BROOMFIELD, Colo. (CBS) – The parent company of Heavenly Valley and Northstar ski resorts in Lake Tahoe, has purchased Tahoe’s Kirkwood Mountain Resort for $18 million.

Colorado-based Vail Resorts made the announcement Wednesday morning.

READ MORE: Belmont Police Say Missing Mother, Son Found Safe

Vail also announced that Heavenly and Northstar pass holders will have access to Kirkwood and Kirkwood pass holders will be able to ski and ride Heavenly and Northstar.

Bay Area Ski & Snow Guide

READ MORE: Helicopter With 4 Aboard Crashes in Colusa County North of Sacramento

The purchase also includes residential and commercial property at the base. Kirkwood will continue to be involved in the property development.

Vail Resorts, which operates mountain resorts in Colorado and Wyoming as well as the Lake Tahoe area, expects to close the deal next month – contingent on transfer of the U.S. Forest Service permit.

MORE NEWS: McCarthy Jokes About Hitting Pelosi With Gavel If GOP Retakes House in 2022

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)