By Jack Stubbs
On Monday, May 7th, Michigan-based Boyne Resorts acquired six mountain resorts—including the The Summit at Snoqualmie—for $26.1 million, according to public records filed with King County. The seller of the properties was New York-based Oz Real Estate, the real estate platform of Oz Management, a global asset management firm that operates a wide variety of asset types. The transaction was recorded on May 18th.
The buyer did not respond to calls for comment about the transaction in time for the publishing of this story and the seller declined to comment.
According to a statement released by Boyne Resorts, the transaction was for six resorts including The Summit at Snoqualmie; Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Cypress Mountain in Vancouver, B.C.; Gatlinburg SkyLift in Gatlinburg, Tennessee; Loon Mountain Resort in New Hampshire and the Sugarloaf and Sunday River Resort in Maine.
According to King County public records, the sale of the Summit at Snoqualmie—located at 1001 WA-906 Snoqualmie Pass— included thirteen different parcels, one of which includes a 13,172 square foot structure built in 1968. The other parcels comprise skiing area affiliated with the Summit at Snoqualmie Resort.
Located along the Snoqualmie Pass, the resort is approximately 50 miles east of Seattle and 25 miles from Snoqualmie. Additionally, the property is less than one mile from access to Washington State Route 906 and Interstate-90.
Boyne Resorts’ acquisition of the six resorts represents a landmark moment for the company. “Having focused for several years on regaining and acquiring ownership of these resorts, today is exceptionally gratifying.” said Stephen Kircher, president and chief executive officer of Boyne Resorts in the statement. “We are proud of the achievements reflected in these acquisitions and excited about the opportunities ahead at all of our properties, as well as for our team members, guests and the communities we are part of.”
Founded in 1947, Boyne Resorts is the third largest mountain resort company in North America, according to the company’s web site. The company owns mountain and golf resorts and attractions throughout the U.S. and Canada, with properties in Montana, Maine and New Hampshire, among other locations.
Oz Real Estate was founded in 2003 and invests in hospitality, residential and commercial real estate and related assets across North America and Europe. The company has invested in over $9 billion of private real estate assets, according to its web site. The company’s portfolio includes over 20,000 hotel rooms, over 30,000 multifamily and residential units, and over 20 million square feet of retail and office properties. The company has also invested in other asset classes including healthcare, senior housing, ski resorts and land development opportunities.