A shortlist of who might buy Mt. Bachelor ski resort

Exactly who’s trying to buy the largest ski resort in the Pacific Northwest remains a source of public speculation. A shortlist of could-be takers includes a newly formed Central Oregon group scrambling to outbid industry titans.

Utah-based Powdr Corp. revealed its plans to sell Mt. Bachelor in August. Powdr vice president Stacey Hutchinson said in an email this week that the company is keeping the business transaction for the large ski resort private for now.

“The listing is not public. And we don’t have any other updates to share at this time,” she wrote.

Mount Bachelor Community Inc. was founded by Central Oregon residents after the sale announcement. The entity hopes to become a holding company for “a group of high-net-worth investors that have ties to the area,” according to its chief financial officer, Ryan Andrews.

He pitched a room crowded with local mountain enthusiasts in Bend at a Central Oregon City Club meeting Thursday.

“We’re not some group that’s out shopping ski resorts,” Andrews said. “We’ve even been, to a negotiating fault, saying, ‘Hey, we’d be willing to pay more than everybody else because we’re buying our backyard.’”

The sales price is “rumored” to end up “north of $200 million,” he said.

The field of prospective buyers is likely competitive, with some of the largest ski resort owners in the U.S. in the mix, according to Stuart Winchester, editor of the Storm Skiing Journal.

“Mt. Bachelor is extremely attractive. Everyone has interest,” Winchester said at the City Club meeting.

More than 4,300 skiable acres wrap around a volcano with one of the longest snow seasons in the country, he said, making Bachelor nationally unique among lift-served resorts.

Another major factor influencing interest in the sale is the rise of multi-resort passes, which allow skiers and riders to buy one ticket for access to multiple mountains. These passes have helped stabilize industry revenues, Winchester said, and they draw more skiers to places they might not otherwise visit.

A shortlist of potential Mt. Bachelor buyers:

• Alterra Mountain Company: The Denver-based private company is the second-largest ski resort owner in the country, with 16 resorts in the U.S. and two in Canada, including Crystal Mountain in Washington. The company introduced its multi-resort Ikon Pass in 2018, which is already accepted at Mt. Bachelor. “Alterra has a history of purchasing its former partners,” Winchester said. Alterra is a joint venture of KSL Capital Partners and Henry Crown and Company, which also owns Aspen/Snowmass resorts.

• Boyne Resorts: The Michigan-based private company owns 10 ski resorts, most of which are also part of the Ikon Pass, including Big Sky in Montana, making it the third-largest ski resort owner in the country. The company was founded by Everett Kircher in the 1940s. His son Stephen Kircher is now the CEO. The family used to own a Pacific Northwest resort— Crystal Mountain — and “they’re still salty about losing it,” Winchester said. Another of Everett Kircher’s sons, John Kircher, acquired Crystal Mountain in 1997 and sold it to Alterra in 2018.

• The California Mountain Resort Company: Backed by Chicago-based private equity firm Invision Capital, this private company owns four resorts in California’s Sierra and San Gabriel Mountains, including Bear Valley, which it purchased in 2023. Focused on the West Coast, this company “is one to look out for,” in the Bachelor sale, Winchester said, adding “they’ve been growing very fast.” The company offers its own multi-resort pass, Cali Pass, and adding Bachelor to the offering could draw more skiers and riders from California “as those places are getting really crowded, and people are looking for an alternative.”

• Mountain Capital Partners: Founded by James Coleman and headquartered in Durango, Colorado, this private company has properties in Colorado, Utah, Arizona, New Mexico and Nevada. It expanded into Oregon in 2022 by acquiring Willamette Pass Resort. Winchester said Bachelor could be a predictable next move because “they have a strong incentive to tie those two together” with the company’s multi-resort Power Pass.

• Mount Bachelor Community Inc.: Deschutes County residents Chris Porter and Dan Cochrane formed the entity this year as a vehicle for local ownership. They fundraised more than $40,000 in donations to support administrative costs. The group recently weathered online criticism for deciding to not accept broad community investment toward a purchase offering. “Because there is such a tight timeline on this, we don’t have time to crowdfund this thing for the next five years and then go bring our offer in,” CFO Andrews said. Instead, the group is banking on “an anchor investor or two.” He said he supports future plans for people to invest small amounts in owning the mountain and receiving dividends, but “it takes time to set that up, and the clock’s ticking.”

• Vail Resorts: This publicly traded company is by far the largest ski resort owner in the U.S., with 47 resorts worldwide. Its properties include some of the most famous skiing destinations in the Rocky Mountains, such as Vail, Keystone and Breckenridge. “Vail likes to buy markets,” Winchester said. “If you ever wonder why they have a bunch of little ski areas around Detroit, Minneapolis and Milwaukee, it’s because they want those folks to buy an Epic Pass,” he said. West of the Rockies, this multi-resort pass already includes Stevens Pass, Heavenly and Northstar resorts. “It would make a lot of sense” for Vail to buy Mt. Bachelor, Winchester said. Still, Winchester is skeptical because Vail CEO Kirsten Lynch recently said the company is focused on European expansion.

Correction: A previous version of this story incorrectly stated when Crystal Mountain was sold to Alterra Mountain Company.