SAM lists Brian Head as for sale
http://www.saminfo.c...le.php?tid=4501
SAM Magazine--March 26, 2010--Brian Head Resort in southwestern Utah is on the block with an asking price of $34.75 million. According to CB Richard Ellis' Land Services Group, the company that has the listing, Brian Head averages 141,000 skier visits and total revenue from ski operations averaged more than $6.8 million over the past three years. EBITDA averaged $1.7 million over the same period with a projected EBITDA of $2.2 million for 2010.
The listing includes a 1,744-acre entitled, mater-planned community, which includes 618 acre feet of associated water rights, plans for up to 1,350 residential units, 500 acres of additional skiing and golf. There are also 156 acres zoned for residential and commercial development and 12 finished ski-in/ski-out lots on 13 acres.
For more information, check out www.cbregolf.com/brianhead
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Brian Head for Sale
Started by zeedotcom, Mar 26 2010 11:44 AM
7 replies to this topic
#2
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Posted 26 March 2010 - 12:04 PM
Interesting to say the least. And while I don't have any dreams of being able to afford buying a place like Brianhead and likely never will, if you run the numbers the price tag versus the profit actually pencils. The average profit would be able to pay the interest on the loan you'd need if you were to borrow all that money to buy the resort. Granted you'd only be treading water as if that profit didn't go up you'd have a difficult time paying down the principle on the loan, but at least you wouldn't be getting yourself any deeper in debt every year.
I've skied Brianhead once, and it's a great resort I must say. Some very good terrain, and spectacular views. The resort wouldn't be a bad investment for someone with the money and resources to keep improving the resort over time. Hopefully it'll find a new owner, and a good one at that, that can build Brianhead into an even better resort than today.
Having said that I kind of hope it doesn't get bought by one of the conglomerates, no offense to them but I like the idea of locally owned resorts, and with Brianhead part of it's charm I thought was the local feel of the resort when I skied it, and whatever can be done to keep that delightful feel I think would be a really good idea.
I've skied Brianhead once, and it's a great resort I must say. Some very good terrain, and spectacular views. The resort wouldn't be a bad investment for someone with the money and resources to keep improving the resort over time. Hopefully it'll find a new owner, and a good one at that, that can build Brianhead into an even better resort than today.
Having said that I kind of hope it doesn't get bought by one of the conglomerates, no offense to them but I like the idea of locally owned resorts, and with Brianhead part of it's charm I thought was the local feel of the resort when I skied it, and whatever can be done to keep that delightful feel I think would be a really good idea.
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Posted 27 March 2010 - 10:17 AM
I agree, I hope this stays locally/regionally/privately owned. It's probably likely though given the lack of conglomerates these days that are shopping for new properties of that size.
Now, as far as the numbers penciling, I think it is just on the fringe of of reality. I wouldn't be surprised if there's some some kind of creative accounting in there. Revenue per year breaks out to $2.3 million and with an EBIDTA of 1.7 million, that means overhead is $567k /yr. That just doesn't sound remotely close for overhead expenses. However, if you start calculating what a normal resort of that size has for overhead and you believe the EBIDTA number (which I do), then you start working backyards to a yield of about $40-$45 /skier. That number sounds completely realistic. So, I think the EBIDTA number is ok, but true revenue is much higher. Probably not much of a reason to get excited over that though because I doubt there's anything left in the budget to cut to raise EBIDTA.
The bright story here is, there are several towns that could boom once again that would really drive up skier visits. It's not far fetched that Mesquite NV, St. George UT and Page AZ could really take off as baby boomers retire. If resort real estate picks up, then there's likely a good market for base area development.
Now, as far as the numbers penciling, I think it is just on the fringe of of reality. I wouldn't be surprised if there's some some kind of creative accounting in there. Revenue per year breaks out to $2.3 million and with an EBIDTA of 1.7 million, that means overhead is $567k /yr. That just doesn't sound remotely close for overhead expenses. However, if you start calculating what a normal resort of that size has for overhead and you believe the EBIDTA number (which I do), then you start working backyards to a yield of about $40-$45 /skier. That number sounds completely realistic. So, I think the EBIDTA number is ok, but true revenue is much higher. Probably not much of a reason to get excited over that though because I doubt there's anything left in the budget to cut to raise EBIDTA.
