(PAOLI) – The Paoli Peaks ski resort in Orange County is being sold to a Colorado-based company called Vail Resorts.
The company has agreed to purchase 100 percent of the outstanding stock of Peak Resorts, Incorporated.
The company is acquiring Paoli Resorts, which owned the property, along with 16 others in the Northeast and Midwest. With this acquisition, Vail Resorts will add 17 U.S. ski areas to its network.
“The acquisition fully embodies our philosophy of Epic for Everyone, making skiing and riding more accessible to guests across the U.S. and around the world,” Rob Katz, chairman and chief executive officer of Vail Resorts, wrote in a press release. “The ski areas within the Peak Resorts portfolio exemplify the spirit of our sport as well as our company’s mission to provide an Experience of a Lifetime to guests.”
The $264 million deal is expected to close this fall but still needs regulatory approval.
The press release clarifies that they expect operations of all Peak Resorts ski areas to continue as they regularly would during the transition of companies.