There is a buyer for Grouse Mountain, nearly one year after the mountain was listed for sale by its owners.
In a statement to Daily Hive, operators of the resort on the North Shore mountains said they are close to finalizing a deal with a prospective buyer.
“We can confirm that there has been an agreement reached with a potential purchaser on a pending transaction. The transaction is expected to close in the coming days,” said Grouse Mountain spokesperson Julia Grant.
She adds that there are no changes to the resort’s staff, management or operations at this time.
No details on the identity of the buyer have been released, and the resort is not expected to reveal its new ownership until both parties have formally agreed to the sale. This could come as early as next week.
However, a report by the Globe and Mail earlier this week states that Shanghai-based China Minsheng Investment Group is the selected buyer and could pay as much as $200 million for the property.
A CBRE listing indicates the deal would cover 1,200 acres of private terrain, including 212 acres of skiable terrain on 26 runs. A total of 14 runs also have the lighting infrastructure to operate during the nighttime hours. Four ski lifts and one tow-rope service skiers and snowboarders.
Grouse’s skiing tradition began in the 1920s when the first mountaintop lodge was built, and it was not until the 1970s that Canada’s McLaughlin family, the present-day owners of the ski hill, acquired the site and made significant capital investments on expanding and improving the facilities.
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 Metro Vancouver Regional District.
Since 2001, Grouse has also been the site of a wildlife refuge for two male orphan Grizzly bears, Grinder and Coola.