The bright story here is, there are several towns that could boom once again that would really drive up skier visits. It's not far fetched that Mesquite NV, St. George UT and Page AZ could really take off as baby boomers retire. If resort real estate picks up, then there's likely a good market for base area development.
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Posted 27 March 2010 - 04:42 PM
vinn, on 27 March 2010 - 10:17 AM, said:
I agree, I hope this stays locally/regionally/privately owned. It's probably likely though given the lack of conglomerates these days that are shopping for new properties of that size.
The bright story here is, there are several towns that could boom once again that would really drive up skier visits. It's not far fetched that Mesquite NV, St. George UT and Page AZ could really take off as baby boomers retire. If resort real estate picks up, then there's likely a good market for base area development.
The bright story here is, there are several towns that could boom once again that would really drive up skier visits. It's not far fetched that Mesquite NV, St. George UT and Page AZ could really take off as baby boomers retire. If resort real estate picks up, then there's likely a good market for base area development.
My wife and I have spent time in the St. George area each of the past 2 years, enchanted by the region's great rock-climbing, especially the superb limestone SW of town. We don't think much of St.G itself, too many yups driving Lexus... in our old Toyota truck we get followed around by the cops. We hear there is great rock up towards Brian Head, but were much too early in the season (we wanted warmth). Loved the cobblestone just outside Parawan.
We are both hard-core dirtbag climbers, both too old for it, and yet both likely to retire pretty soon to a life of full-time climbing. Some point out that I'm pretty much doing that now. But it is my hope that areas like around St.G retain some of it's former charm without getting overly suburbanized. It's a great area.
So my dream wish would be for Brian Head to be bought up by a billionaire dirt-bag climber, who cares little or none about appealing to retiring baby-boomers (unless they are dirt-bag climbers). Of course, no dirt-bag climber could ever hope of becoming a billionaire.
I used to work at SSV in Banff. Most of my work-mates & friends back then were climbers. Then I went to work in Whistler, and Intrawest. I realized that instead of people talking about the mountains, they would talk about real-estate instead. Guess that's why I eventually left. My home hill (Pano) was recently sold by Intrawest... and we all are now pretty happy, in spite of an somewhat unknown future.
Good luck to the employees of Brian Head as they face an uncertain future. You're blessed with a great mountain environment... and that's what really matters.
M
#5
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Posted 27 March 2010 - 05:05 PM
mthornton, on 27 March 2010 - 04:42 PM, said:
My wife and I have spent time in the St. George area each of the past 2 years, enchanted by the region's great rock-climbing, especially the superb limestone SW of town. We don't think much of St.G itself, too many yups driving Lexus... in our old Toyota truck we get followed around by the cops. We hear there is great rock up towards Brian Head, but were much too early in the season (we wanted warmth). Loved the cobblestone just outside Parawan.
We are both hard-core dirtbag climbers, both too old for it, and yet both likely to retire pretty soon to a life of full-time climbing. Some point out that I'm pretty much doing that now. But it is my hope that areas like around St.G retain some of it's former charm without getting overly suburbanized. It's a great area.
So my dream wish would be for Brian Head to be bought up by a billionaire dirt-bag climber, who cares little or none about appealing to retiring baby-boomers (unless they are dirt-bag climbers). Of course, no dirt-bag climber could ever hope of becoming a billionaire.
I used to work at SSV in Banff. Most of my work-mates & friends back then were climbers. Then I went to work in Whistler, and Intrawest. I realized that instead of people talking about the mountains, they would talk about real-estate instead. Guess that's why I eventually left. My home hill (Pano) was recently sold by Intrawest... and we all are now pretty happy, in spite of an somewhat unknown future.
Good luck to the employees of Brian Head as they face an uncertain future. You're blessed with a great mountain environment... and that's what really matters.
M
We are both hard-core dirtbag climbers, both too old for it, and yet both likely to retire pretty soon to a life of full-time climbing. Some point out that I'm pretty much doing that now. But it is my hope that areas like around St.G retain some of it's former charm without getting overly suburbanized. It's a great area.
