Hotel Mogul to Buy Mammoth Ski Area
October 6th, 2005 by Mike“Yes, can you put that mountain over their on my AMEX please?” Barry S. Sternlicht must live a pretty nice life to be able to purchase a mountain ski resort.
Via: LATimes.com
MAMMOTH LAKES, Calif. — The storied Mammoth Mountain Ski Area on Tuesday announced plans to sell a controlling interest in its sprawling holdings in the eastern Sierra to a private investment firm led by luxury hotel mogul Barry S. Sternlicht.
The $365-million acquisition by Starwood Capital Group promises to bring a more upscale character to the resort, in contrast to the unpolished and independent style of the resort’s pioneering founder and co-owner, Dave McCoy.
“Mammoth has phenomenal skiing but has never had the sex appeal of Vail or Aspen,” said hotel industry analyst Bruce Baltin of PKF Consulting. “There’s interest now in taking it more upscale.”
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