SAM Magazine—Donnelly, Idaho, Nov. 21, 2018—Tamarack Resort Holdings (TRH), a partnership formed by a group of investors and managers, has acquired Tamarack Resort. The deal is two years in the making, and the transaction is expected to close Nov. 30. Approval for the state lands lease transfer from the Idaho State Board of Land Commissioners came through Nov. 20.
Tamarack was originally conceived as a four-season destination resort, and construction of a permanent base village and guest service facilities began in 2003. But development halted abruptly during the 2008 recession when Tamarack’s majority owners filed for Chapter 11 bankruptcy. While operation of the resort has continued in one form or another since then—the Tamarack Municipal Association has been running things since 2010—TRH’s acquisition of the resort represents a promise to reinvigorate the property.
The acquisition includes key assets such as on-mountain facilities, lifts, and operations equipment, telecom utilities, lodging amenities, and the unfinished Village Plaza. TRH also purchased private real estate holdings and took over the lease for the on-site event venue, Arling Center.
TRH plans to open Tamarack for the 2018-19 winter season by Dec. 14, as TMA had previously planned. While the temporary base facilities that have housed guest services since Tamarack's inception will remain in use this season, the first project on TRH’s agenda for 2019 is completion of the permanent Village Plaza. The finished plaza will include retail, restaurants, lodging, and resort operations.
TRH president Jon Reveal said the new owners also plan to seek out new areas for development and investment at the resort. First, though, the TRH operations team is assessing which aspects of Tamarack are most in need of capital improvements.
Current staff will remain at the resort, including GM Brad Larsen and Tamarack Municipal Association community manager Levi Johnson. Reveal, who previously served as VP of operations at Aspen and the Yellowstone Club from the ’80s into the ’00s, will oversee long-term development and operations.
Report by Katie Brinton