Feb 21 Insurance giant American International
Group Inc has reached a deal to sell one of its
lesser-known assets: a northern Vermont ski slope.
Vail Resorts Inc, a Brookfield, Colorado-based
company that runs mountain resorts, has signed a $50 million
agreement to buy the ski operations of Stowe Mountain Resort
from AIG's real-estate business, the resort company said on
The deal, subject to review by the state of Vermont,
includes everything from lift ticket offices to facilities for
ski and snowboard lessons. It is AIG's latest move in a strategy
to sell off assets that do not align with its core insurance
AIG, the largest commercial insurer in the United States and
Canada, will continue to own other resort properties in the area
and development rights, it said in a press release.
They include the tony Stowe Mountain Lodge, a luxury
312-room hotel, and the Stowe Mountain Club, an all-seasons club
whose services include a 21,000-square foot spa, gourmet dining,
and slope-side valet parking, according to the club's website.
The ski-slope deal follows a disappointing 2016
fourth-quarter for AIG, which last week reported a $3 billion
AIG is in the middle of an ambitious two-year turnaround
plan, which followed pressure from billionaire activist
investors Carl Icahn and John Paulson to split up the company
because of poor performance. Selling off non-core assets, like
Stowe, and cutting expenses will help return $25 billion to
shareholders, the insurer has said.
(Reporting by Suzanne Barlyn; Editing by Lauren Tara LaCapra
and Andrew Hay)