SilverStar Mountain Resort near Vernon had been quietly for sale for a while.
Owner Jane Cann was looking for a buyer who shared her vision for a world-class resort and has the resources to take it to the next level.
She found it when Park City, Utah-based POWDR came calling.
“Since Jane became involved with SilverStar in 2002, she’s been building up the resort,” said SilverStar director of sales and marketing Ian Jenkins.
“That success was recognized and brought two like-minded people together. SilverStar owned by POWDR is a good fit.”
Because both SilverStar and POWDR are privately held companies, the purchase price does not have to be disclosed.
The sale will have no effect on SilverStar 2019-20 season passes or current operations.
The other like-minded individual is POWDR co-founder and chair John Cumming.
The former mountaineering guide and co-founder of Mountain Hardware Clothing started POWDR in 1994 with his father, Ian, a prominent Salt Lake City-based businessman and financier. Ian died last year at age 77.
POWDR owns 10 other ski resorts: Copper Mountain and Eldora Mountain in Colorado, Woodward Park City and Snowbird in Utah, Killington and Pico Mountain in Vermont, Boreal Mountain and Soda Spring in the Lake Tahoe region of California, Mt. Bachelor in Oregon and Lee Canyon in Nevada.
SilverStar is POWDR’s first Canadian property.
POWDR owns only what it calls community-favourite ski and snowboard resorts that also have year-round appeal with hiking, mountain biking and other adventures in the summer.
POWDR tends not to be into residential real estate and hotels at ski resorts.
So, Cann retains Schumann Resorts Ltd., which holds 12 hectares of SilverStar real estate development land.
POWDR is expected to embrace SilverStar’s master development agreement, which includes the development of more ski terrain and restaurants.
Currently, SilverStar has a mid-mountain village with shops, restaurants, hotels and day lodge surrounded by housing, 1,328 hectares of skiable terrain, 760-metre vertical drop and annual snowfall of seven metres.
It also has a network of cross-country ski trails, a skating rink and a tubing park.
Cann’s father, Desmond Schumann, an Australian, bought Big White Ski Resort near Kelowna in 1995 and SilverStar in 2001.
Schumann purchased SilverStar from Judd Buchanan, who still owns the Vance Creek and Chilcoot hotels at SilverStar.
Along the way, Schumann split company ownership between his children, giving son Peter Schumann Big White and Cann Silver Star.
The two resorts remained a joint venture until shortly after the elder Schumann’s death at age 94 in 2012.
After that, the company restructured, and Big White and SilverStar became separate entities under the younger Schumann and his sister.