Skyline Buys Horseshoe Valley Resort for $37M
- Jul 15, 2008
Skyline International Development Inc. has completed the acquisition of Horseshoe Valley Resort, one of Ontario’s largest year-round recreation properties. The purchase price was $37 million. Skyline plans to retain all existing employees and current management at the properties. When reached this morning, Gil Blutrich, Skyline founder & president explained that, “The benefits of having two resorts in close proximity offers Canadians and foreign residents a four-season master planned waterfront community along with Horseshoe Valley ski hills, trails and pair of world-class golf courses.” Horseshoe Valley Resort includes 688 acres of land, 23 ski runs, 35 kilometers of cross country trails, two golf courses ranked in the top 50 in Canada, 8,000 square feet of executive meeting and banquet facilities, a 102-room hotel and spa and related operations. Zoning provides for future development of up to 937 new homes as well as retail and commercial space. CPN was told this morning that there are currently 700,000 visitors per year. Skyline CEO Ram Dinary cited “enormous pent-up demand, not just among the residents of Ontario but also among foreign markets, for second and even first homes in this area, known globally for its natural beauty and tremendous range of recreational activities.” The Horseshoe Valley Resort is five minutes away from Midland and 10 minutes from Barrie. It is also within commuting distance from Toronto. Skyline is also planning a new office, hotel and residential tower on one of the last skyscraper sites in a Downtown Toronto. The firm acquired the Temperance St. site last December for $24.1 million. Also in Canada, CPN reported recently that Whiterock REIT purchased nine properties in Calgary and Edmonton from Leben REIT for approximately $80 million. And in Downtown Toronto, Park Lawn Co. has entered into discussions with city officials regarding a 2.9-acre parcel in the northwest quadrant of Hwy 401 and Yonge Street. Their proposal to redevelop the land for residential purposes requires zoning amendments, as the land is currently zoned to permit the construction of a mausoleum.