Northland Properties Corporation has entered an agreement to acquire Grouse Mountain Resort from CM Asset Management. CM has only owned Grouse Mountain since summer of 2017, when it purchased the resort from the McLaughlin family, who owned it for 40 years.
Northland is the largest privately-held hospitality group in North America. It also owns Revelstoke Mountain Resort and Selkirk Tangiers Heli Skiing in British Columbia, among other properties. The transaction is expected to close in January 2020, though terms of the deal have not been disclosed.
“With our strong family and company roots in Vancouver B.C., we are excited with the opportunity to make this acquisition,” said Tom Gaglardi, president and CEO of Northland. “We look forward to working closely with the existing team and leadership group, as well the community to ensure we maintain and evolve the iconic Grouse Mountain experience for all of our visitors.”
“We welcome the opportunity to join Canada’s fastest growing hospitality group,” said Grouse Mountain Resort president Michael Cameron. “As a leader in the hotel and restaurant industry, Northland Properties has shown tremendous growth and innovation across their diversified group of companies.”
CM managing director Kenny Zou touted the significant investments the company made during its brief ownership, including facilities and infrastructure, adventure offerings, and technology capabilities to bolster its value-add for guests.
The future of the resort could include further investments in upgrades. Since Northland purchased Revelstoke Mountain Resort 10 years ago, it has have poured hundreds of millions of dollars into making it an international, year-round luxury resort.
Gaglardi, a B.C.-based businessman, has a broad ownership portfolio, which includes plenty of businesses outside the ski biz: the Sandman Hotel Group, The Sutton Place Hotels, Moxie’s Grill & Bar, Denny’s Restaurants, Chop Steakhouses, Shark Club Sports Bar Grill, and the NHL’s Dallas Stars, to name a few.