12 December 2020
BDA advises Sundance Mountain Resort on sale to Broadreach and Cedar Capital Partners
Divested Sundance Mountain Resort to Broadreach Capital and Cedar Capital
BDA Partners is pleased to announce that Robert Redford has agreed to sell BDA client, the Sundance Mountain Resort, to Broadreach Capital Partners and Cedar Capital Partners.
Robert Redford founded Sundance Mountain Resort over 50 years ago. This transaction is the result of a long-term, strategic plan designed to preserve the Redford legacy, including a commitment to balancing responsible development and land preservation. The 2,600-acre resort includes 1,845 acres of land, preserved through a conservation easement and protective covenants.
Robert Redford said, “As stewards of this unique place, it’s always been my vision that the Sundance Mountain Resort would be a place where art, nature and recreation come together to make the world a better place. Change is inevitable, and for several years, my family and I have been thinking about a transition to new ownership for the resort. Cedar and Broadreach share our values and interest in maintaining the resort’s unique character, while honoring its history, community and natural beauty. They will ensure that future generations continue to find solace and inspiration here.”
Simultaneously, Robert Redford and his family have entered into a partnership with Utah Open Lands to put 300 acres of pristine wildlife habitat, streams, and wetlands into permanent protection. Located at the base of Mt. Timpanogos, the newly established Redford Family Elk Meadows Preserve includes a meadow, and trails for hiking & cross-country skiing.
Cedar and Broadreach intend to build on the attributes that have made the resort a one-of-a-kind place: a spectacular setting with nature as the main attraction; slow, thoughtful, low-density, and measured growth; and, a commitment to sustainability. Cedar and Broadreach aim to enhance the ski experience and on-mountain amenities, explore increasing the hotel bed base, and further creative activities and cultural programming.
Philip (Flip) Maritz, Managing Director of Broadreach, said, “In 1969, Robert Redford had a courageous vision to create a haven for discovery and new ideas, immersed in a rich cultural history honoring creativity. We are honored to assume stewardship of this magical resort and are committed to balancing responsible development and the land. We intend to thoughtfully enhance this care – for guests, staff, the Sundance community, and most importantly, the natural environment itself.”
The transaction includes the resort buildings, ski lifts, on-site dining, and event spaces. It does not affect the structure of, or Robert Redford’s involvement in, the Sundance Institute, Sundance Film Festival, Sundance Catalog, Sundance TV, or the Redford Center. The resort will continue to host workshops and events organized by the Sundance Institute & the Redford Center, serving as a location for the annual Sundance Film Festival.
D. R. Horne & Company (Douglas Horne, Anthony Champalimaud) and investment bank BDA Partners advised Sundance Mountain Resort.
Douglas Horne, President of D. R. Horne, said, “This project has been especially meaningful for us. We were able to achieve an outcome we believe will perpetuate the remarkable values and goals of environmental stewardship, cultural engagement and civic responsibility that Robert Redford established at Sundance over fifty years ago.”
Euan Rellie, Senior Managing Director of BDA, said, “We’re pleased to have helped facilitate a great outcome for the Redford family and their extraordinary ski resort. It adds to our track record in the global leisure & sustainable hospitality sector.”
About Sundance Mountain Resort
Founded by Robert Redford in 1969, Sundance Mountain Resort is an all-season resort that offers outdoor activities including downhill skiing, ziplining, mountain biking, hiking, horseback riding and fly-fishing. The resort has artistic roots, authenticity, and a strong connection to nature. Sundance Mountain Resort was ranked the #1 ski resort in North America by Condé Nast in 2019, for the Reader’s Choice Award.
About Cedar Capital Partners
Cedar is a firm dedicated to investing in the hospitality sector. The firm has made investments with value in excess of $4bn and has maintained a track record of strong performance and value creation through market cycles. The firm’s principals are industry professionals with backgrounds in acquisitions, finance, development & operations. Cedar owns: Shelborne South Beach, Miami; The Hoxton Hotel, Rome; The Grosvenor Hotel, Edinburgh; The Lloyd Hotel, Amsterdam; Angsana Corfu – A Banyan Tree Resort, Corfu; Mama Shelter, Prague.
About Broadreach Capital Partners
Broadreach is a real estate investment firm focused on the development, acquisition & management of commercial & lodging properties. Broadreach principals have decades of experience in development/leisure assets. Their activities include: owning leading hotel/resort management companies (among them, Rosewood Hotels and Resorts); resorts (including former Rockresorts Little Dix Bay and Caneel Bay), urban hotels (including The Carlyle, New York; San Francisco Fairmont; Santa Barbara Biltmore), and contracting with management companies (including Four Seasons, Ritz-Carlton, Hyatt, Marriott).
About D. R. Horne & Company
Established in 1982, D. R. Horne & Company, based in Princeton, NJ, is a real estate advisory firm specializing in properties of natural, cultural, and historical significance. Its projects realize quality of life goals for individuals, communities and institutions, while protecting resources for public benefit and enjoyment.
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 20 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.
BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets. www.bdapartners.com
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors.
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