Kingvale, one of smoothest little park-only mountains in the world, announced this week that they have lost the lease on their property at the side of Highway 80 near Northern California’s Donner Summit. They explain on their blog:
Today is a SAD SAD Day for Kingvale. We have lost our lease on our current home. Our landlord and us just can’t seem to get along. We are left with no other options than to pack up our circus and try to find a new home. We have too much equipment to list, but we are completely turn-key all we need is some dirt/snow to put it on. . . If you have a spot that might work to be the new Kingvale please email us at info@railbuilders.com. We will answer all questions to come. In the future we are just trying to save our DREAM. Please bare with us.
We know a lot of people in Sacramento, Auburn, and Grass Valley who are going to be seriously disappointed. Spots like Kingvale help introduce snowboarding to thousands of kids who otherwise could not afford snowboarding and we hope Kingvale can find a new home.
Yeah, it’s beginning to look a bit like winter on the Eastern Slope of California’s Sierra Nevada Range. It won’t be long. But these guys just couldn’t wait and got an edit out on October 5, 2010.
But the well-known name of Whistler may be an easier sell for an audience of retail investors, especially after the successful Olympics at the site last winter. As a result, an IPO is now the favoured option, sources said. . . “They didn’t like the valuations they got [from other buyers] so they will try the IPO market,” said a second person familiar with the situation.
When you can’t get smart money might as well go retail, but It’s difficult to imagine a scenario where this turns out well no matter how sexy Canadian resorts are.
Mt. Hood, Oregon’s Timberline Resort is opening Friday, October 1, 2010, according to Fox12.
Late spring storms, summer grooming and maintenance of the Palmer Snowfield have provided enough snow for skiing and snowboarding above 7,000 feet. . . Lodge officials said the Magic Mile and Palmer chairs will operate Fridays, Saturdays and Sundays through October, weather conditions permitting.
This early opening doesn’t really play into the whole annual “race to be the first open,” but it’s good to know we get riding again on the Palmer.
On April 19, 2008 snowboarder Amanda Yan caught an edge on the Crystal Road Run and slid off the road and then fell off a cliff resulting in traumatic injuries including dislocated vertebrae and ribs, broken leg, broken shoulder blade, kidney lacerations, and traumatic brain injury.
Now, the BC government is reportedly suing Whistler Blackcomb to recoup Yan’s heathcare costs, according to a story in The Province.
The statement of claim says that the accident was caused by the negligence and breach of duty of the defendant, named as Blackcomb Skiing Enteprises Limited Partnership, the owners and operators of Blackcomb Mountain and Whistler Mountain. . . It says the mountain created a hazardous condition and failed to erect any, or any adequate, warning signs alerting users to the presence of a sharp drop-off and cliff adjacent to the run. . . The company failed to erect a barrier that would have prevented Yan from going down the embankment and over the cliff, says the lawsuit.
Mr. Potanin, the main shareholder of metals giant OAO Norlisk Nickel, has expressed an interest in the property. His investment vehicle, Interros Co., is currently building a new ski resort in Sochi, Russia, home of the 2014 Winter Olympic Games.
The best buyer would probably be a company with little knowledge of the economics of North American ski resorts, because really, who else would want it?
Intrawest has been busy lately trying to come up with a way to cover $4 billion in debt. Apparently one way is to sell Mountain Creek to Crystal Springs owner Eugene Mulvihill, according to a story in NJ.com. And like any developer he apparently has “big plans” for the resort.
He said he envisions an indoor water park, rain forest, hotels and retail and health food shops at the Vernon Township resort in the northwestern corner of New Jersey.
Yeah, water parks and rain forests are rad. We hear they’re the new “slope-side condo.” Wonder if they’re going to change the name back?
Whistler-Blackcomb resort owner Intrawest (and its parent company Fortress Investment Group) has apparently swung successfully on the finance monkey bars once again and found a lender willing to not only pay off all their old loans, but also give them another four years to come up with $1.7 billion, according to a story on Reuters.
Details of the new loan were not released, but Intrawest, a unit of Fortress Investment Group (FIG.N), said on Tuesday that all prior lenders had been repaid in full and the new loan does not mature until 2014. . . Intrawest had been negotiating with lenders to refinance the $1.7 billion in debt taken on when Fortress purchased it in 2006. The earlier loans had been due in December.
Sounds like someone has a little more confidence than we do in Intrawest’s ability to turn resort real estate into cold hard cash. Hope there are some buyers, because they’re definitely not going to make up $1.7 billion with lift tickets and green fees.
Eneliko “Liko” Smith, the Las Vegas-based hotelier who got into both financial and legal trouble in South Lake Tahoe with The Block chain of snowboard-themed hotels is reportedly planning to spend about $10 million to purchase Leelanau County, Michigan’s “long-shuttered Sugar Loaf Resort,” according to a story in the Traverse City Record-Eagle.
Leelanau County Commissioner Melinda Lautner wonders how plenty of red flags went unnoticed as Sugar Loaf’s owners and some county officials touted Smith as an ideal buyer. . . “I’m greatly concerned that there are people in our county that were this far along in agreements and plans, etcetera, and hadn’t even Googled the guy,” she said. “I’m kind of stunned.” . . . Still, Lautner said, concerned county officials won’t have much say in the matter if Smith doesn’t opt to use brownfield dollars or other public incentives. . . . “On a totally private deal, the county has absolutely no involvement,” she said. . . Commission Chair Mary Tonneberger agrees. . . . “I don’t think we have the ability on a private sale to examine the financial status of the buyer,” she said.
County offices apparently received many emails questioning the sale. The guy certainly keeps business rolling no matter what.
When the Excalibur Gondola at Whistler-Blackcombfailed in December of 2008 it left at least 12 people tapped in dangling gondolas. Now, the legal ramifications of that afternoon are coming back to haunt the resort in the form of lawsuits according to CKNW Radio.
Two separate civil suits have been filed in BC Supreme Court on behalf of Whistler residents Christopher and Michelle Pond. . . This brings to 5 the number of suits against Intrawest and gondola manufacturer Doppelmayr. . . .The Ponds are making separate claims alleging they were injured when Tower 4 of the Excalibur collapsed sending several gondola’s to the ground, rooftops and trees.
Wonder if Intrawest have anything left after the Olympics?
Kingvale, one of smoothest little park-only mountains in the world, announced this week that they have lost the lease on their property at the side of Highway 80 near Northern California’s Donner Summit. They explain on their blog:
