Financier Edwards' RCR buys British Columbia ski resort

Thu Dec 29, 2011 2:46pm EST
 
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CALGARY, Alberta (Reuters) - A ski resort company owned by Calgary financier Murray Edwards has bought Kicking Horse Mountain Resort in British Columbia from its Dutch developer, bringing to three the number of properties it owns in the Rocky Mountain region, which is known for deep powder skiing.

Edwards' privately held Resorts of the Canadian Rockies bought the relatively new Golden, British Columbia, ski area from Ballast Nedam NV for an undisclosed sum.

However, Ballast Nedam, a construction and infrastructure company, said last week that the value of its assets will fall by 21 million euros ($27 million) as a result of the transaction and its long term loans will drop by 6 million euros.

Kicking Horse has more than 120 trails on 2,800 acres, with 1,260 meters (4,133 feet) of vertical, which according to the resort's website is the fourth-biggest drop in North America.

More than 400 homes have been built at the site, as well, Ballast Nedam said.

In Eastern British Columbia, RCR also owns the Fernie and Kimberley ski resorts.

"For us, it anchors, truly, the great powder ski destinations in North America, in British Columbia, of Kicking Horse and Fernie. It gives the guests easy access to both and creates the ski safari opportunity," RCR vice-president Matt Mosteller said.

The company also owns the Nakiska ski resort in Alberta and Stoneham and Mont-Sainte-Anne in Quebec.

Edwards is also known for his investments in energy concerns such as Canadian Natural Resources Ltd, Ensign Energy Services Inc as well as the Calgary Flames of the National Hockey League.

($1=0.7743 euros)

(Reporting by Jeffrey Jones; Editing by Peter Galloway)