Pacific Group Resorts Adds Powderhorn Mountain Resort to Portfolio

Project Includes Capital Investment from The Gart Companies and ZOMA Capital

MESA COUNTY, COLORADO – Pacific Group Resorts, Inc. of Park City, Utah (PGRI) has added Powderhorn Mountain Resort near Grand Junction, Colorado to its portfolio of resorts through a long term operating lease signed with Powderhorn Mountain Resort owners Andy Daly and Ken, Tom, & John Gart of The Gart Companies. The Gart Family and Mr. Daly will continue to be involved at the resort through the development of on-mountain lodging and other capital improvements.

In addition to PGRI taking over resort operations, the Garts are strengthening their commitment to the resort’s success by bringing on ZOMA Capital of Denver as an investment partner. “Our partnership with ZOMA enables us to expand and strengthen our position in the recreation marketplace, particularly for our summer business,” noted Ken Gart. He further explained, “PGRI gives us a multi-resort presence allowing us to compete more effectively in the regional market using the resources and marketing strategies PGRI has so successfully deployed across the company’s portfolio such as the Mission: Affordable program we licensed from them earlier this year. We think the partnership with ZOMA and the operating expertise of Pacific Group Resorts combined with our efforts will create a very strong driver for the success of Powderhorn.”

In addition to season passes, the Mission: Affordable Learn to Ski Free program will be introduced at Powderhorn this winter which will provide greatly expanded accessibility for brand-new skiers and snowboarders. PGRI started the Mission: Affordable program at Ragged Mountain in New Hampshire and has extended parts of the program to the other resorts in its portfolio including Wisp Resort in Maryland, Wintergreen Resort in Virginia, and Mount Washington Alpine Resort in British Columbia, Canada.

Powderhorn’s owners have undertaken extensive capital improvements since purchasing the resort in 2011 including installation of a high-speed chairlift, construction of mountain biking trails, and making improvements to snowmaking infrastructure. The U.S. Forest Service has approved two more mountain biking trails at the resort, and they will be built next summer. Future biking related improvements at Powderhorn include connecting to the Palisade Plunge mountain biking trail which will extend 32-miles from Powderhorn to Palisade, Colorado (near Grand Junction) dropping 6,000 feet in elevation along the way. Other planned improvements beginning next summer include more snowmaking infrastructure and the development of innovative alternative lodging options.

“In addition to meeting our business objectives for Powderhorn, we hope the investments and operational changes we are making will help foster rural development and economic growth on the Western Slope of Colorado, so this combination of resources is a perfect fit of objective and opportunity from our perspective,” stated Tom Gart. With the recent designation of the Grand Mesa as an Opportunity Zone, the investments in Powderhorn’s infrastructure are also investments in the regional economic vitality of the Grand Valley according to Robin Brown, Executive Director of the Grand Junction Economic Partnership.

Ms. Brown provided further context by stating, “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. It has been a collaborative effort among partners including the Colorado Office of Economic Development.”

In explaining his company’s appreciation for Powderhorn, Mark K. Fischer, Executive Vice-President of PGRI commented, “We’re quite pleased to help bring this new partnership to fruition and to extend our commitment to the creation of rewarding resort experiences to the Western Slope of Colorado. The stunning natural environment makes it clear why guests love this region, and we’re honored to be a part of its growth.” Mr. Fischer explained there is a further PGRI connection to the Colorado ski community noting the President and CEO of PGRI, Vern Greco, is originally from Denver and has deep roots in the region having served in the past as President and CEO of Steamboat Resort and Durango Mountain Resort as well as having been Chairman of Colorado Ski Country.

About Pacific Group Resorts Inc.
Pacific Group Resorts, Inc. (PGRI) is an international resort operating company based in Park City, Utah whose portfolio includes Wintergreen Resort in the Blue Ridge Mountains of Virginia, Wisp Resort in the Appalachian Mountains of western Maryland, Ragged Mountain in the White Mountains of New Hampshire, Mt. Washington Alpine Resort in the Beaufort Mountains on Vancouver Island in British Columbia, Canada, and now Powderhorn Mountain Resort on the Grand Mesa of western Colorado. An affiliate of PGRI, Salt Lake City based Pacific Group U.S. and its affiliates have been instrumental in the development and/or construction of portions of the base villages at mountain resorts including Whistler in British Columbia, Mammoth Mountain and Squaw Valley in California, Copper Mountain in Colorado, and Solitude Resort in Utah. For more information, please visit www.pgri.us.

About Powderhorn Mountain Resort
Powderhorn is nestled deep in the heart of the Grand Mesa on the Western Slope of Colorado. For 51 years, Powderhorn has been a scenic, family-friendly resort featuring 1,600 acres of terrain suited to a variety of abilities and preferences. Powderhorn is known for extending exceptional value to each guest, and visitors choose Western Colorado for its wide-open spaces, distinctive topography and friendly local residents. To learn more visit www.powderhorn.ski.

About The Gart Companies
The Gart Companies is a multifaceted, privately held corporation comprised of two main divisions, Gart Properties and Gart Capital Partners. Gart Properties acquires, develops and manages a vast array of real estate holdings. Gart Capital Partners is a growth investment partnership specializing in management buyouts and recapitalizations of high-quality companies with strong market positions and/or growth potential. The Gart Companies continue to grow and expand as new opportunities are identified and developed. For more information, please see http://www.gartcompanies.com.

About ZOMA Capital
ZOMA Capital was founded by Ben and Lucy Ana Walton to invest in a broad range of market-based sustainable solutions advancing energy, water, and regional economic resiliency in Chile and Colorado. Its global investment portfolio spans multiple asset classes and sectors with an emphasis on addressing environmental and social challenges. To learn more, visit https://ZOMAlab.com/ZOMA-capital/.

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