Skyline International Development, Inc. Completes Purchase of Bear Valley Mountain Resort
Skyline and Bear Valley Mountain Cooperative formalize agreement as part of acquisition
BEAR VALLEY, Calif., Jan. 12, 2015 /PRNewswire/ --Skyline International Development, Inc. (SKLN.TA), Canada's leading owner, operator and developer of hospitality resorts and destination communities, has completed its purchase of Bear Valley Mountain Resort after receiving a permit to operate the resort from the US Forest Service. The 1,700-acre Bear Valley ski area includes: nine chair lifts, a 2,000-stall parking lot, and a 40,000 sq. ft. mountain base lodge.
"I strongly believe that we have acquired one of the most beautiful properties in Northern California and we cannot wait to bring the full experience here," says Skyline CEO Michael Sneyd. "We are pleased with this addition to our ever-growing hotel and resorts portfolio. We look forward to providing an exemplary standard of hospitality service to Bear Valley."
The purchase of Bear Valley also includes two approved master plans for the ski area and Village that include expanded ski lifts and a development plan to build 350 new units accompanied by a new Village core, which Skyline hopes to execute.
Skyline Bear Valley announces agreement with Bear Valley Mountain Cooperative
In what is considered to be a first in resort ownership, Skyline has entered into an agreement with the 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. As Skyline reviewed the opportunity, they were immediately impressed with the passion and commitment demonstrated by these dedicated members of the Bear Valley community. Skyline entered into negotiations with BVMC in the fall agreeing to extend benefits to members in a collaborative agreement that was finalized in December.
Through this partnership with Skyline, which was formalized upon completion of the purchase of Bear Valley, the BVMC will provide targeted membership funding for projects that accelerate improvements at the resort and enhance the experience as a year-round destination. "The Bear Valley Mountain Cooperative is an energized group of people committed to the success of Bear Valley," said Benno Nager, GM of Bear Valley. "We are very fortunate to have their involvement in helping to shape the future of this magical destination and couldn't be more excited for what's in store."
"For BVMC, this agreement is a perfect outcome. 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," says Paul Petersen, Interim BVMC board member and local business owner. "This is a huge win for Bear Valley, the community, and Skyline. The combined investment and benefits along with community input will deliver on much-anticipated improvements."
The BVMC will operate independently from Skyline Bear Valley and will continue to sell memberships that provide benefits at the resort and village. They can be reached at www.bvmcoop.org
About Skyline International Development Inc.
A leading Toronto-based developer of hospitality properties and destination communities, Skyline International Development owns over two million square feet of real estate, has over 2,600 acres with development rights for more than 7,000 residential units and nearly 1,300 rooms in its holdings, employing more than 1,500 staff. Its unique asset mix includes part ownership of Toronto's iconic Omni King Edward Hotel, as well as ownership of, under the Skyline Hotels & Resorts brand, the city's contemporary boutique Cosmopolitan Hotel and Pantages Hotel. Skyline's resort assets include landmark Deerhurst Resort with 45,000 sq. ft. of meeting space lakeside in Muskoka and Horseshoe Resort, home to Toronto's closest ski area and an adventure park. The company is also creating residential communities at Deerhurst, Horseshoe and, most extensively, at the historic lakefront of Port McNicoll, Ontario, a restored gateway to the 30,000 Islands, a UNESCO World Biosphere Reserve. In 2013, the company launched Skyline Vacation Club, Ontario's first drive-to, members-only, points-based urban and country vacation club. In late February 2013, Skyline acquired 50 per cent of the retail component in both the Village and surrounding the golf course at Blue Mountain and the remaining developable land. In early 2014, Skyline became a public company trading on the Tel Aviv Stock Exchange (TASE). Visit: www.skylineinvestments.com.
About Bear Valley Mountain Cooperative
Formed in late 2013 out of a town hall meeting by local business leaders and homeowner, the Bear Valley Mountain Cooperative is a non-profit corporation dedicated to preserving the unique characteristics of Bear Valley Mountain and village through community leadership and investment. The cooperative believes that Bear Valley Mountain Resort is inextricably linked to the economic vitality of Bear Valley Village and the surrounding communities. The Cooperative remains intact and is working collaboratively with Skyline Investments. Visit their web site for more details about benefits and joining at http://www.bvmcoop.org.
About Bear Valley Mountain & Bear Valley Village
Bear Valley Mountain and Village is the premier family mountain sports and lodging destination in the Central Sierra. Located between Yosemite and Lake Tahoe on National Scenic Byway Highway 4, and surrounded by two of California's largest federally designated wilderness areas, outdoor activities in Bear Valley are abundant. Bear Valley Resorts is known for its warm, welcoming staff, affordable ticket prices, a variety of terrain, and a commitment to providing the ultimate mountain experience. The ski and board area offers 1,680 acres of varied terrain, more than 70 trails, two terrain parks featuring more than 18 features, and 1,900 vertical feet. Bear Valley averages over 30 feet of annual snowfall per year. Bear Valley Village is home to a variety of services, shops, restaurants and a wide range of accommodations. Winters provide skiing, snowboarding, cross-country skiing, sledding, snowshoeing and snowmobiling. Hiking, fishing, cycling, rock climbing, kayaking, camping and a variety of cultural events make for a perfect summer of activities. More information is available at www.bearvalley.com.
SOURCE Skyline International Development, Inc.
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