Vermont's Stowe Mountain Resort is being purchased by the Colorado-based Vail Resorts for $50 million.

Vail said Tuesday in a news release that it had reached an agreement to acquire the Stowe resort from the Mount Mansfield Company, a wholly owned subsidiary of the American International Group.

If the deal goes through, it would be Vail's first East Coast resort. Vail owns 10 mountain resorts and three urban ski areas.

Vail would acquire all the assets related to the mountain operations at Mount Mansfield and Spruce Peak. Other facilities such as the Stowe Mountain Lodge, Stowe Mountain Club and the Stowe Country Club would be retained by the Mount Mansfield Company.

Vail Chairman Rob Katz says they're thrilled to add Stowe to their family of resorts.