John Weiss skis with the senior skiers group at Sundance Mountain Resort in Provo, Utah on Monday, Jan. 26, 2015. With a $125 season pass, 20 organized get-togethers on the mountain and six days of free coaching, Sundance’s senior ski group is a no-brainer for those 65 and older who still want to get out on the hill. (AP Photo/The Daily Herald, Spenser Heaps)
SALT LAKE CITY (AP) — Robert Redford has agreed to sell the Sundance Mountain Resort in Utah to a pair of real estate investment firms.
Redford reached an agreement to sell the resort to Broadreach Capital Partners LLC and Cedar Capital Partners Ltd., The Salt Lake Tribune reported Friday.
The renowned actor, filmmaker and environmental activist opened the ski destination in 1969 about 15 miles (24 kilometers) north of Provo.
Redford announced the sale to employees Friday. The price for the resort covering 4 square miles (10 square kilometers) was not disclosed.
While the resort has been Redford’s Utah home for decades, the property also “created a lot of weight for me to be carrying around,” he said in an interview prior to the announcement.
“I had been searching for years for the right people to take it to the next level, so that I could take that weight off my shoulders and enjoy my life,” Redford said.
Broadreach Capital Partners, headquartered in Palo Alto, California, is a real estate development company with luxury hotels and resorts worldwide. Cedar Capital Partners, based in London and New York, has an international portfolio of luxury hotels.
Benjamin Leahy of Cedar Capital Partners said the companies plan to improve Sundance’s infrastructure, adding some ski runs and a high-speed lift, among other upgrades.
Philip Maritz, Broadreach Capital Partners managing director, said the price was not the most important aspect of the deal during negotiations with Redford over a number of years.
“He was more concerned about legacy, stewardship, fit, philosophy,” Maritz said.
Redford said he spent significant time with Maritz to gauge his suitability to operate the resort.
“I gave it some time, and kept questioning him and pushing him,” Redford said. “His answers held up. So I said, ‘OK, this is the time and I think this is the right guy.’”