Mirus Resort Advisors Facilitated Two Resort Transactions Which Have Closed So Far In 2017.
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Mirus Resort Advisors is pleased to have facilitated two sell side transactions which have closed so far in 2017.
Lookout Pass/Route of the Hiawatha on the Idaho Montanan border closed early Summer 2017. The operations included a winter ski and snowboard center and a summer bike operation. The bike operation is noted as one of the most unique and scenic in North America. It follows a rail line, on a 5% grade over trestles and through tunnels in Montana and Idaho.
The sale process run by Mirus Resort Advisors generated multiple offers for the Ownership Group, which was comprised of multiple shareholders. The offers to purchase came from both operators of existing resorts and those wanting to become operators of a cold weather resort. Ultimately, two of the original Lookout Associates, LLC shareholders bought out the other shareholders and retained Phil Edholm as President/Managing Partner of the operations.
Mt. Shasta Ski Park in Mt. Shasta, California was sold this July to the Merlo family of Redding California. The Merlo family, which also owns the Mount Shasta KOA, Merlo Family Estate Vineyards in Trinity County and are partners in Silverthorn Resort on Lake Shasta, has purchased the ski park.
The Young and Aguilera families had owned Mt. Shasta Ski Park since 2004. The Merlo family plans on keeping the existing core personnel on board to run the ski area operations and has recently hired on a bike park manager to reinvigorate the summer operations.
Mirus Resort Advisors generated multiple indications of interest for the ski area and summer bike park as a result of its marketing and sales efforts.