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Mount Washington Alpine Resort Announces Sale

Owners Retire from Ski Business After 25 Years at the Helm

COMOX VALLEY, BRITISH COLUMBIA – On Tuesday, Vancouver Island’s Mount Washington Ski Resort, Ltd. (MWSR) announced the sale of all of the ski and recreational operations of the resort to a subsidiary of Pacific Group Resorts, Inc. (PGRI), a multi-resort holding company headquartered in Park City, Utah.  The sale also includes most of the development land near and around the base of the resort.  The current ownership group will retain two prime development parcels.

“Over the past 25 years, George Stuart and his ownership group have invested a tremendous amount of money and energy into Mount Washington,” noted Peter Gibson, president and general manager of Mount Washington Alpine Resort.  “We are indebted to them for what they have helped us build here.  Now it’s their time to retire from the ski business, and we’re pretty pleased with the group they have chosen to sell to.”

Mount Washington will be the fourth resort in Pacific Group Resort’s current portfolio. Gibson commented, “We are looking forward to working with PGRI to take Mount Washington to the next level with improvements like snowmaking where they have a strong background.”  PGRI’s other resorts are in the eastern U.S. and have virtually 100% snowmaking coverage.

Pacific Group Resort’s president of resort investments, Mark Fischer, explained, “We’ve been working with George Stuart and Darryl Eddy for a couple years now on the transition of the resort to new ownership.  It finally worked out that this was the right time, and we are very excited to have the opportunity to add Mount Washington to our portfolio.”

Fischer added, “We are very happy to be working with Peter (Gibson) and his management group.  They are industry pros, and we’re proud to have them join our team.”  Fischer said he expected the staff and daily ops would remain largely unchanged from previous years.

“We’ve been working on this transition for a number of years now,” added Gibson.  “And, in addition to our own internal efforts, we owe a bit of thanks to some government staffers who helped us sort through permits and processes for the transfer.  Truthfully, they’ve been great to work with.”