The North Shore’s Grouse Mountain has officially been sold to a new group of investors partially owned by Mainland Chinese foreigners, the resort management confirmed today.
A deal between Vancouver’s McLaughlin family, the longtime owners of the resort, and China Minsheng Investment Group’s newly created Canadian division (CM Canada) has been finalized for an undisclosed amount. Previous reports however indicated the transaction could be worth up to $200 million.
This division of the company is 60% Canadian owned. The remaining shares are owned by the Shanghai-based investment firm, which has close ties to the government of the People’s Republic of China.
Last September’s CBRE listing for the property indicates the deal encompasses 1,200 acres of private terrain, which is larger than the area of Stanley Park, including 212 acres of skiable terrain on 26 runs.
According to a release, the sale will not result in any changes to staff or management, and the resort’s business operations will continue to operate as usual.
“Grouse Mountain Resort is an important Vancouver landmark that is also a highly successful business. The opportunity to make this purchase is not something we take lightly,” said Kenny Zou, Director of CM Canada, in a statement.
“We understand that Grouse Mountain is treasured by locals and visitors alike. We look forward to working closely with the existing staff, management team, and the community to ensure we maintain the Grouse Mountain experience for all of our visitors.”
Zou added the new ownership will continue the resort’s “strong working relationship” with local businesses, Metro Vancouver Regional District, District of North Vancouver, and the City of North Vancouver.
The McLaughlin family held ownership over Grouse Mountain since 1989, and they have also been operating the resort since 1974.
Over $55 million has been spent on Grouse’s facilities since 1989 to turn it into an all-season attraction. Some of its success is also spurred by the increasing popularity of the Grouse Grind trail, which is operated and maintained by the regional district.
Grouse Mountain Resort sees over 1.3 million visitors annually.
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Correction: The article has been corrected to indicate CM Canada is 60% Canadian owned.