Bear Valley ski resort now will soon have something in common with Canadian Horseshoe Resort near Barrie, Ontario – they will be owned by the same company, Skyline International Development Inc.
Skyline International Development Inc. recently entered into a binding agreement of purchase and sale to acquire Bear Valley Mountain Resort, which is located about a one hour drive from Stockton. The agreement comes after several weeks of discussion with the current ownership and local community leaders that had formed the Bear Valley Mountain Cooperative, who were also in the process of purchasing the resort.
Closing is subject to the US Forest Service issuance of a permit to operate the resort expected in 30 to 60 days.
Located in the Sierra mountain range between Lake Tahoe and Yosemite, Bear Valley Mountain Resort is known as a year-round, less congested, family-friendly option for skiing and other recreational activities like water sports, biking, music festivals and golf.
With the purchase of the ski area, Skyline has an option to purchase development land in Bear Valley Village for 350 residential units and add a 40,000 square feet. The Village centre includes a 53-room lodge and a 17,000 square foot commercial complex.
Bear Valley first opened as Mt. Reba Ski Bowl in 1967 and quickly added terrain and lifts to become a destination resort in the late 1960’s and early ‘70s. In 1991, it became Bear Valley Mountain and today hosts skiers, boarders, and backcountry users with varied terrain and a family focus making Bear Valley known as the ‘Friendliest Mountain In The West.’
Skyline International Development, Canada’s leading owner, operator and developer of hospitality resorts and destination communities, will acquire the 1,700-acre Bear Valley ski area, including nine chair lifts, an approximately 2,000 stall parking lot, and a 40,000 square foot mountain base lodge. Bear Valley Mountain’s elevation is 8,500 vertical feet with a vertical drop of 1,900 feet.
“We are delighted to add Bear Valley to our growing portfolio of hotels and resorts,” said Skyline CEO Michael Sneyd. “Given Bear Valley’s spectacular beauty, excellent terrain and potential for improvement, we believe it is a great fit.”
Founded in 1998 by visionary entrepreneur Gil Blutrich, Skyline has expanded rapidly over the past five years, growing its asset base from $26 million to $311 million with the acquisition of hotel and resort properties in Ontario and the Northern Tier. Bear Valley is the company’s second US acquisition. In 2011, Skyline acquired the Hyatt Regency and Cleveland Arcade.
