Welcome!

Microsoft Cloud Authors: Pat Romanski, Srinivasan Sundara Rajan, Glenn Rossman, Janakiram MSV, Steven Mandel

News Feed Item

Skyline to acquire strategic retail and land development interest in Blue Mountain Village

$20 million acquisition will include option to expand iconic resort village

TORONTO, Dec. 27, 2012 /CNW/ - Skyline International Development Inc. will soon add another jewel to its resort property crown.

Skyline, Canada's leading owner, operator and developer of resorts and destination communities, has entered into a binding agreement of purchase and sale and will be investing $20 million to acquire both retail and undeveloped residential land interests in and adjacent to the renowned Blue Mountain Village at the base of Blue Mountain Resort which offers ski, golf and lodging.

Under the retail portion of the agreement, Skyline will acquire 50% of existing commercial retail space within the Blue Mountain Village from current owner Intrawest ULC. In addition, Skyline will manage the remaining 50% of the Village's retail space. Skyline will also acquire the land to build an additional 20,000 sq. ft. of retail space to expand the Village retail. Skyline's retail interest under agreement at Blue Mountain is currently generating $1.5 million of net operating income.

In the residential portion of the acquisition, Skyline will acquire all remaining developable land in and adjacent to the Village, planning to double the Village's current residential and condo-hotel footprint. Skyline intends to develop over 1,200 residential and condo-hotel units, townhouses and single-family homes in the years ahead.

"This agreement reinforces our vision to be the leader in the Canadian destination-community industry," said Skyline Chairman and President Gil Blutrich. "With this acquisition, Skyline will become the largest owner of resort and destination communities in Ontario. Skyline will own properties in the province's five fastest-growing hubs—Toronto, Collingwood, Midland, Huntsville and Barrie—which gives us over 7,000 future superior residential units and home sites and a strong strategic advantage for the foreseeable future. By adding Blue Mountain Village resort lands, it allows us to expand services for the members of our prestigious SkyLife Club with a new club lounge for our members in the centre of the Village with access to Blue Mountain's wealth of amenities, from skiing to adventure activities and golf, on a year-round basis."

Founded in 1998 by visionary entrepreneur Gil Blutrich, Skyline has expanded rapidly, growing its asset base from $20 million (in 2000) to close to $300 million today with the acquisition of premier resort properties in Southern Ontario. The company recently introduced its innovative SkyLife Club, Ontario's first year-round city and country club offering family-oriented recreational, leisure and social activities and benefits through the premier portfolio of Skyline Hotels & Resorts.

Skyline's unique vision and go-to-market strategy to date have focused on reinvigorating potentially high-income properties by renovating their existing hotels and residential units, then expanding their residential and retail footprint with an emphasis on turning those properties into lifestyle communities. The firm has achieved impressive results by introducing scalable systems and corporate efficiencies to these properties and restoring maximum profitability.

Blue Mountain Resort averages more than 700,000 skier visits per year. The resort attracts an estimated 1.4 million visitors each year, while the surrounding Southern Georgian Bay area lures 9.1 million visitors and $1 billion in tourism-related revenue annually—much of which is derived from the 6 million residents of the Greater Toronto Area, a two-hour drive southeast.

The anticipated closing date for the acquisition is late February 2013.

"Blue Mountain Village and real estate development is an ideal fit for our organization given Skyline's experience as an owner and manager of other well-known Ontario resort properties such as Deerhurst and Horseshoe Resorts," said Skyline CEO Michael Sneyd. "This acquisition not only makes financial sense and aligns with our long-term growth strategy, but strengthens our market position and creates opportunities for Skyline's continued Canada-wide expansion."

(Additional photos available)

About Skyline International Development Inc.:
A leading Toronto-based developer of hospitality properties and destination communities, Skyline International Development owns over two million square feet of real estate, has over 2,600 acres and nearly 1,300 rooms in its holdings, as well as four Ontario spa outlets, and employs more than 1,500 staff. Its unique asset mix includes a partnership and asset management interest in downtown Toronto's iconic The King Edward Hotel, as well as ownership of, under the Skyline Hotels & Resorts brand, the city's contemporary boutique Cosmopolitan Hotel and Pantages Hotel. Skyline's resort assets include landmark Deerhurst Resort with 45,000 sq. ft. of meeting space lakeside in Muskoka, and Horseshoe Resort, home to Toronto's closest ski area as well as an adventure park. The company is also creating residential destination communities at Deerhurst, Horseshoe and, most extensively, at the historic lakefront of Port McNicoll, Ontario, a restored gateway to the 30,000 Islands, a UNESCO World Biosphere Reserve. In late 2011, the privately owned company raised CDN $27 million in financial institution private equity to fund continued growth and also acquired its first U.S. asset The Cleveland Arcade and Hyatt Regency Cleveland at the Arcade. For more information see www.skylineinvestments.com

SOURCE Skyline International Development Inc.

Image with caption: "Blue Mountain Village - Blue Mountains, Ontario, Canada (CNW Group/Skyline International Development Inc.)". Image available at: http://photos.newswire.ca/images/download/20121227_C3471_PHOTO_EN_22219.jpg

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...