Powderhorn sold to former Vail exec and Gart brothers
- Details
- Created on Friday, 05 August 2011 00:04
- Written by Dena Rosenberry
By Nancy Lofholm, The Denver Post
POWDERHORN SKI AREA — — A big name in the Colorado ski industry bought a small, relatively unknown ski area Thursday for a bargain price.
Former Vail Resorts executive Andy Daly's high bid of $1.4 million earned him not only the Powderhorn Ski Resort along with a neighboring inn and restaurant and acres for ski area expansion, but also a more than 700-acre parcel of nearby land that could be developed into a golf course and home sites.
"We really believe Powderhorn is a wonderful gem that has been undercapitalized for a number of years. We want to bring back skiing expertise and capital," Daly said as he was swarmed by well-wishers following his successful bid on a ski resort he admitted is one of the few in the state he has never skied before.
The "we" Daly is referring to include Tom and John Gart of the Gart Companies. They accompanied Daly to the auction and took part in fevered corner-of-the-room negotiations with sellers during the first and second rounds of bidding before jumping in on the third round and buying up all but some lots around the resort that went to individual bidders.
The Garts would not comment on what part they will play in the ski area. Daly called them "real estate partners."
Daly has been part of the Colorado ski industry since he took a job at Aspen Highlands in 1970. Daly was president and CEO of Vail Associates Inc. before it became Vail Resorts.
During his time as president, the company acquired Keystone and Breckenridge, Heavenly in California and Wyoming's Grand Teton Lodging Co. Daly left Vail Resorts in 2002 to start an investment company.
Daly said he started a new company called Powderhorn Partners to acquire Powderhorn.
Read more about the sale of Powderhorn ski area.
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Here's what Out There's Andy Wineke had to say about a half-day of skiing Powderhorn a few years back. (If I recall correctly, he was on a mountain biking / hiking / skiing week in early spring!):
"It was our first visit to Powderhorn, but the small area holds a lot of good skiing between its two lifts, with endless untouched lines between the aspens and expansive views across the mesa."
Sounds like Daly and the Garts may have picked a bargain.
PHOTO: Guests enjoy the family atmosphere at Powderhorn ski area. Courtesy of Powderhorn
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