US ski-resort operator Vail Resorts continues to plough through Australia's snowfields, snapping up Victoria's Falls Creek and Hotham resorts for about $174 million.
Vail Resorts said it would acquire Falls Creek, Victoria's largest alpine resort, and Hotham Alpine Resort in Australia's 'Powder Capital' from a subsidiary of Merlin Entertainments.
The acquisition - which includes a ski school, retail stores, reservation and property management operations - follows the US giant's success in NSW running Perisher's Snowy Mountains resort since 2015.
"We are thrilled to welcome the guests and employees of both Falls Creek and Hotham into the Vail Resorts family and further strengthen our position in Australia, which is one of our most important international markets," chief executive Rob Katz said in a statement to the New York Stock Exchange.
"The acquisition of the leading mountain resorts in Victoria is part of our continued strategy to drive season pass sales and build loyalty with guests from around the world."
The acquisition is expected to close before Australia's snow season kicks into gear in June, while the company said it intends to retain the vast majority of each resort's current employees.
Vail Resorts forecasts both resorts to generate EBITDA of approximately $18 million over the first 12 months of operation, assuming average conditions.
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