Grouse Mountain in North Vancouver has been acquired by GM Resorts, a company that was just incorporatedgrouseBC esize in March by CM Asset Management Co. Ltd. (CM Canada). The rumored $200 million price tag was not confirmed in a news release announcing the deal. See SAM’s earlier report about the sale HERE.
More than 60 percent of CM Canada’s ownership consists of Canadian investors, with China Minsheng Investment Group (CMIG) comprising the remaining ownership. CMIG, which reportedly has ties to the Chinese Central Government, appears to be in the driver’s seat: GM Resorts has two directors, Feng Liao and Kang Zou. Liao is also listed as president of CMIG in a Bloomberg profile of the group, according to the Globe and Mail.
“Grouse Mountain Resort is an important Vancouver landmark that is also a highly successful business,” a director of the new company, Kenny Zou, said in a statement. “The opportunity to make this purchase is not something we take lightly.
“We understand that Grouse Mountain is treasured by locals and visitors alike. We look forward to working closely with the existing staff, management team and the community to ensure we maintain the Grouse Mountain experience for all of our visitors,” he said.
“This is a new chapter for Grouse Mountain, our management team, and staff and we are excited to work with the new ownership,” said Michael Cameron, president of Grouse Mountain Resort. “CM Canada recognizes the accomplishments that Grouse Mountain Resort and its team have achieved over the years, and is committed to working with us to maintain and build on that success.”