NORTH VANCOUVER (NEWS 1130) – Details of the sale of Grouse Mountain Resort have been released, and they include a Chinese investor creating a Canadian-controlled company to own it.
The business has been acquired by Grouse Mountain Resorts Limited Partnership, which has “more than 60 per cent ownership by Canadian investors.”
The purchasing company was established by a unit of China Minsheng Investment Group, which has an unspecified stake in the firm. Earlier reports said CMIG would pay $200 million for Grouse.
“The opportunity to make this purchase is not something we take lightly,’ GM Resorts director Kenny Zou says.
“We understand that Grouse Mountain is treasured by locals and visitors alike. We look forward to working closely with the existing staff, management team, and the community to ensure we maintain the Grouse Mountain experience for all of our visitors.”
Grouse Mountain sold for unstated $ to “GM Resorts Partnership,” said to be >60% owned by Canadian investors but set up by China Minsheng. pic.twitter.com/Jp11qEOLNf
— Richard Dettman (@rwdettman) July 18, 2017
More than 1.3 million people visit Grouse Mountain Resort each year. It has been under the ownership of the McLaughlin Family for more than 40 years.