Bear Valley news

[~mikey b]

http://m.calaverasenterprise.com/mob...a4bcf887a.html




Bear Valley, Skyline reach an agreement
By Alicia Castro | Posted: Tuesday, August 12, 2014 6:00 am

Co-op may continue in revised partnership
The forward progress of Bear Valley Mountain Resort will soon be in the hands of Skyline International Development Inc., and leaders of the investment company want to take the Bear Valley Mountain Cooperative along for the ride.
“The co-op is the engine,” said Skyline Chairman and President Gil Blutrich at a town hall meeting Saturday. “Skyline is the supercharger.”
Blutrich shared his vision at the gathering hosted by the co-op at the Bear Valley Lodge Cathedral Lounge. Co-op members were given information about new options – including opt-outs – and the 250 to 300 people in attendance were introduced to Skyline executives, who enthusiastically spoke to an ongoing collaboration.
“We see a partnership between Skyline and the co-op as a critical element in the future of Bear Valley by making sure Bear Valley remains a viable and productive resort operation,” Skyline CEO Michael Sneyd said. “The key to making the operation profitable is to continue to improve the brand in the Bay Area and really bring back the ski-area visits that Bear Valley enjoyed.”
And as he said at the meeting Saturday, “We put heads in beds.”
Skyline is a publicly traded hospitality and real estate development and management company based in Toronto. Skyline currently owns various hotels and four southern Ontario resorts, two of which include ski amenities.
One member of Bear Valley’s current ownership group – Dundee Resort Development Corp. – and Skyline have been previously affiliated through Ned Goodman, the president and CEO of Dundee Capital Markets Inc. who served on Skyline’s board of directors until Skyline became a publicly traded company in March 2014.
“Dundee is one of Canada’s most successful companies, and Ned is one of the most experienced and respected developers in the country,” Sneyd said. “Ned made significant investments in Skyline, right until the company went public” and is no longer on the board.
Still, Sneyd said discovering the resort was “serendipity.” He had heard about the opportunity from a real estate broker in the United States and filed a confidentiality agreement with the broker. Around the same time, Blutrich was meeting with Goodman, who mentioned the agreement.
“We came at it both ways,” Sneyd said.
And they were both interested, leading Skyline to sign a letter of intent July 31, mere days after the co-op had reached its shareholder goal.
In an email to members, Bear Valley Cooperative leadership said it was informed Aug. 1 that Dundee signed an exclusive purchase and sale agreement for the ski area with Skyline and that the cooperative’s letter of intent would be terminated.
“I congratulate you again on your success with organizing the co-op and galvanizing community support,” wrote Dundee Resort Development President Greg Finch in an email that co-op leadership conveyed to its members. “Although the co-op may not be the purchaser of the ski area, the community’s support and participation is critical to the long-term viability of Bear Valley.”
The co-op has more than 900 members, and as it currently stands, those members still have the right to vote, receive member benefits and voice their opinions on how the mountain and village are operated, according to Sky-line’s preliminary discussions with the co-op.
If the resort were to eventually be bought out by a third party that didn’t want to continue the partnership, members would be refunded their individual shares, Sneyd said.
When Skyline was initially considering the purchase of Bear Valley, Skyline saw the co-op as an asset, Sneyd said.
“Skyline would not have invested without this showing of community support,” he explained. “At all of our properties, we have a membership club-style program. We’re quite used to working with the community and finding a win-win for their involvement, the resort activities and capital improvement plans.”
Though the details of the partnership are still being worked out, Sneyd said Skyline’s immediate priority is collaborating with the co-op to meet Bear Valley’s needs.
As outlined at the meeting Saturday, Skyline will likely invest in all maintenance, immediate capital improvements, marketing, operations and financial risk. The co-op will continue toward membership growth, community participation, benefits for membership and capital improvement projects by approval.
In the coming years, Sneyd said that Skyline hopes to develop the village, but that likely won’t happen immediately.
“Really, you have to have a viable resort that is in demand before you start selling real estate,” Sneyd said. “We plan to work with members of the co-op and community on specifics of design” for the village.
After visiting Bear Valley briefly for Saturday’s meeting, Sneyd said he intends for the development to feel “organic, that it looks like it was developed over time at the mountain, rather than many resort experiences elsewhere, where it looks like it was just developed yesterday and feels a little bit plastic-y. We want it to feel timeless.”
And as Skyline invests in the village, the co-op may focus its financial resources elsewhere.
“They believe the money should go into the mountain,” Sneyd said. “What we’ve said is that we would participate and agree where their co-op seeds get invested.”
Over time, Sneyd said Skyline plans to invest in the lodges, snowmaking, the rental areas, retail shops, food and beverage offerings, and the lift from the village to the top of the mountain – a project that’s long been pursued and delayed at Bear Valley.
But – with Skyline’s operation set in Toronto – Sneyd recognizes that it needs asset managers nearer to Bear Valley. Based upon recommendation, Skyline selected Chris Ryman and Betsy Cole, a Northern California ski-industry duo with decades of experience. Sneyd said the pair will meet with the current management team at Bear Valley.
“They will review and make sure that the onsite management team is establishing a great business plan and fulfilling the great business plan,” Sneyd said.
And as Skyline continues the course toward purchase, the co-op is working with its members.
“They want to confirm with their membership that this slightly different structure for the co-op is still acceptable to their members,” Sneyd said.
Next week, the co-op promised its members the details of the proposed relationship, options available to members, the process required to vote on this new direction and giving potential refunds to members who may not want to continue with the cooperative effort after this change.
But Sneyd said he anticipates – and hopes – the partnership will continue.
“I can’t imagine the co-op not continuing,” he said. “It makes so much sense: Skyline will take care of any operating shortfalls. We all know about the resort industry; there are ups and downs. Co-op members get all the same benefits they were promised, and they now have an experienced resort operation team coming in with equipment and commitment to turn Bear around.”

