Mammoth Sale Good News for All Ski Resorts
Attention owners of second homes in ski areas -- Starwood Capital has bought a majority stake in Mammoth Mountain that values the California ski resort at $365-million. With Intrawest, which runs the resort, Starwood plans to to recapitalize Mammoth's real estate. Rusty Gregory, Mammoth CEO, say the company is "making an investment in us for the brand we have developed to-date, but they also see us poised as the next major destination resort in North America."
The news pleased a competitor. Vail Resorts CEO Adam Aron said in a conference call the sale price was "good news" for all related companies. Starwood owns the W and Westin hotels.
Labels: second homes