Bear Mountain is up for sale, as current owners HSBC look to find a new long-term owner for the development.
HSBC has planned all along to sell the development, after acquiring it three years ago in the wake of original owner Len Barrie‘s removal as CEO and the bank’s acquisition of the development.
Colliers International has been hired to find a buyer for the resort, the price tag for which has not been revealed.
At the time of Len Barrie’s removal, the resort owed HSBC $250 million.
Bear Mountain Holdings CEO Gary Cowan said the rezoning applications now with the City of Langford will continue. The rezoning is part of a plan to remove nine holes of golf to make way for more low density housing, a strategy owners say is key to the future of the development but has seen opposition from a group of Bear Mountain homeowners.
“We anticipate that process will take some time and therefore it allows us some time to move ahead with the marketing and attempt to bring a new owner into the process.”
Cowan said homeowners on Bear Mountain will see no change and the sale is the right move at the right time.
“We feel that the time is right now to introduce a new longterm owner who is going to make the commitments going forward and that will be positive for the community of Bear Mountain,” Cowan said. “We’re excited about the future for Bear Mountain… It’s a good time to capitalize on Bear Mountain’s next stage of growth.”
*The video below is a promo video for the Westin Bear Mountain Golf Resort, released in January, 2012…