So my dream wish would be for Brian Head to be bought up by a billionaire dirt-bag climber, who cares little or none about appealing to retiring baby-boomers (unless they are dirt-bag climbers). Of course, no dirt-bag climber could ever hope of becoming a billionaire.
I used to work at SSV in Banff. Most of my work-mates & friends back then were climbers. Then I went to work in Whistler, and Intrawest. I realized that instead of people talking about the mountains, they would talk about real-estate instead. Guess that's why I eventually left. My home hill (Pano) was recently sold by Intrawest... and we all are now pretty happy, in spite of an somewhat unknown future.
Good luck to the employees of Brian Head as they face an uncertain future. You're blessed with a great mountain environment... and that's what really matters.
M
Hell, Mitch - I'm for sale too. That would leave you with a place to work near the rocks.
There are three roads to ruin; women, gambling and technicians. The most pleasant is with women, the quickest is with gambling, but the surest is with technicians. Georges Pompidou
#6
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Posted 01 April 2010 - 12:55 PM
http://www.abc4.com/...AJ8XupL2ZA.cspx
Brian Head Ski Resort for sale $34.75 million
Last Update: 11:38 am
Print Story | ShareThis
Brian Head Ski Resort (brianhead.com) PAROWAN, Utah (AP) - The Brian Head ski resort in southwest Utah is for sale for nearly $35 million.
A senior vice president with brokerage firm CB Richard Ellis Inc. says the resort is for sale because the two daughters of resort owner Jim Trees, who died in 2008, don't want to continue operating it. Trees had owned and run the resort since buying it in 1992.
But Brian Head Mayor Dutch Deutschlander says he's not sure the latest attempt to sell will be more successful than in the past.
Deutschlander says he wants the resort to remain a viable business but thinks it's a bad time for it to be up for sale.
CB Richard Ellis' Jeff Woolfson says the resort near Parowan has significant development opportunities.
Brian Head Resort includes two mountains, nine lifts and 640 skiable acres on 53 runs.
---
Information from: The Salt Lake Tribune
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Copyright 2010 Newport Television LLC All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Salt Lake Tribune:
http://www.sltrib.co...ess/ci_14796253
Brian Head Resort for sale, but who will buy?
Ski industry » Owners seeking $35 million for southwestern Utah resort with upside.
By Mike Gorrell
The Salt Lake Tribune
Updated: 04/01/2010 10:31:19 AM MDT
Click photo to enlargePartially covered in snow, the red-orange rock faces... (Mike Gorrell / The Salt Lake Tribune)«1234»Brian Head for sale Owners of the southwestern Utah ski area are seeking a sales price of almost $35 million. Taking advantage of a good snow year, the owners of Brian Head Resort have stepped up their efforts to sell the ski resort above Parowan in southwestern Utah.
Although the uncertainty of "For Sale" situations always concerns Brian Head Mayor Dutch Deutschlander, he said Wednesday that he isn't convinced this latest attempt -- in this economic environment -- will be any more successful than past efforts.
"I don't know of anybody with a billfold in one hand and a bunch of dollars in the other willing to pay for it," he said.
Particularly at the owners' asking price -- $34.75 million.
But Jeff Woolfson, a senior vice president with CB Richard Ellis Inc., the brokerage firm retained by the owners, is optimistic Brian Head will appeal to potential buyers.
"A lot of what you see on the market these days is very distressed properties with no cash flow. But this is a breath of fresh air, where we get to market a property that has both cash flow and an upside -- land capable of development," he said. "I think it's going to be very well received."
Woolfson was referring to several key numbers in Brian Head's listing with CB Richard Ellis. Those include:
» Average revenue from ski operations the past three years -- $6.8 million
» Average earnings before interest, taxes, depreciation and amortization (EBITDA) in that period -- $1.7 million
» Projected EBITDA this year -- $2.2 million
» Average annual skier days -- 141,000
» Snowfall this season of 280 inches, and an 80-inch base heading into April.
On top of that, the listing noted, Brian Head Resort's 1,744 acres include 156 acres zoned for residential and commercial development, plans for 1,350 residential units, another dozen ski-in/ski-out residential lots and 500 acres set aside for golf and skiing.
"It's a very interesting property," Woolfson said, "with significant development opportunities. When the market improves, you can roll out plans for the overall resort."
