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Mammoth Lakes, Calif. – The storied Mammoth Mountain Ski Area announced plans Tuesday to sell a controlling interest in its sprawling holdings in the eastern Sierra to a private investment firm led by luxury hotel mogul Barry S. Sternlicht.
The $365 million acquisition by Starwood Capital Group promises to bring a more upscale character to the resort, in contrast to the unpolished and independent style of the resort’s pioneering founder and co-owner, Dave McCoy.
“Mammoth has phenomenal skiing but has never had the sex appeal of Vail or Aspen,” said hotel industry analyst Bruce Baltin of PKF Consulting. “There’s interest now in taking it more upscale.”
