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BROOMFIELD — Vail Resorts Inc. continues to shop for new properties amid an industry consolidation, although the timing of any purchase is critical, the chief executive of the nation's largest ski area operator said Thursday.
Vail Resorts is in a good position to expand as the number of skiers and snow riders continues to grow, if slowly, Robert Katz said.
Acquisitions remain "very much a priority," he said, noting that some companies participating in a merger or acquisition process can spoil it by getting "too itchy" to finish.
Katz spoke after the company wrapped up a brief annual meeting, approving a slate of directors and amendments to a 2002 incentive plan. The gathering, which was postponed by last month's blizzard, drew one shareholder.
In recent years, the ski industry has consolidated as large travel- and resort-oriented companies have snapped up key properties.
Nolan Rosall, president of Boulder-based consulting firm RRC Associates, said he believes resort companies are evolving again by pushing to build year-round businesses with skiing, golfing and beach properties.
“I think you’ll see increasing diversification with the consolidating companies starting to look at higher-end leisure time destinations,” he said.
Intrawest Corp. of Vancouver, British Columbia, last month agreed to buy Steamboat Ski & Resort Corp. from American Skiing Co. for $265 million in cash. The acquisition, if approved by regulators, would increase Intrawest's Colorado holdings to three and overall resorts to 11.
In October 2005, privately held Starwood Capital Groups purchased a controlling interest in California's Mammoth Mountain Ski Area for $365 million.
Vail Resorts owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado, Heavenly in Nevada and California, and Grand Teton Lodge Co. near Jackson, Wyo. Only Intrawest Corp. has larger North American operations than Vail.
Since 2000, the industry has seen a 2 percent annual growth rate in the number of skier visits, an industry statistic that represents one person buying a lift ticket that is used to ski or snowboard.
Vail's stock closed up 13 cents to $45.08 a share Thursday on the New York Stock Exchange. In the past year, it has traded between $30.10 a share and $47.54 a share.
Vail Resorts is in a good position to expand as the number of skiers and snow riders continues to grow, if slowly, Robert Katz said.
Acquisitions remain "very much a priority," he said, noting that some companies participating in a merger or acquisition process can spoil it by getting "too itchy" to finish.
Katz spoke after the company wrapped up a brief annual meeting, approving a slate of directors and amendments to a 2002 incentive plan. The gathering, which was postponed by last month's blizzard, drew one shareholder.
In recent years, the ski industry has consolidated as large travel- and resort-oriented companies have snapped up key properties.
Nolan Rosall, president of Boulder-based consulting firm RRC Associates, said he believes resort companies are evolving again by pushing to build year-round businesses with skiing, golfing and beach properties.
“I think you’ll see increasing diversification with the consolidating companies starting to look at higher-end leisure time destinations,” he said.
Intrawest Corp. of Vancouver, British Columbia, last month agreed to buy Steamboat Ski & Resort Corp. from American Skiing Co. for $265 million in cash. The acquisition, if approved by regulators, would increase Intrawest's Colorado holdings to three and overall resorts to 11.
In October 2005, privately held Starwood Capital Groups purchased a controlling interest in California's Mammoth Mountain Ski Area for $365 million.
Vail Resorts owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado, Heavenly in Nevada and California, and Grand Teton Lodge Co. near Jackson, Wyo. Only Intrawest Corp. has larger North American operations than Vail.
Since 2000, the industry has seen a 2 percent annual growth rate in the number of skier visits, an industry statistic that represents one person buying a lift ticket that is used to ski or snowboard.
Vail's stock closed up 13 cents to $45.08 a share Thursday on the New York Stock Exchange. In the past year, it has traded between $30.10 a share and $47.54 a share.
