Actor Robert Redford has agreed to sell his Sundance Mountain Resort in Provo Canyon to a pair of investment firms. The buyers are Broadreach Capital Partners of Palo Alto, California, and Cedar Capital Partners of London and New York City.
The purchase agreement is the result of a long-term strategic plan designed to preserve and build upon the Redford legacy at the resort, including a continued commitment to balancing responsible development and land preservation, Redford said in making the announcement. Redford, who founded Sundance Mountain Resort more than 50 years ago, said the 2,600-acre resort includes 1,845 acres of land preserved through a conservation easement and protective covenants.
“As stewards of this unique place, it has always been my vision that the Sundance Mountain Resort would be a place where art, nature and recreation come together to make the world a better place — now and in the future,” Redford said. “Change is inevitable, and for several years, my family and I have been thinking about a transition to new ownership for the resort. We knew that at the right time, and with the right people, we could make the transition. Broadreach and Cedar share our values and interest in maintaining the resort’s unique character, while honoring its history, community and natural beauty. This makes them well-suited to ensure that future generations can continue to find solace and inspiration here.”
In conjunction with his announcement, Redford said he and his family have entered into a partnership with Utah Open Lands to put over 300 acres of pristine wildlife habitat, stream and wetlands into permanent protection. Located at the base of Mt. Timpanogos, the newly established Redford Family Elk Meadows Preserve includes the meadow below the iconic Stewart Falls, along with popular trails for hiking and cross-country skiing.
Broadreach and Cedar said they intend to work closely with the Sundance community to build upon the attributes that have made the resort a one-of-a-kind place. Among their plans, the firms aim to enhance the ski experience, expand on-mountain amenities, explore increasing the hotel bed base and further the commitment to creative activities and cultural programming.
“In 1969, Robert Redford had a courageous vision to create a haven for discovery and new ideas, immersed in a rich cultural history honoring individuality and creativity,” said Philip “Flip” Maritz, managing director of Broadreach Capital Partners. “We are deeply honored to assume stewardship of this magical resort and its unique programming and are committed to maintaining the balance between responsible development and land preservation that the Redford family has passionately cultivated. We intend to thoughtfully enhance this experience and continue the Redford commitment to guests, staff, the Sundance Institute and community, and most importantly, the natural environment itself.”
The transaction includes all assets of Sundance Mountain Resort, including the resort buildings, ski lifts, on-site dining venues and event spaces. It does not affect the structure of, or Redford’s involvement, in the Sundance Institute and Sundance Film Festival, Sundance Catalog, Sundance TV or the Redford Center. The resort will continue to host workshops and events organized by the Sundance Institute and the Redford Center, including serving as a location for the annual Sundance Film Festival.
Financial terms of the acqisition were not disclosed.