Booth Creek sells two Calif. ski areas
Vail CO, Colorado
TAHOE, Calif. ” The Sierra-at-Tahoe and Northstar-at-Tahoe ski resorts were sold to new owners in a $170 million deal last week.
The ski resorts, along with Loon Mountain in New Hampshire and The Summit-at-Snowqualmie in Washington, were acquired by Florida-based CNL Income Properties from Truckee-based Booth Creek Ski Holdings Jan. 22.
Additionally, Booth Creek chairman George Gillett, president Chris Ryman, chief financial officer Elizabeth Cole and a fourth person bought out existing Booth Creek shareholders and now own the company.
Vail resident Gillett is the owner of the Montreal Canadiens hockey team and the nation’s largest organic meat company, Coleman Natural Foods. He bought the Vail and Beaver Creek resorts in 1985. In 1999, Ski Magazine named Gillett one of the top-100 influential skiers of all time.
Booth Creek will continue to operate the Northstar and Sierra resorts and still owns Cranmore Mountain Resort and Waterville Valley in New Hampshire.
Northstar remains at the forefront of Booth Creek business plans for development and expansion. The new Village at Northstar includes almost 40 retailers and restaurants, and the mountain itself has made improvements with a high-speed chairlift and snowmaking and terrain park improvements. Northstar Mountain Properties and East West Partners continue to develop about 1,800 new residential units, an on-mountain Ritz-Carlton Hotel and more commercial space at the resort.
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