PowderMonarch LLC, a group including Colorado based investors, are scheduled to buy Monarch Ski & Snowboard Area from the current California based group on Thursday November 7, 2002. Denver’s C. Robert Nicolls II, co-owner of the Monarch Mountain Lodge, is included in the top investors and confirmed the buying price over 5 million dollars.
“This is an exciting time for Monarch and Chaffee County. The group has a long-term vision for Monarch.” says Carrie Locke, Director of Marketing and Communications for Monarch Ski & Snowboard Area. “The collection of investors is not only Colorado based but also includes local Salida investors. Once the sale is final more information will be provided regarding the remaining members of the buying party.”
The buyers have tried twice before to purchase Monarch Ski and Snowboard Area but have never been this close to the closing table. “Things are moving in such a direction that Thursday November 7, 2002 is the schedule day for closing,” Locke added. “We are hopefully to make the date.” The group is working closely with the US Forest Service towards a successful closing.
The group also includes Rich Moorhead, Monarch’s VP of Operations/General Manager, and Melissa Goforth, Monarch’s Chief Financial Officer. Moorhead and Goforth will continue to manage the 63-year-old ski area. The lender involved with the Colorado group is US Bank.
For more information on Monarch Ski & Snowboard Area log onto www.skimonarch.com. The projected opening day for Monarch is November 22, 2002.