Starwood sells Mammoth Resorts to KSL Capital partnership

Starwood Capital Group has agreed to sell Mammoth Resorts, the owner of Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain, to a newly formed entity controlled by affiliates of Aspen Skiing Co. and KSL Capital Partners.

Terms of the transaction were not disclosed. The deal is expected to close by the end of the third quarter and is subject to certain closing conditions, including regulatory approvals.

A Starwood affiliate of owns a majority interest in Mammoth Resorts. KSL and Aspen Skiing Co. previously announced plans to acquire Intrawest Resorts Holdings through this new entity as well.

Morgan Stanley & Co. is serving as financial adviser to Mammoth Resorts while Goldman, Sachs & Co. is serving as financial adviser to the new entity formed by KSL and Aspen Skiing Co. Kirkland & Ellis is serving as legal adviser to Mammoth Resorts, and Hogan Lovells US, Latham and Watkins LLC and Simpson Thacher & Bartlett LLP are serving a