Locke to buy ski hill
Published: October 23, 2008 7:00 AM
Updated: October 23, 2008 7:58 AM JUSTIN BRISBANE BANFF
A Calgary businessman who owned Lake Louise Mountain Resort between 1981 and 2003 is once again the majority owner of the ski hill.
Charlie Locke exercised his option to purchase half of the ski resort from billionaire Murray Edwards. Financial details have not been disclosed, as the deal isn't expected to be official until later this week.
"I'm retiring from retirement," Locke said. "I've travelled around the world, but my passion is the ski business."
Locke had an option to repurchase his half of the ski hill after Edwards took over the hill in 2003.
The former mountain guide has a long history with the resort. After making money in the oil and ranching business, he invested in the ski hill in 1974, and eventually purchased the resort from his partners in 1981. Locke had to sell his share of the hill to Resorts of the Canadian Rockies (RCR) in 2003, after his bank "ran out of money."
"We didn't go into receivership," Locke said.
Locke will operate Lake Louise separately from RCR, however the hill will still honour multi-use passes. Edwards will remain on the board of directors, and plans to focus on investment opportunities in Fernie.
"We'll run independently of RCR, but all of the multi-area passes will still be applicable. You'll still be able to ski at Fernie," Locke said.
While he's not worried about the current economic crisis befalling the U.S., Locke admits 2009 will be tough for the ski hill. There have been several upgrades to the chair lifts, so he doesn't foresee any immediate investments in infrastructure expenses, however an anticipated drop in tourist visits has the region bracing for the worst.
"There's no question this will be a difficult year," Locke said. "But at the end of the day it's the snow."
He does plan to reintroduce jumps in the snowboard terrain park for the upcoming season. Last year, RCR banned all man-made jumps in its terrain park.
"We won't have the mega jumps, but we'll have jumps that can be used by 70 per cent of the riders," Locke said.
Locke said he doesn't see the hill as an investment, but as an opportunity to strengthen his reputation and follow his passion.
"I have enough money, and this is a sizable chunk of money," Locke said. "This is about doing what you like, doing what makes you proud... It's more of a passion."
Customer service will improve under his watch, he said, as the hill will focus on better aprés ski options. He also wants to see a return of torchlight parades, and changes to the snowmaking conditions.
The ski hill expects to open on Nov. 8.
Source :
http://www.albertalocalnews.com/rockymountainoutlook/sports/32929454.html
