Toronto Developer Set To Acquire California's Bear Valley Resort
The Snow Industry Letter (TSIL) is reporting this week that Skyline International Development Inc. of Toronto, Ontario, says it has entered into a binding agreement to buy Bear Valley Mountain Resort in the Central Sierra of California.
Financial details have not been disclosed, but published reports says the deal came after weeks of discussions with a current owners – an investment group led by Dundee Realty of Canada and local community leaders who had formed a cooperative looking to purchase the resort.
Financial terms of the deal were not revealed. TSIL reports the closing is subject to the U.S. Forest Service issuance of a permit to operate the resort. It is expected in 30 to 60 days.
The acquisition includes 1,700-acre ski area, including nine chair lifts, an approximately 2,000 stall parking lot, and a 40,000-square-foot mountain base lodge. Skyline is Canada’s largest developer of resorts and destination areas.
Skyline has an option to purchase development land in Bear Valley Village for 350 residential units and add a 40,000-square-foot Village center that would include a 53-room lodge and a 17,000-square-foot commercial complex.
Photo: Bear Valley Mountain Resort (Bear Valley)