Gaglardis buy into Revelstoke Mountain Resort
Family pays more than $10 million to become one of four partners in multi-purpose project
Bruce Constantineau, Vancouver Sun
Published: Friday, December 14, 2007
The Gaglardi family has acquired a significant equity interest in the $1-billion Revelstoke Mountain Resort development, slated to open its first skiing season Dec. 22.

Northland Properties Group president Tom Gaglardi said the family paid "well into the eight figures" (more than $10 million) to become one of four partners in the project.

"It's a spectacular world-class property with a worldwide audience for skiing -- you have to really see it to believe it," he said in an interview. "We're very bullish on the ability of the Interior of British Columbia to attract a global audience."


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Font:****Revelstoke Mountain Resort principals now include Denver developer Don Simpson, Toronto developers Hunter Milborne and Robert Powadiuk, and the Gaglardi family.

The Gaglardis own the Sandman Hotel chain, Denny's and Moxies restaurants across Canada, and are also leading the development of the proposed Garibaldi all-seasons resort near Squamish.

Revelstoke Mountain Resort is on Mount MacKenzie, about six kilometres southeast of downtown Revelstoke.

A new gondola will give skiers access to a vertical drop of 4,700 feet this year and expansion of the gondola next year will provide access to a drop of nearly 6,000 feet, the longest lift-serviced drop in North America.

Resort president Paul Skelton said the Gaglardi family brings tremendous B.C. business experience to the project.

"They bring another really smart and strategic look at what we're doing and how we're moving ahead," he said.

The resort is expected to be completed over 15 years and will ultimately include more than 5,000 new housing units, 500,000 square feet of commercial and retail space, and a signature golf course.

Earlier this year, international buyers snapped up all 59 units of a resort condo project in just three hours -- at prices ranging from $310,000 to $1.8 million.

Developers said the demand was so strong they released a second building for sale, and 80 per cent of that project's 56 units sold out by the end of the day.

The first condo units are expected to be ready for occupancy by December 2008.

Skelton said about 50 per cent of the condo buyers come from the U.S., while 30 per cent are Canadian and the rest are overseas buyers.

bconstantineau@png.canwest.com




© The Vancouver Sun 2007

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