Booth Creek Ski Holdings, Inc., which consists of Northstar-at-Tahoe, Sierra-at-Tahoe, Big Bear Mountain, Waterville Valley, Mt. Cranmore Mountain Resort, Loon Mountain, and The Summit at Snoqualmie, has reached an agreement in principle to sell Grand Targhee Ski and Summer Resort to Booth Creek chairman George N. Gillett, Jr. and his family.
“We firmly believe in the future of Grand Targhee; however, the investment horizon to complete the development of the resort is a long one,” says Booth Creek President and Chief Operating Officer Chris Ryman. “Booth Creek has substantial growth opportunities at its other resorts, particularly at Northstar-at-Tahoe, our largest property. The sale of Grand Targhee will allow us to reallocate resources and accelerate these opportunities within our company.”
Such opportunities include the previously announced joint venture of Northstar and East West Partners, Inc., to develop about 2,000 multi-family units and associated commercial space on land within the Northstar-at-Tahoe resort.
Completion of the Grand Targhee-Gillett sale is subject to final documentation and various closing conditions. The purchase price for the resort is eleven-million dollars, and it too is subject to certain closing adjustments.
“This is a win-win business opportunity,” adds Gillett.
“George’s vision and enthusiasm for the ski industry is unparalleled,” says Ryman. “I cannot envision a better owner for Grand Targhee.”
Booth Creek also announced its second-quarter earnings. The company posted increases in revenues and skier visits for the second fiscal quarter ended April 28, 2000, thanks to a strong mid- and late-season, insurance proceeds, and expense and labor management.
Total revenues were 65.4-million dollars for the quarter, compared with 56.8-million dollars for the same quarter last year. Total skier visits for the quarter rose by 47,000 to 1,434,000.