This combination distinguishes Brian Head from other properties in the ski industry, which has been hit hard by the recession, he said.
Industry giant Intrawest Corp., facing massive debts, unloaded three resorts in January and February. CB Richard Ellis is trying to sell bankrupt Tamarack Resort in Idaho and last year brokered the sale of Montana's ultra-exclusive but financially troubled Yellowstone Club.
Brian Head's situation is different, Woolfson said. The resort is for sale because the two daughters of Jim Trees, who had owned and run Brian Head since buying it in 1992, have no interest in carrying out the plans of their father, who died suddenly in 2008.
"It's an estate sale. The family is financially fine. They don't need to sell. It's just that none of the heirs has an interest in continuing to operate the property," Woolfson said, noting the brokerage will be marketing Brian Head at an upcoming National Ski Areas Association meeting and in trade publications.
Mayor Deutschlander, who runs lodging facilities in Brian Head, would welcome an owner with an active interest in moving the resort forward.
"I want to see it remain as a viable business, a viable contributor to the Town of Brian Head," he said.
But noting that the resort "was on the market even before Jim Trees passed away," Deutschlander said "this economic time is probably a poor time to try to get somebody to buy a resort."
He is concerned that "whether it's a ski resort or an auto dealership or a grocery story, once the public knows it's for sale, they keep wondering what's going on, if it's going to be there next year. That doesn't help business."
mi keg@sltrib.com
Brian Head Resort
Three hours from its prime market in Las Vegas, six to eight by car from Southern California and Phoenix, Brian Head has two mountains linked by one of its nine lifts, 640 skiable acres on 63 runs, a base elevation of 9,600 feet and vertical drop of 1,320 feet. It is slightly larger than Sundance but about half as big as Solitude.
Brian Head Ski Resort for sale $34.75 million
Last Update: 11:38 am
Print Story | ShareThis
Brian Head Ski Resort (brianhead.com) PAROWAN, Utah (AP) - The Brian Head ski resort in southwest Utah is for sale for nearly $35 million.
A senior vice president with brokerage firm CB Richard Ellis Inc. says the resort is for sale because the two daughters of resort owner Jim Trees, who died in 2008, don't want to continue operating it. Trees had owned and run the resort since buying it in 1992.
But Brian Head Mayor Dutch Deutschlander says he's not sure the latest attempt to sell will be more successful than in the past.
Deutschlander says he wants the resort to remain a viable business but thinks it's a bad time for it to be up for sale.
CB Richard Ellis' Jeff Woolfson says the resort near Parowan has significant development opportunities.
Brian Head Resort includes two mountains, nine lifts and 640 skiable acres on 53 runs.
---
Information from: The Salt Lake Tribune
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Copyright 2010 Newport Television LLC All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Salt Lake Tribune:
http://www.sltrib.co...ess/ci_14796253
Brian Head Resort for sale, but who will buy?
Ski industry » Owners seeking $35 million for southwestern Utah resort with upside.
By Mike Gorrell
The Salt Lake Tribune
Updated: 04/01/2010 10:31:19 AM MDT
Click photo to enlargePartially covered in snow, the red-orange rock faces... (Mike Gorrell / The Salt Lake Tribune)«1234»Brian Head for sale Owners of the southwestern Utah ski area are seeking a sales price of almost $35 million. Taking advantage of a good snow year, the owners of Brian Head Resort have stepped up their efforts to sell the ski resort above Parowan in southwestern Utah.
Although the uncertainty of "For Sale" situations always concerns Brian Head Mayor Dutch Deutschlander, he said Wednesday that he isn't convinced this latest attempt -- in this economic environment -- will be any more successful than past efforts.
"I don't know of anybody with a billfold in one hand and a bunch of dollars in the other willing to pay for it," he said.
Particularly at the owners' asking price -- $34.75 million.
But Jeff Woolfson, a senior vice president with CB Richard Ellis Inc., the brokerage firm retained by the owners, is optimistic Brian Head will appeal to potential buyers.
"A lot of what you see on the market these days is very distressed properties with no cash flow. But this is a breath of fresh air, where we get to market a property that has both cash flow and an upside -- land capable of development," he said. "I think it's going to be very well received."
