Click to enlarge: Snowbird (4)
Snowbird, Utah (1996, 1991)
In 1996 we appraised Snowbird Ski and Summer Resort for the lenderfor debt refinancing purposes. In this assignment, Closser Associates performed the appraisal of the ski operation and also of the 520-unit Cliff Lodge, both as a hotel and as a conversion of part of the building to timeshares. The appraisal included extensive research on timeshare projects as well as sales of ski resorts and sales of hotels at ski resorts throughout the Rocky Mountains. We also prepared a separate appraisal of excess land in Mineral Basin for future expansion.
The original appraisal was performed in 1991 for another lender as a part of their loan portfolio review process. The appraisal involved a study of competing resorts in the Salt Lake City area and ski resorts sale research throughout the western U.S. A detailed income and expense analysis was performed, with valuation based on a discounted cash flow analysis and a sales comparison analysis. This assignment was performed in conjunction with William Christiansen, MAI, of Salt Lake City, who prepared the valuation of the Cliff Lodge, the unsold Iron Blosam timeshares and the Canyon Racquet Club.
Proposed Mayflower Mountain Resort, Park City, Utah (1993, 1991)
The Mayflower Mountain Resort was proposed as a new base area that would share ski terrain with Deer Valley Resort, which it adjoined. (Deer Valley leases a substantial portion of its ski terrain from the Mayflower developers, and the lease gave the developers the right to tie into the Deer Valley complex.) An intensive real-estate development was planned at the Mayflower base. Plans for the Jordanelle Reservoir, however, required the taking and subsequent flooding of some 800 acres of the Mayflower base. Closser Associates was retained by the U. S. Department of Justice to prepare a highest-and-best-use study and later, an appraisal of the entire 2,400-acre Mayflower site, which was actually in two ownerships. This 1993 appraisal involved a nationwide search for large-acreage, ski-area land sales including inspection of each site and a detailed verification of the motivation and decision making of the parties to the sales. The analysis of these sales allowed us to identify those factors which influence the value of ski-area lands and showed that there is, in fact, a consistent, national market for these lands. Bruce Closser testified in deposition.
The 1991 highest-and-best-use study of the proposed resort development was done in conjunction with Sno-engineering, Inc. of New Hampshire, who provided information on physical feasibility and projected construction costs. Our role was to determine financial feasibility which included extensive supply and demand studies for the ski area as well as an analysis of the Park City real estate market. Real estate market research included a study of condominium, duplex and single-family residences as well as residential lots. Research was done on building permits, sales, prices and average selling time in the Park City and Deer Valley market. Other issues bearing on this problem included remediation of mine tailings located in the center of the planned base area.
Click to enlarge: Deer Valley (Mayflower), Elk Meadows, Brianhead, Mayflower
Elk Meadows, Utah (1987)
This was an income analysis of the Elk Meadows resort near Beaver, in southern Utah. This resort had engaged in an ambitious real estate development and expansion project and was experiencing financial difficulties. The analysis focused on the prospects for the future of the resort and its failed real-estate project.
Brian Head, Utah (1991, 1989, 1987)
Brian Head is a regional resort in southern Utah. In the 1980's it went into a major real estate driven expansion using borrowed funds. The real estate developments failed and the resort went into bankruptcy. The S&L which was the lender also failed. The appraisal for the creditors involved an analysis of development lands and valuation of the operating ski resort. An absorption study of unsold condo units was made in order to project the likely time that land would once again be needed for development. An income and sales analysis was made on the operating resort. Following the appraisal, Bruce Closser testified in deposition.
102 W. Washington St. Suite 224 
Marquette, Michigan 49855 (906)228-9133 bclosser@closserassociates.com