One year ago, Reed Hastings, the co-founder of Netflix, made a $100 million investment in Powder Mountain, Utah, the country’s largest resort. Two years ago, former Under Armour CEO Patrik Frisk bought a ski resort in Western Sweden.
Currently, it is increasingly common to see companies from industries outside of the traditional snow business, as well as private individuals, buying ski resorts. Analysts say this is just an investment strategy. Entering a new industry allows the purchasing company to diversify its investment risks.
Now, another ski resort has been sold. Angeles Mountain Partners, LLC (AMP) has acquired Mt. Waterman Ski Lifts, LLC and will take over management and operations of the resort. The company described it as “Southern California’s closest and most iconic mountain resort,” located an hour from downtown Los Angeles.
The terms of the deal were not disclosed, but the property’s value was $2.275 million.
Mt. Waterman, founded in 1937, is a 390-acre resort near La Canada Flintridge, receiving more than 40 inches of snow annually.
The company plans a phased renovation and revitalization strategy that includes updating the snowmaking system, adding a tubing hill with a “magic carpet” and creating a glamping village with curated dining and Waterman100 membership opportunities.
