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Viad Closes CDN 99m Acquisition of Majority Stake in 7 Jasper National Park Hotels
Tuesday 11 June 2019

11 June 2019 - Arizona, US-based live events and travel experience provider Viad Corp (NYSE: VVI) has closed the acquisition of a 60% majority share in Canada-based Mountain Park Lodges' group of seven hotels and an undeveloped land parcel ideally situated in Jasper National Park, the company said.
Viad paid CDN 99m (USD 75m) for the equity stake in the Mountain Park Lodges properties, which will be financed through an existing revolving credit facility.
As majority owner of these properties, Viad said it will consolidate 100% of its results into Viad's financial statements and record noncontrolling interest expense related to the 40% owners' share of the income.
Viad's said this acquisition is a perfect fit with existing travel experiences in Jasper and Banff National Parks, and reflects continued execution against the company's Refresh, Build, Buy growth strategy for Pursuit. The Mountain Park Lodges properties represent 31% of the bed base in the Jasper market, which enjoys strong perennial demand with high barriers to entry.
Located in and around the authentic mountain town of Jasper, Alberta and surrounded by the pristine Canadian Rockies, the seven Mountain Park Lodges properties include: Sawridge Inn and Conference Centre (152 guest rooms); Pyramid Lake Resort (62 guest rooms); The Crimson Hotel (99 guest rooms); Chateau Jasper (119 guest rooms); Pocahontas Cabins (57 guest rooms); Marmot Lodge (107 guest rooms); and Lobstick Lodge (139 guest rooms).
Viad (NYSE: VVI) generates revenue and shareholder value through two business units: GES and Pursuit. GES is a global, full-service live events company offering a comprehensive range of services to brands and event organisers.
Pursuit is a collection of travel experiences in Alaska, Montana, the Canadian Rockies, Vancouver, Reykjavik (opening in July 2019), and Las Vegas (opening in 2021) that includes attractions, lodges and hotels, and sightseeing tours that connect guests with iconic places.
Mountain Park Lodges is a collection of seven hotel properties located in and around the authentic mountain town of Jasper, Alberta.
Uniquely positioned in the heart of Jasper National Park, the town is surrounded by some of the most gorgeous protected wilderness in the world and Mountain Park Lodge's portfolio of experiences enable visitors to stay and explore these pristine mountain parks.
Details
Date Published: 11/06/2019
Target: Mountain Park Lodges, ´ group of seven hotels and an undeveloped land parcel in Jasper National Park/60% stake
Country: Canada
Deal Size: 75m (USD)
Sector: Hotels/Restaurants/Casinos/Catering
Type: LBO
Financing: Cash
Status: Closed
Vendor:
Buyer: Viad Corp,  
Comment:


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