Skyline is set to add Bear Valley Mountain Resort in northern California to its impressive portfolio of hotels and resort communities. The move represents the second time the Toronto-based developer has ventured south of the border, the first being in 2011 when Skyline purchased the Hyatt Regency Cleveland at the Arcade.
Originally opening its doors in 1967, Bear Valley Mountain Resort is located in Sierra mountain range between Lake Tahoe and Yosemite and offers year-round outdoor family-centric activities that includes skiing, water sports, golfing and music festivals.
Already having entered into a binding agreement to purchase the mountain resort, Skyline expects the deal to be finalized in the coming 30 to 60 days.
“We are delighted to add Bear Valley to our growing portfolio of hotels and resorts,” said Skyline CEO Michael Sneyd. “Given Bear Valley’s spectacular beauty, excellent terrain and potential for improvement, we believe it is a great fit.”
In December 2011, Skyline made headlines for purchasing the Hyatt Regency Hotel in Cleveland for $7.7 million. The historic hotel, which dates back to the 1890s when John D. Rockefeller help finance its construction, was purchased through an auction and features 293 suites in addition to a modern-built indoor shopping mall.
Over the past five years, Skyline has experienced exponential growth with the company’s asset base jumping from $26 million to $311 million. Along with acquisition of hotels and resort properties, Skyline’s growth is also largely credited to the development of new resort communities such as Lakeside Lodge in the Muskoka’s historic Deerhurst Resort.
Skyline International Development Inc. was founded in 1998 by Gil Blutrich and now controls over two million square feet of real estate across Canada and the US.
For more information on new Skyline projects, click here.