[Shred Baron]

Thanks for all the updates Mike.

Glad to hear things seem to be going well for Bear Valley (town, and resort).

[GiBo]

http://m.calaverasenterprise.com/mob...a4bcf887a.html




Bear Valley, Skyline reach an agreement
By Alicia Castro | Posted: Tuesday, August 12, 2014 6:00 am

Co-op may continue in revised partnership
The forward progress of Bear Valley Mountain Resort will soon be in the hands of Skyline International Development Inc., and leaders of the investment company want to take the Bear Valley Mountain Cooperative along for the ride.
“The co-op is the engine,” said Skyline Chairman and President Gil Blutrich at a town hall meeting Saturday. “Skyline is the supercharger.”
Blutrich shared his vision at the gathering hosted by the co-op at the Bear Valley Lodge Cathedral Lounge. Co-op members were given information about new options – including opt-outs – and the 250 to 300 people in attendance were introduced to Skyline executives, who enthusiastically spoke to an ongoing collaboration.
“We see a partnership between Skyline and the co-op as a critical element in the future of Bear Valley by making sure Bear Valley remains a viable and productive resort operation,” Skyline CEO Michael Sneyd said. “The key to making the operation profitable is to continue to improve the brand in the Bay Area and really bring back the ski-area visits that Bear Valley enjoyed.”
And as he said at the meeting Saturday, “We put heads in beds.”
Skyline is a publicly traded hospitality and real estate development and management company based in Toronto. Skyline currently owns various hotels and four southern Ontario resorts, two of which include ski amenities.
One member of Bear Valley’s current ownership group – Dundee Resort Development Corp. – and Skyline have been previously affiliated through Ned Goodman, the president and CEO of Dundee Capital Markets Inc. who served on Skyline’s board of directors until Skyline became a publicly traded company in March 2014.
“Dundee is one of Canada’s most successful companies, and Ned is one of the most experienced and respected developers in the country,” Sneyd said. “Ned made significant investments in Skyline, right until the company went public” and is no longer on the board.
Still, Sneyd said discovering the resort was “serendipity.” He had heard about the opportunity from a real estate broker in the United States and filed a confidentiality agreement with the broker. Around the same time, Blutrich was meeting with Goodman, who mentioned the agreement.
“We came at it both ways,” Sneyd said.
And they were both interested, leading Skyline to sign a letter of intent July 31, mere days after the co-op had reached its shareholder goal.
In an email to members, Bear Valley Cooperative leadership said it was informed Aug. 1 that Dundee signed an exclusive purchase and sale agreement for the ski area with Skyline and that the cooperative’s letter of intent would be terminated.
“I congratulate you again on your success with organizing the co-op and galvanizing community support,” wrote Dundee Resort Development President Greg Finch in an email that co-op leadership conveyed to its members. “Although the co-op may not be the purchaser of the ski area, the community’s support and participation is critical to the long-term viability of Bear Valley.”
The co-op has more than 900 members, and as it currently stands, those members still have the right to vote, receive member benefits and voice their opinions on how the mountain and village are operated, according to Sky-line’s preliminary discussions with the co-op.
If the resort were to eventually be bought out by a third party that didn’t want to continue the partnership, members would be refunded their individual shares, Sneyd said.
When Skyline was initially considering the purchase of Bear Valley, Skyline saw the co-op as an asset, Sneyd said.
“Skyline would not have invested without this showing of community support,” he explained. “At all of our properties, we have a membership club-style program. We’re quite used to working with the community and finding a win-win for their involvement, the resort activities and capital improvement plans.”
Though the details of the partnership are still being worked out, Sneyd said Skyline’s immediate priority is collaborating with the co-op to meet Bear Valley’s needs.
As outlined at the meeting Saturday, Skyline will likely invest in all maintenance, immediate capital improvements, marketing, operations and financial risk. The co-op will continue toward membership growth, community participation, benefits for membership and capital improvement projects by approval.
In the coming years, Sneyd said that Skyline hopes to develop the village, but that likely won’t happen immediately.
“Really, you have to have a viable resort that is in demand before you start selling real estate,” Sneyd said. “We plan to work with members of the co-op and community on specifics of design” for the village.
After visiting Bear Valley briefly for Saturday’s meeting, Sneyd said he intends for the development to feel “organic, that it looks like it was developed over time at the mountain, rather than many resort experiences elsewhere, where it looks like it was just developed yesterday and feels a little bit plastic-y. We want it to feel timeless.”
And as Skyline invests in the village, the co-op may focus its financial resources elsewhere.
“They believe the money should go into the mountain,” Sneyd said. “What we’ve said is that we would participate and agree where their co-op seeds get invested.”
Over time, Sneyd said Skyline plans to invest in the lodges, snowmaking, the rental areas, retail shops, food and beverage offerings, and the lift from the village to the top of the mountain – a project that’s long been pursued and delayed at Bear Valley.
But – with Skyline’s operation set in Toronto – Sneyd recognizes that it needs asset managers nearer to Bear Valley. Based upon recommendation, Skyline selected Chris Ryman and Betsy Cole, a Northern California ski-industry duo with decades of experience. Sneyd said the pair will meet with the current management team at Bear Valley.
“They will review and make sure that the onsite management team is establishing a great business plan and fulfilling the great business plan,” Sneyd said.
And as Skyline continues the course toward purchase, the co-op is working with its members.
“They want to confirm with their membership that this slightly different structure for the co-op is still acceptable to their members,” Sneyd said.
Next week, the co-op promised its members the details of the proposed relationship, options available to members, the process required to vote on this new direction and giving potential refunds to members who may not want to continue with the cooperative effort after this change.
But Sneyd said he anticipates – and hopes – the partnership will continue.
“I can’t imagine the co-op not continuing,” he said. “It makes so much sense: Skyline will take care of any operating shortfalls. We all know about the resort industry; there are ups and downs. Co-op members get all the same benefits they were promised, and they now have an experienced resort operation team coming in with equipment and commitment to turn Bear around.”

