Vail Resorts to Buy Heavenly Ski Resort

Vail Resorts Inc. agreed to buy the Heavenly Ski Resort near Lake Tahoe on the Nevada-California border from American Skiing Co. for $96million to $99 million in cash.

Vail, which owns resorts in Vail and Beaver Creek, Colo., said it will spend $25 million over the next five years to replace lifts, add restaurants and improve the snowmaking system at Heavenly.

Vail, Colo.-based Vail Resorts shares rose 45 cents to $21.40, and American Skiing shares were unchanged at 26 cents, both on the NYSE.