.
