SAM Magazine—Sundance, Utah, Dec. 14, 2020—Robert Redford is selling Sundance Mountain Resort in Utah to Broadreach Capital Partners and Cedar Capital Partners, which are both real estate investment firms specializing in the hospitality industry.
The transaction includes all assets of Sundance Mountain Resort, including the resort buildings, ski lifts, on-site dining venues, and event spaces. On mountain, the resort has 450 acres of skiable terrain spread across 44 trails, 2,150 feet of vertical served by five lifts, a year-round ZipTour, summer mountain biking, and hiking.
Redford founded Sundance in 1969. The agreement is the result of a long-term, strategic plan designed to preserve and build upon the Redford legacy at the resort, including a continued commitment to balancing responsible development and land preservation, according to a statement announcing the sale. The 2,600-acre resort includes 1,845 acres of land preserved through a conservation easement and protective covenants.
"As stewards of this unique place, it has always been my vision that the Sundance Mountain Resort would be a place where art, nature and recreation come together to make the world a better place – now and in the future," said Redford. “Broadreach and Cedar share our values and interest in maintaining the resort's unique character, while honoring its history, community, and natural beauty. This makes them well-suited to ensure that future generations can continue to find solace and inspiration here."
In addition, Redford and his family have entered into a partnership with Utah Open Lands to put more than 300 acres of pristine wildlife habitat, streams, and wetlands into permanent protection as the newly established Redford Family Elk Meadows Preserve.
According to the statement, Broadreach and Cedar intend to work closely with the Sundance community to build upon the attributes that have made the resort a one-of-a-kind place: a spectacular setting with nature as the main attraction; slow, thoughtful, low-density, and measured growth; and, a central commitment to sustainability in all its forms. Among their plans, Broadreach and Cedar aim to enhance the ski experience, expand on-mountain amenities, explore increasing the hotel bed base, and further the commitment to creative activities and cultural programming.
"We are deeply honored to assume stewardship of this magical resort and its unique programming and are committed to maintaining the balance between responsible development and land preservation that the Redford family has passionately cultivated,” said Philip (Flip) Maritz, managing director of Broadreach Capital Partners. “We intend to thoughtfully enhance this experience and continue the Redford commitment to guests, staff, the Sundance Institute and community, and most importantly, the natural environment itself."
The sale does not affect the structure of, or Robert Redford's involvement in, the Sundance Institute and Sundance Film Festival, Sundance Catalog, Sundance TV, or the Redford Center. The resort will continue to host workshops and events organized by the Sundance Institute and the Redford Center, including serving as a location for the annual Sundance Film Festival. Other terms of the agreement were not disclosed.