AIG sells famed ski operations in Vermont
Posted On: Feb. 21, 2017 10:00 AM CST
American International Group Inc. on Tuesday said it has agreed to sell the ski operations of Stowe Mountain Resort to Vail Resorts Inc. for $50 million.
The once-prized AIG ski resort in Vermont has been connected with the insurer since the 1940s when founder Cornelius Vander Starr started investing in real estate in the area. Under former CEO Maurice R. Greenberg, Stowe was used to host broker and client ski excursions and meetings.
When the deal, which is subject to Vermont administrative review, is completed, AIG subsidiary AIG Global Real Estate will still own Stowe Mountain Lodge, Stowe Mountain Club and future development rights.
“Stowe Mountain Resort has become the premier, high-end resort for East Coast skiers and snowboarders. We look forward to working with AIG to continue enhancing the guest experience and to ensure the resort’s long-term success,” said Rob Katz, chairman and CEO of Vail Resorts in Broomfield, Colorado, in a statement.