25 August 2014
Skyline International Development Inc. (TASE: SKLN) said it has entered into a binding agreement of purchase and sale to acquire Bear Valley Mountain Resort in northern California.
The agreement comes after several weeks of discussion with the current ownership and local community leaders that had formed the Bear Valley Mountain Cooperative and who were also in the process of purchasing the resort. Closing is subject to the US Forest Service issuance of a permit to operate the resort, expected in 30 to 60 days.
Located in the Sierra mountain range between Lake Tahoe and Yosemite, Bear Valley Mountain Resort is known as a year-round, less congested, family-friendly option for skiing and other recreational activities like water sports, biking, music festivals and golf. With the purchase of the ski area, Skyline has an option to purchase development land in Bear Valley Village for 350 residential units and add a 40,000 sq. ft. village centre, which includes a 53-room Lodge and a 17,000 sq. ft. commercial complex.
Skyline, Canada´s leading owner, operator and developer of hospitality resorts and destination communities will acquire the 1,700 acre Bear Valley ski area, including nine chair lifts, an approximately 2,000 stall parking lot, and a 40,000 sq. ft. mountain base lodge. Bear Valley Mountain´s elevation is 8,500 vertical feet with a vertical drop of 1,900 feet.
A leading TSX-based developer of hospitality properties and destination communities, Skyline International Development owns over 2,600 acres with development rights for more than 7,000 residential units and nearly 1,300 rooms in its holdings, employing more than 1,500 staff. In early 2014, Skyline became a public company trading on the Tel Aviv Stock Exchange. Its website is at www.skylineinvestments.com.