Upgrading Skyride a top priority, says Grouse Mountain's new Vancouver-based owners
Purchase agreement inked Thursday with Vancouver-based, family-owned Northland Properties
The ownership of Grouse Mountain Resorts, a popular ski hill and tourist destination, has changed hands again, just two years after it was purchased by a private equity investment group out of China.
According to a statement issued Thursday, the new owner is Northland Properties Corporation, which is privately-owned by the Gaglardi family and has headquarters in Vancouver, but owns several other resorts and businesses across B.C., including Revelstoke Mountain Resort and Selkirk Tangiers Heli Skiing.
"[It's] a company and family with strong local roots. So we're looking forward to working with them. And across their businesses they definitely have the focus on delivering exceptional experiences," said Grouse Mountain communications manager Julia Grant.
In July 2017, the mountain was sold by Vancouver's McLaughlin family, which had controlled the resort for more than 40 years, to Shanghai-based China Minsheng Investment Group for an undisclosed amount.
That group, which became the CM Asset Management Co. Ltd., inked a deal with Northland Properties Thursday for an undisclosed amount.
In the short term, the new owner says it plans to upgrade aging infrastructure.
"It's actually one of our priorities. Especially the blue tram, specifically going up to the base of the mountain.
"Investments into existing infrastructure are one of our short term priorities. In terms of long term, that's something we're going to be looking at with the Grouse Mountain team," said Manoj Jasra, chief marketing and digital officer for Northland Properties Group.
Earlier this year, the resort began exploring the replacement of the blue Skyride aerial tram, which first opened in 1966.
The purchase deal is expected to be complete by the end of January.