Vail Resorts’ purchase of Stowe resort sparks real estate interest
STOWE, Vermont — It’s been about two months since Vail Resorts announced a $50 million deal to buy Stowe Mountain Resort. Since then, Stowe’s local real estate market has become more active.
According to the Stowe Today newspaper, interest has picked up in some parts of the community that had been lagging before the acquisition, in particular condominiums near the Toll House, according to McKee Macdonald, of Coldwell Banker Carlson Real Estate.
“A number of those had multiple-offer situations,” Macdonald told the Stowe Today, adding that he hadn’t seen much of that in that area. He said he’s heard directly from some buyers that they’re looking because of the value the Vail Resorts sale will bring to Stowe.
On the other hand, Peter Tucker, of Four Seasons Sotheby’s International Realty, told Stowe Today that the effect of the purchase announcement “has yet to be determined.”
Still, Tucker said, his firm is low on listings.
Vail Resorts announced the Stowe purchase from Mt. Mansfield Corp. on Feb. 21 after weeks of rumors that a deal was pending.
The purchase, which hasn’t yet closed, includes mountain operations including food, retail and rental.
The deal, though, didn’t include the 312-room Stowe Mountain Lodge, which Mt. Mansfield Corp. still owns. Vail Resorts in the past few years has turned its focus away from real estate development to focus more on running its ski areas.
At the time the deal was announced, Vail Resorts officials said they expect the company’s various Epic Passes to be honored at Stowe beginning with the 2017-18 ski season. Vail Resorts expects to sell more than 650,000 Epic Passes of all types during this fiscal year, which ends July 31.
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