Any more "heard on the hill, or around town updates?"
I am hearing that there is all sorts of talk going on with any number of groups in the industry. Not necessarily related to Stowe. Just a lot of potential stuff to possibly happen over the next 6-8 months.
CNL's sale of their portfolio closes fairly soon, and there is some speculation that the buyer is then going to break it up and sell off the parts. That creates all sorts of speciation. Some real gems in that group. Not any immediate fire sale, of course, but realizing their return by eventually selling them all, and essentially operating as if any piece is available for discussion.
Intrawest has evidently got all sorts of conversation going with their bankers and any one of their properties could have a lot of appeal to at least a couple of buyers. Again, they might do well breaking it up in some configuration.
VR likely has to walk a fine line depending on where they go, and how big they get when it comes to anti trust, or so I hear. Might need to divest some to acquire some? It might take them out of the running on others. Heading East could make sense.
KSL closed out another fund this fall, and after their piece of the W-B sale is sitting on something like $3.5 Billion of cash. Or some absurd number. Money they need to deploy at some point.
Boyne has some very unique leases on the properties that they formerly owned. Could be that they team up with an investment partner and become owners again, of any number of resorts. They have a great reputation.
I hear all the time that the best managed ski operation in the business is Aspen SkiCo, but I also hear that there is no interest in expanding the business. The Crown family is probably happy as is. Aspen is home, But I also hear some speculation. Sadly not around Stowe. I would love to see that.
Recently heard some speciation regarding Les Otten, and the whole Balsams project. The question is whether he will go all the way through with it, or shift direction. The comment was that Les can create a vision and raise money. A lot of money. I get the impression that very few ski folks buy into his plan for the Balsams.
The whole Stowe thing is interesting. And yes, there seem to have been a lot of sightings of some key people in the business, in the Northeast. I know one who was here unrelated to this, but he casts a pretty big shadow, so rumors start. He was watching a race with me recently and chuckling about it.
I did ask him point blank about Stowe. His comment was that the he could never make it work for his company, but that nothing would surprise him. And if AIG {or whatever subsiduary} has reached a point where it makes sense for them to simply no longer own a ski resort, the real talks might move quickly and the real price might be compelling for a buyer. The brand is one of the best.
I was part of a group that looked at it twice, and AIG was very firmly dug in on price and terms. This is when Hank G was in town most weekends, and AIG's stock price was on a steep line upward. 20+ years ago. No need to sell. As I have said before, our vision stopped far short of what has been developed now. So far short. Embarrassingly so!
This time, I sense that something is really brewing. VR or not.
So....any updates?
My wife and I were getting all nostalgic about skiing with our kids at Spruce when they were toddlers, and Stowe was our ski home. Which took me back to the late fifties, when I was their age, and doing the same with my parents. My wife was saying that Stowe is just unique. My next door neighbor is Swiss, and he takes his family there two-three times a year. Winter, summer and fall. When he skis, it's often in Europe, or at non VR type Western resorts. Just gets my mind working.....
Very interested to watch this one.
If VR does acquire it, the pricing of passes and tickets will be interesting, to say the least. The whole thing will be interesting! IS interesting!!