Homewood Buys Alpine Meadows
SAM Magazine-Tahoe City, Calif., Apr. 4, 2007-Powdr Corp. has agreed to sell Alpine Meadows ski resort to JMA Ventures, the owner of Homewood Mountain Resort. The transaction is expected to become final in June, pending Forest Service approval and the usual closing considerations. The purchase price has not been disclosed.
If completed, the sale will add to a growing list of Tahoe holdings for JMA Ventures. The San Francisco-based company owns Homewood Mountain Resort, the Tahoe Inn near Crystal Bay, and is planning a high-end hotel and restaurant along the Truckee River in downtown Truckee. The company hopes to build a village at the base of the Homewood ski area, though JMA is moving cautiously on that project; plans have yet to be submitted to the Tahoe Regional Planning Agency.
Bob Roberts, executive director of the California Ski Industry Association, termed the JMA acquisition "really positive," noting that JMA is known as a class operation among the development community in San Francisco (where JMA currently owns Ghirardelli Square, among other properties). He noted that Art Chapman, president of JMA ventures, lives in Truckee. "When they bought Homewood, it was pretty clear that this was just their opening shot," Roberts told the Sierra Sun.
Park City-based Powdr Corp. continues to own Boreal and Soda Springs resorts on Donner Summit, and those resorts' operation is expected to remain the same, said Jody Churich, marketing director for Alpine Meadows, Boreal and Soda Springs. She added that the sale was not related to Powdr's recent purchase of Killington and Pico resorts in Vermont.