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Florida investment firm buys sole control of Idaho’s Tamarack Resort

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The ownership mix at Tamarack Resort has changed again – with two partners exiting, and a Flordia-based investment company taking control.

Imperium Blue, which bought the resort along with MMG Equity Partners in 2018, sold its interest — to MMG.

MMG describes itself as “a privately-owned investment company” and says it works on “acquisition of commercial properties in Florida.” Beyond Florida, it owns or has stakes in Village at Copper Mountain in Colorado and several other commercial properties at ski resorts.

The 2018 deal combined MMG with The Imperium Companies and Blue River Family Office Partners. The latest announcement removes Imperium and Blue River from the ownership picture.

[Sun Valley’s owner Sinclair strikes deal to sell most of its assets. SEC filing sheds light on resort’s status]

Investments said to continue

The Village Plaza at Tamarack Resort. Photo: Don Day/BoiseDev

Imperium Blue’s Kyle Mowitz was the public face of the acquisition, appearing in front of the Idaho Land Board, and conducting media interviews. Now, his firm will exit the venture.

“We are immensely proud of what the entire team has accomplished over the past three years at Tamarack Resort and remain very excited about what lies ahead for the future of Tamarack,” Mowitz said in a release.

[With acute housing crunch, Tamarack looks to add hundreds of employee housing beds]

Just this week, Tamarack indicated it had a deal in place to acquire the portion of the Osprey Meadows course it did not already own and said it hoped to reopen the course in phases starting next year. Resort officials announced several other plans earlier this year.

“Our additional investment into Tamarack underscores our family’s commitment to the resort,” MMG managing partner Gabriel Navarro said. “We continue to move forward on all of the initiatives that have previously been outlined by the partnership including expanding the resort, reopening the Osprey Meadows Golf Course, the addition of the marina on Lake Cascade, and the addition of a hotel within the resort.”

MMG, Imperium, and Blue River first teamed in 2016 to acquire a portfolio of ski resort assets for $103-million.

Tamarack president Scott Turlington will remain at the helm of Tamarack.

“The progress made by this partnership since the resort was acquired has been nothing short of remarkable,” Turlington said. “I look forward to continuing to execute on our plan and vision.”

Ownership at Tamarack has changed a number of times since conception in the 1980s, including entering bankruptcy under two different ownership groups.

Tamarack Resort timeline

  • 1988: Valbois Resort first announced on West Mountain in Valley County. It is to have seven chairlifts, a 250-slip marina, an 18-hole golf course and more. Buildout would cost $61.6 million,according to the Associated Pressat the time. The project eventually went bankrupt.
  • 1998: Mexican businessman Alfredo Miguel Afif purchases the Valbois assets and renames the project Westrock. It is now proposed to have 20 chairlifts, 3,460 housing units and a mountaintop village,according to the Wall Street Journal. The project is now estimated to cost $563 million.
  • 2002: The project isrenamed Tamarack Resort. Jean-Pierre Boespflugis brought in as CEO.
  • 2003: Construction begins.
  • 2004: The ski resort officially opens at Christmas. Seven chairlifts are in operation, plus a hotel and other amenities.
  • 2005: President George W. Bush visits during the summer at the invitation of Secretary of the Interior and former Idaho Governor Dirk Kempthorne. The resort later names a trail system in his honor.
  • 2006: The Osprey Meadows golf course opens. The Robert Trent Jones II-designed course opened and closed several times over the next decade.
  • 2006: Tennis stars Andre Agassi and Steffi Graf announce plans to develop a Fairmont hotel at the resort, with construction to being in 2007.
  • 2007: The resort’s condo offering sells outin one day, generating $140 million.
  • 2008: Bankruptcy filed on February 20th.
  • 2010: The Tamarack Municipal Association begins operating the resort on a limited basis.
  • 2012: Bank of Americaremovesone of the resort’s chairlifts.
  • 2016: The Tamarack Municipal Association acquires much of the land for the resort and the lease with the State of Idaho.
  • 2016: The golf course is allowed to go back to nature.
  • 2019: Wildwood lift, removed by Bank of America in 2012, reinstalled.
  • 2020: Village center area, first started in 2007, finall starts to open, with condos, retail and restaurants.
  • 2021: Deal reached to acquire remainder of Osprey Meadows course, with reopening to start in 2022.
  • 2021: Imperium Blue will exit ownership, leaving MMG as sole owner.

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Don Day - BoiseDev Editor & Founder
Don is the founder and publisher of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow. Contact him at don@boisedev.com.

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