Where to Ski And Snowboard - Mammoth deal clinches biggest ever resort sale

Mammoth deal clinches biggest ever resort sale

10th November 2005, by Chris Gill

Mammoth Mountain in California has been sold in what is believed to be the largest ever deal of its kind for a ski resort.

Starwood Capital, a property investment group, has acquired a majority share in the Californian resort, valued at $365 million. The new owners are excited about working with Mammoth to realise its potential as a world-class resort. “The mountain is one of North America’s top physical resort assets from a terrain, average snowfall and beauty aspect,” said Marc Perrin, Managing Director of Starwood Capital.

As part of a joint venture with Intrawest, who retain a minority share in the resort, Starwood plan to spruce-up the residential and retail opportunities in and around Mammoth Lakes, perhaps introducing a variety of new hotels and restaurants.

Mammoth Mountain Ski Area receives over 1.5 million visitors each year, although many are locals who make the long trek from Los Angeles. It is hoped that with Starwood’s input and with the recent approval to upgrade Mammoth’s airport, the resort will attract much wider attention as a top ski destination.

Mammoth Mountain opens for skiing and boarding today, 10 November, just on cue to benefit from the good, early season snowfalls accumulating in North America at the moment.