Following a series of high-profile resort acquisitions in the last year, including Vail Resorts’ buyout of Park City Mountain and Deer Valley’s purchase of Solitude, Canadian developer Skyline Investments completed its acquisition of Bear Valley Mountain Resort this month, bringing the buyout activity to California.
Skyline did not disclose the final purchase amount, but its the acquisition reportedly brought overall assets for the company to $311 million, highlighting rapid growth from just five years ago, when it held total assets of $26 million. The resort joins four other resort villages in the Skyline portfolio, all of them in Canada.
Included in the Bear Valley purchase were two approved master plans, allowing for additional ski lifts to the existing nine and development of 350 new units accompanied by a new Village core. Skyline plans to act on both. Bear Valley’s new owner also announced an agreement with Bear Valley Mountain Cooperative (BVMC), a membership-driven organization formed when the resort first came up for sale in 2013.
The BVMC raised funds by selling membership shares to individuals with the intent to purchase and operate the resort. Skyline entered into negotiations with BVMC in the fall, agreeing to extend benefits to members in a collaborative agreement that was finalized in December.
“For BVMC, this agreement is a perfect outcome,” Paul Petersen, Interim BVMC board member and local business owner, said in a press release. “Through our combined efforts and resources, the resort and community will see rapid improvements while enjoying the benefits and support of an exceptional hospitality company.”
Bear Valley Mountain, a year-round resort located in the High Sierra Mountains, is a 3-hour drive from the Bay Area.