TORONTO – Skyline International Development Inc. has signed a $20-million deal to buy a 50 per cent stake in the commercial retail space at Blue Mountain Village in central Ontario and a package of undeveloped properties.
Under the deal, Skyline will manage all of the village’s retail space, which will be 50 per cent owned by Intrawest ULC, and build an additional 20,000 square feet of retail proprieties.
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Skyline has also acquired all the remaining developable land in and adjacent to the village, where it plans to develop more than 1,200 residential and condo-hotel units, townhouses and single-family homes.
“With this acquisition, Skyline will become the largest owner of resort and destination communities in Ontario,” Skyline chairman and president Gil Blutrich said in a statement.
“By adding Blue Mountain Village resort lands, it allows us to expand services for the members of our prestigious SkyLife Club with a new club lounge for our members in the centre of the Village with access to Blue Mountain’s wealth of amenities, from skiing to adventure activities and golf, on a year-round basis.”
Skyline’s portfolio includes a partnership and asset management interest in the King Edward Hotel in downtown Toronto as well as the Deerhurst Resort in Ontario’s Muskoka region and the Horseshoe Resort, north of Toronto.
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