My suggestion is to sit back for a bit, and watch to see how this unfolds. At the same time as this is being announced, the CNL portfolio is being sold to Och-Ziff. That deal has just closed.
KSL has been discussed as a likely buyer for many pieces of both "pies" for some time, as they have had a huge amount of cash ready to deploy. I think the number is roughly $3Bil, though I have also heard $4Bil plus on commitments.
Aspen Skiing Co is a great operation. I am very curious to see how they become involved. The Crown family are hardly the kind of owner/investors that others are in this business. I had heard a while ago about this potential marriage. I get it....below the ownership level.
Over the past four weeks, I have heard a lot of speculation about just how fast Och-Ziff will start to sell off various pieces of the CNL portfolio. There is at least some knowledgeable thinking that the sum of the parts may be ultimately worth a lot more than the whole.
Same thing with the Intrawest group. It's a strange mosaic of areas. It makes little sense to me, and others to see SkiCo really interested in all of it. Steamboat, for sure.
The KSL CEO has always been a big fan of CMH. I have also heard that the ONLY area in the East that KSL would truly be interested in is Stratton. It's because of the overall year round business, and the big village footprint. Along with the clientele.
My advice is to not be guessing about how this competes with VR, or the next pass deals.
Between all of the Intrawest properties and the former CNL holdings, I hear we may see some movement, perhaps a lot. Won't be for some time with Intrawest, as the deal needs to close first. Doesn't mean that conversations have not been going on for some time.
Disney.....yeah, have visited their operation and hired former Disney people as customer experience consultants. Seemed very smart 15-20 years ago. I do agree that the entire industry undervalues their human capital and what a huge difference they make. And it's different at every one of these properties in my experience.
Will be interesting to watch......