Triple Peaks, LLC
New England Ski Presence: 2001-Present
After passing up opportunities to buy Ascutney and Timber Ridge, Tim and Diane Mueller purchased 51% of Okemo in 1982. Throughout the 1980s and into 1990s (when they had full ownership), their ski area grew at a dramatic rate.
On July 1, 1998, Okemo Mountain, Inc. entered into a lease agreement with the State of New Hampshire to operate Mt. Sunapee ski area. In April 1999, the lease was transferred to Sunapee Difference LLC.
While existing infrastructure upgrades quickly moved forward, a planned development onto privately held property (owned and/or leased by the Muellers) was halted, with New Hampshire Governor John Lynch being a vocal critic.
In October 2001, the Muellers announced the formation of Triple Peaks, LLC, as well as the intent to purchase a western ski area.
On January 24, 2002, Triple Peaks, LLC entered into a Stock Purchase and Merger Agreement with American Skiing Company to purchase Steamboat for $91.4 million. American Skiing Company then withdrew from the deal on March 26, 2002, instead deciding to sell Heavenly. Triple Peaks, LLC subsequently sued American Skiing Company. On July 8, 2004, the two firms settled the lawsuit with American Skiing Company agreeing to pay Triple Peaks, LLC $5.14 million.
In March of 2002, the lease of Mt. Sunapee was acquired by Triple Peaks, LLC.
On March 1, 2004, Triple Peaks, LLC purchased Crested Butte in Colorado.
On December 5, 2008, Triple Peaks, LLC sold its developed ski area assets to the Real Estate Investment Trust CNL Lifestyle Properties for $132 million. Triple Peaks, LLC then entered into an agreement to lease its three areas back from CNL for 40 years, therefore continuing operational control.
Triple Peaks, LLC Resources on NewEnglandSkiHistory.com:
Okemo
Sunapee
Triple Peaks, LLC External Links:
Last updated: September 16, 2010
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