Revelstoke Mountain Resort has completed its financial recapitalization and is now planning its next phase of growth, it said in a statement released Friday.
“Revelstoke Mountain Resort’s recapitalization is now complete,” Tom Gaglardi, president of Northland Properties, the majority equity owner of the resort, said in the statement.
Northland Properties has paid off more than $100 million in debt incurred by the original resort developer in 2007-2008.
“The costs to develop the resort to its present state are approximately $200 million,” Gaglardi said. “All of the debt we inherited has been retired, and we are now planning for further growth.”
The statement said that growth includes a construction start on the resort’s golf course within 12 months, with play to begin by 2013. Planning for a new ski lift has begun, with service expected no later than the 2011 season.
The resort also expects to add a wine bar the 2010 season.
Real estate sales at Nelsen Lodge are strong, with 11 condos selling at prices ranging from $339,000 to nearly $900,000 in recent months. The second phase of Nelsen Lodge will be substantially complete within the next 60 days, and construction on the third and final phase of Nelsen Lodge is in full swing. A new on-mountain restaurant, Rockford Wok | Bar | Grill, opened this winter, the statement said.
