Base Village still attractive
There may be benefits when big corporations own resorts. They have deep pockets and are better able to finance growth and have more staying power than shallow pockets.
This could be the reason why the founding Snowmass Village partnership was bought by a steel company, American Cement, and the privately held Aspen Skiing Co. was bought by Fox.
Today, Skico is reportedly bidding on distressed properties at Base Village in the town of Snowmass Village. Ironically, the big developers of this new village did not have the financial staying power they needed. The sight of some of this four-mountain ski resort on the auction block is a reminder that all investments, big or small, are subject to risk, but this four-mountain resort has reached a critical mass that continues to attract investors.
Santa Barbara, Calif.
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