Sugarbush is the latest Vermont ski resort to be purchased by an out-of-state corporation.
Alterra Mountain Company in Denver said Wednesday it has entered an agreement to buy the iconic year-round resort. Alterra’s chief executive officer said that it’s excited to expand in the Northeast. It also owns Stratton Mountain in Vermont.
The purchase would increase Alterra Mountain’s total year-round mountain destinations to 15 in six states and three Canadian provinces.
Sugarbush President Win Smith, who owns more than 90% of the resort, will remain inthat role, the company said. Smith described the sale as “bittersweet”, saying he’s confident the resort is in good hands.
Officials say the sale is expected to close in the first quarter of 2020.
Terms of the transaction have not been disclosed.
Among the Alterra Resorts are Steamboat and Winter Park in Colorado; Tremblant in Quebec; and Deer Valley Resort and Solitude Mountain Resort in Utah.
The legendary ski area was founded in 1958, with trails on both Mount Ellen and Lincoln Peak, and connected by a two-mile long quad lift, said to be the longest and fastest in the world. Smith says he understands that some things won’t be the same, but remains excited about what the future holds for the resort.
The Associated Press contributed to this report.