I kind of like it.

[~mikey b]

Yeah. Sounds promising to me. Hudge investment required. The deferred maintenance on lifts, facilities, etc. alone is significant. Upgrades are another story. They seem to know what they're doing.

[~mikey b]

http://www.calaverasenterprise.com/n...9bb2963f4.html

With autumn’s leaves mere weeks from turning, Bear Valley Mountain Resort’s new owners have already started preparing for the upcoming ski season.

Pending the final approval of the U.S. Forest Service, which is anticipated to go through without issue, Skyline International Development Inc. is the new owner of the mountain resort.

“A lot of work has gone into it,” said Michael Sneyd, CEO of Skyline. “Our focus right now is to improve the mountain experience, the guest experience and to make sure that the Bear Valley brand reaches the heights it enjoyed in the past.”

The Toronto-based company’s binding purchase and sale agreement includes only the on-mountain assets of the resort. But with the purchase of the ski area, Skyline has an option to purchase development land in Bear Valley Village over the next three years.

Though Sneyd said that is Skyline’s plan, he added the company will focus this year on the ski area in particular. Skyline is working with current onsite management and the newly appointed asset managers, Northern California ski industry duo Chris Ryman and Betsy Cole to develop a list of priorities. Sneyd said at the top are improving snowmaking abilities and enhancing the midmountain lodge.

“There are several operation items we’d like to see addressed right away: flow issues, flow of rentals, flow through the kids’ camp facilities and the facilities with respect to bar and restaurant – generally, that the patrons see there’s a real uptick this coming season.”

Sneyd said the company is delighted to add Bear Valley to its growing portfolio of hotels and resorts.

“Given Bear Valley’s spectacular beauty, excellent terrain and potential for improvement, we believe it is a great fit,” he said.

Founded in 1998 by entrepreneur Gil Blutrich, Skyline has expanded quickly over the past five years, growing its asset base from $26 million to $311 million with the acquisition of hotel and resort properties in Canada. Purchase price for the Bear Valley ski area is still confidential, Sneyd said. Bear Valley is the company’s second U.S. acquisition, following the 2011 purchase of the Hyatt Regency and Cleveland Arcade.

And although the company is new to the West Coast, Blutrich said Bear Valley is similar to one of the company’s Canadian ski resorts.

“Both appeal to families and local groups while benefiting from their close proximity to large urban centers,” he said. “In Horseshoe’s case, the 8.8 million people who live in the Greater Golden Horseshoe and for Bear Valley, nearly 5 million who live in the Bay Area. Bear Valley is a perfect, natural and quiet alternative to Lake Tahoe.”

Sneyd said the Bear Valley Mountain Cooperative, which also sought to purchase the mountain this year, will remain involved in the ownership transition.

“Skyline was impressed by the passion, dedication and collaboration demonstrated by the Bear Valley Mountain Coop-erative and will work with their leadership in the coming weeks as they develop detailed plans for Bear Valley,” he said.

The deal is subject to the U.S. Forest Service issuing a permit to operate the resort, which is expected in 30 to 60 days.

[~mikey b]

http://www.mymotherlode.com/news/loc.../mountain.html