So I just got this e-mail below from the resort. I fell in love with the place and the town 2 years ago. Can any locals tell me how the town real estate is holding up? When I was there they said an $80k ranch had shot up to $300k in town, how is the recession treating the locals now? thanks
Revelstoke Mountain Resort has experienced a number of changes recently, and many property owners and followers have understandably been asking for information. This is the first of a monthly business and real estate update for the Resort.
Vancouver-based Northland Properties Corporation, a minority investor in the Resort since 2007, now owns a majority equity interest in Revelstoke Mountain Resort effective January 2009. We are excited by Northland Properties level of both skill and commitment. Founded in 1963, Northland Properties has a history of successful development and hospitality ventures and commits for the long term. The company owns and operates the Sandman Hotel Group, Denny’s Restaurants, Moxies Classic Grill, Shark Club and numerous residential, retail and non branded assets under Northland Asset Management Company across Canada. Owned by the Gaglardi family, they have a long history in Revelstoke and British Columbia. In 1962 then B.C. Minister of Transportation “Flying” Phil Gaglardi pushed construction of the Trans-Canada Highway through the Rocky Mountains, opening Revelstoke to tourism and later in 1976, the Gaglardi family built the Revelstoke Sandman Hotel.
After handling the Resort’s initial property launch and sales, Sotheby’s International Realty Canada is happy to be on board again. Nelsen Lodge One is now complete, and owners and guests have been impressed with the ski in/ski out experience, as well as the quality of the building’s construction and finishing. The first single family timber-frame luxury home is also complete, with the owners back for another stay this weekend. The Tangiers Townhomes are scheduled to be completed between October 2010 and April 2011, and construction of the two remaining Nelsen Lodge buildings will proceed this year. Although all 59 units in Nelsen Lodge One had sold out, 16 buyers were disappointed by their inability to obtain financing. In the five weeks since Sotheby’s rejoined RMR, six of those residences have resold at original prices. Prices on all properties are holding firm. The Nick Faldo Golf Course will start construction next year with an anticipated two-year build and estimated opening of Summer 2012.
Revelstoke Mountain Resort has just completed its second season of operations and is pleased to share their achievement of a 52% increase in skier visits, a rare success story in the ski industry this year.
Guests who visited the Resort from around the globe were amazed at the expansion that took place over just one season:
-Installation of two new high speed lifts:
The lower Revelation Gondola, providing RMR the title of the longest lift-serviced vertical in North America and The Ripper Chair, providing access to 900 acres of new terrain.
-Extensive glading and new run development providing a new total terrain of 3031 acres providing double the terrain of the 07-08 season.
-Skier services at Nelsen Lodge, including ticket, rentals and Snow School.
Selkirk Tangiers Helicopter Skiing also achieved impressive results by surpassing their targets for multi-day heli skiing by 32% and day heli skiing by 42%.
Over the summer months, RMR will be focused on sales and marketing initiatives to build the regional market and work in partnership with the Sandman Hotel Group to develop international markets through their strong, existing relationships. At the Resort, the base area development will continue with extensive landscaping, the completion of the retail and restaurant space within Nelsen Lodge One which will include an on site Sotheby’s International Realty Canada real estate presentation center (in addition to the presentation center downtown). RMR will open for it’s third season on December 5, 2009
