After several painful years of being in limbo, Bear Mountain Land Holdings finally puts Bear Mountain Resort on the market.
Bear Mountain is up for sale.
Gary Cowan, CEO of Bear Mountain Land Holdings, has put the resort on the market.
“Bear Mountain Holdings has engaged Colliers International to find a new long-term owner for our development lands and resort properties,” Cowan said Friday.
Bear Mountain Holdings has been running the resort, golf courses and real estate since November 2010 on behalf of owner HSBC Bank Canada.
The bank took control of Bear Mountain after an eight-month, court-ordered restructuring. Bear Mountain had been under creditor protection, and founder Len Barrie was removed as CEO in March 2010, at the behest of HSBC, the original financier, which was owed more than $250 million.
Cowan said the sale coincides with the third anniversary of HSBC’s takeover, adding the bank had always said it anticipated a three-year process to trim costs and prepare for sale.
A sale could also mean the bank would avoid some major expenses and a long fight to rezone development land.
Bear Mountain Land Holdings, already having to deal with short-term operating costs, is staring down the looming bill for its share of the estimated $25-million cost of completing the Leigh Road interchange and building an extension of the Bear Mountain Parkway.
Article Source: http://www.timescolonist.com/
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