SAM Magazine—Mesa, Colo., Nov. 2, 2018—Powderhorn Mountain Resort, Colo., is bolstering its management and financial resources. Owners Andy Daly and Ken, Tom, and John Gart of The Gart Companies have brought on ZOMA Capital of Denver as an equity partner to help fund future upgrades at the resort. The owners have also entered into an operating lease agreement with Pacific Group Resorts Inc. (PGRI), based in Park City, Utah.
ZOMA Capital will work with the ownership to expand the resort’s year-round offerings; Powderhorn will unveil specific plans for capital improvements over the next several months. This collaboration allows the partners to take advantage of the Trump Administration’s Tax Cuts and Jobs Act, as Grand Mesa, where Powderhorn is located, was recently designated as one of the Act's Opportunity Zones. The program allows investors to trade tax credits for money invested into redevelopment in areas that are designated as economically distressed.
PGRI, which also operates Ragged Mountain, N.H., Wisp Resort, Md., Wintergreen Resort, Va., and Mount Washington ski area in British Columbia, first helped Powderhorn develop and launch this year’s “Mission: Affordable” season pass program, which reduced pass prices across the board in an effort to get more families to the mountain. So far the campaign seems to be working, with new passholders comprising 55 percent of pass sales. PGRI will manage operations of the resort starting this winter.
“Today marks the confluence of several strategic partnerships that will not only support Powderhorn’s long-term success, but will advance the Grand Valley’s determination to drive economic development through outdoor recreation and tourism,” said Robin Brown, executive director of the Grand Junction Economic Partnership (GJEP).