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Mammoth Ski area to be sold to hotel mogul
Mammoth Mountain Ski Area announced on Tuesday that it will sell a controlling interest to a private investment firm led by luxury hotel mogul Barry S. Sternlicht, making it the largest ski resort sale in history.
It is expected that the $365 million acquisition by Sternlicht will shed a more upscale quality to the resort like Vail or Aspen. Mammoth has been known more for its basic style, in character with the resort’s founder and co-owner, Dave McCoy.
Sternlicht, 45, served as chairman and chief executive of Starwood Hotels & Resorts Worldwide Inc. until May this year.
Repeat visitors and locals alike have expressed concerns over whether Sternlicht’s reputation for upgrading dowdy properties with Ralph Lauren-style decor could make Mammoth too pricey. They fear it would lose some of its character as a hodgepodge of motels, condos, A-frames, small malls and parking lots, reported the Los Angeles Times.
The new owners plan to develop 60 acres around Mammoth Lakes with Canadian resort operator Intrawest Corp.
“The goal is to bring in other hotel brands, a mixture of both boutique and large hotels,” Marc Perrin, managing director of Starwood Capital, who is the purchasing entity, told The Los Angeles Times. “We’re also focusing on bringing in hip restaurants as well as new residential, hotel and entertainment experiences.” He predicted that changes would be evident in three to five years.
The agreement will include 185 ski trails served by 35 lifts and facilities, a lodge and more than a dozen stores and dining venues.
Charles Kao
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