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.

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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

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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.

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