SUNDANCE, Utah, Dec. 11, 2020 /PRNewswire/ — Robert Redford has agreed to sell the Sundance Mountain Resort to Broadreach Capital Partners and Cedar Capital Partners.
The agreement, announced today by Robert Redford, who founded Sundance Mountain Resort more than 50 years ago, is the result of a long-term, strategic plan designed to preserve and build upon the Redford legacy at the resort, including a continued commitment to balancing responsible development and land preservation. The 2,600-acre resort includes 1,845 acres of land preserved through a conservation easement and protective covenants.
“As stewards of this unique place, it has always been my vision that the Sundance Mountain Resort would be a place where art, nature and recreation come together to make the world a better place – now and in the future,” said Robert Redford.
He added: “Change is inevitable, and for several years, my family and I have been thinking about a transition to new ownership for the resort. We knew that at the right time, and with the right people, we could make the transition. Broadreach and Cedar share our values and interest in maintaining the resort’s unique character, while honoring its history, community and natural beauty. This makes them well-suited to ensure that future generations can continue to find solace and inspiration here.”
In conjunction with this announcement, Robert Redford and his family have entered into a partnership with Utah Open Lands to put over 300 acres of pristine wildlife habitat, streams, and wetlands into permanent protection. Located at the base of Mt. Timpanogos, the newly established Redford Family Elk Meadows Preserve includes the meadow below the iconic Stewart Falls, along with popular trails for hiking and cross-country skiing.
Broadreach and Cedar intend to work closely with the Sundance community to build upon the attributes that have made the resort a one-of-a-kind place: a spectacular setting with nature as the main attraction; slow, thoughtful, low-density, and measured growth; and, a central commitment to sustainability in all its forms. Among their plans, Broadreach and Cedar aim to enhance the ski experience, expand on-mountain amenities, explore increasing the hotel bed base, and further the commitment to creative activities and cultural programming.
“In 1969, Robert Redford had a courageous vision to create a haven for discovery and new ideas, immersed in a rich cultural history honoring individuality and creativity,” said Philip (Flip) Maritz, managing director of Broadreach Capital Partners. “We are deeply honored to assume stewardship of this magical resort and its unique programming and are committed to maintaining the balance between responsible development and land preservation that the Redford family has passionately cultivated. We intend to thoughtfully enhance this experience and continue the Redford commitment to guests, staff, the Sundance Institute and community, and most importantly, the natural environment itself.”
The transaction includes all assets of Sundance Mountain Resort, including the resort buildings, ski lifts, on-site dining venues, and event spaces. It does not affect the structure of, or Robert Redford’s involvement in, the Sundance Institute and Sundance Film Festival, Sundance Catalog, Sundance TV, or the Redford Center. The resort will continue to host workshops and events organized by the Sundance Institute and the Redford Center, including serving as a location for the annual Sundance Film Festival. Other terms of the agreement were not disclosed.
Sundance Mountain Resort, Utah
Founded by Robert Redford in 1969, Sundance Mountain Resort is an all-season resort that offers multiple outdoor activities including downhill skiing, ziplining, mountain biking, hiking, horseback riding and fly-fishing. The resort has artistic roots, authenticity, and a strong connection to nature. Sundance Mountain Resort was ranked the #1 ski resort in North America by Condé Nast in 2019 for the Reader’s Choice Award.
Broadreach Capital Partners, Palo Alto & New York City
Established in 2002, Broadreach is a real estate investment firm focused on the development, acquisition and management of commercial and lodging properties. Broadreach principals have decades of experience in the development/leisure assets space. Their activities over the years include: owning and leading hotel/resort management companies (among them Rosewood Hotels and Resorts); ownership of and repositioning resort assets (including former Rockresorts Little Dix Bay and Caneel Bay), ownership of urban hotels (including The Carlyle, New York; San Francisco Fairmont; Santa Barbara Biltmore), and contracting with management companies (including Four Seasons, Ritz-Carlton, Hyatt, Marriott).
Cedar Capital Partners, London & New York City
Cedar is a firm dedicated to investing in the hospitality sector. Founded in 2004, the firm has made investments with a value in excess of $4 billion and has maintained a consistent track record of strong performance and value creation throughout various market cycles. The firm’s principals are industry professionals with backgrounds in acquisitions, finance, development and operations. Cedar owns the following resorts and hotels: Shelborne South Beach, Miami; The Hoxton Hotel, Rome; The Grosvenor Hotel, Edinburgh; The Lloyd Hotel, Amsterdam; Angsana Corfu – A Banyan Tree Resort, Corfu; Mama Shelter, Prague.
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SOURCE Sundance Mountain Resort
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