Summit, a company that has brought together young entrepreneurs and innovative thinkers at motivational conferences for several years, announced Monday it was buying the resort from the current ownership group for an undisclosed price.
In a two-phase transition, Summit assumes resort management immediately. The actual sale of Powder Mountain’s property is expected to occur early next year.
"We think we can do something great here," said Summit’s 27-year-old founder and CEO, Elliott Bisnow, noting the new owners have jettisoned previous plans to transform Powder Mountain with close to 4,000 dwelling units.
"Our footprint will be more modest," he added — 500 homes in a horseshoe around a village on the resort’s east side, not visible from Powder Mountain’s main facilities.
"I fell in love with every single thing you heard about the character of Powder Mountain and what it stood for. It was the last undeveloped resort," Bisnow said of his first trip to the upper Ogden Valley ski area in July 2011. "I thought, ‘What if we could take this resort and preserve what it is?’" Salt Lake Tribune
