American International Group

Vail Resorts to buy Vermont's Stowe Mountain ski resort

Colorado-based Vail Resorts will pay $50 million to acquire Stowe Mountain Resort, one of Vermont's most venerable ski resorts, the companies announced Tuesday.

The deal would be the first East Coast property for Vail, and Stowe would be added to the company's network of 10 resorts.

Vail would acquire all of Stowe resort's mountain operations, including skier services, such as food and beverage facilities and rental and lift offices on Mount Mansfield and nearby Spruce Peak.

The Stowe resort, now owned by the Mount Mansfield Co., a wholly owned subsidiary of the American International Group, Inc., would retain ownership of several other facilities, including the Stowe...