Woolfson was referring to several key numbers in Brian Head's listing with CB Richard Ellis. Those include:
» Average revenue from ski operations the past three years -- $6.8 million
» Average earnings before interest, taxes, depreciation and amortization (EBITDA) in that period -- $1.7 million
» Projected EBITDA this year -- $2.2 million
» Average annual skier days -- 141,000
» Snowfall this season of 280 inches, and an 80-inch base heading into April.
On top of that, the listing noted, Brian Head Resort's 1,744 acres include 156 acres zoned for residential and commercial development, plans for 1,350 residential units, another dozen ski-in/ski-out residential lots and 500 acres set aside for golf and skiing.
"It's a very interesting property," Woolfson said, "with significant development opportunities. When the market improves, you can roll out plans for the overall resort."
This combination distinguishes Brian Head from other properties in the ski industry, which has been hit hard by the recession, he said.
Industry giant Intrawest Corp., facing massive debts, unloaded three resorts in January and February. CB Richard Ellis is trying to sell bankrupt Tamarack Resort in Idaho and last year brokered the sale of Montana's ultra-exclusive but financially troubled Yellowstone Club.
Brian Head's situation is different, Woolfson said. The resort is for sale because the two daughters of Jim Trees, who had owned and run Brian Head since buying it in 1992, have no interest in carrying out the plans of their father, who died suddenly in 2008.
"It's an estate sale. The family is financially fine. They don't need to sell. It's just that none of the heirs has an interest in continuing to operate the property," Woolfson said, noting the brokerage will be marketing Brian Head at an upcoming National Ski Areas Association meeting and in trade publications.
Mayor Deutschlander, who runs lodging facilities in Brian Head, would welcome an owner with an active interest in moving the resort forward.
"I want to see it remain as a viable business, a viable contributor to the Town of Brian Head," he said.
But noting that the resort "was on the market even before Jim Trees passed away," Deutschlander said "this economic time is probably a poor time to try to get somebody to buy a resort."
He is concerned that "whether it's a ski resort or an auto dealership or a grocery story, once the public knows it's for sale, they keep wondering what's going on, if it's going to be there next year. That doesn't help business."
mi keg@sltrib.com
Brian Head Resort
Three hours from its prime market in Las Vegas, six to eight by car from Southern California and Phoenix, Brian Head has two mountains linked by one of its nine lifts, 640 skiable acres on 63 runs, a base elevation of 9,600 feet and vertical drop of 1,320 feet. It is slightly larger than Sundance but about half as big as Solitude.
#7
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Posted 01 April 2010 - 02:49 PM
Take this article with several grains of salt. That's as much as I can say right now.
There are three roads to ruin; women, gambling and technicians. The most pleasant is with women, the quickest is with gambling, but the surest is with technicians. Georges Pompidou
#8
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Posted 05 July 2010 - 12:10 PM
http://www.ksl.com/?...48&sid=11440820
Brian Head ski resort re-listed
July 5th, 2010 @ 1:55pm
PAROWAN, Utah (AP) -- Brokers have reduced the sale price for a southern Utah ski resort by nearly $6 million.
The original asking price for Brian Head ski resort was $34.75 million, but was reduced to $29 million three weeks ago.
A broker for the firm CB Richard Ellis Inc. says the price came down because of a slow market in resort real estate.
The resort near Parowan is currently running its regular summer activities, including mountain biking and ski lift rides.
General manager Henry Hornberger says if the resort does not sell before the winter season begins, he expects it to be business as usual at the resort.
Brian Head Resort includes two mountains, nine lifts and 640 skiable acres on 53 runs.
Brian Head ski resort re-listed
July 5th, 2010 @ 1:55pm
PAROWAN, Utah (AP) -- Brokers have reduced the sale price for a southern Utah ski resort by nearly $6 million.
The original asking price for Brian Head ski resort was $34.75 million, but was reduced to $29 million three weeks ago.
A broker for the firm CB Richard Ellis Inc. says the price came down because of a slow market in resort real estate.
The resort near Parowan is currently running its regular summer activities, including mountain biking and ski lift rides.
General manager Henry Hornberger says if the resort does not sell before the winter season begins, he expects it to be business as usual at the resort.
Brian Head Resort includes two mountains, nine lifts and 640 skiable acres on 53 runs.
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