Wednesday, November 05, 2008

Financial Crisis Hurts 2 Western Canadian Mountain Resorts

It appears that the international financial crisis is "slowing the work at Revelstoke Mountain Resort, the major new ski area that was opened last year," according to the Idaho Mountain Express and Guide.

According to another source, the Revelstoke Times Review, "What is clear is that significant management and ownership changes are underway, and the credit crunch, as well as other factors, will cause a delay in the scheduled opening for many of the physical components of the resort and on-mountain infrastructure such as chairlifts.

This report quoted a resort official as saying "control of the project had been assumed by the Northland Properties group... which is operated by the Gaglardi family out of Vancouver." The Times Review said "previous control of the project had been held by Don Simpson, a Denver-based developer of housing." Apparently the new Nelson Lodge will be finished but not on its original schedule.

"At Canmore, meanwhile, the $135 million Solar Resort & Spa has gone into receivership and construction has been halted," reported the Idaho publication. Both Revelstoke and Canmore are in British Columbia. Canmore is right near Banff, while Revelstoke is a much-ballyhooed new, big ski/snowboard area in the Selkirk Mountain Range.

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