NETFLIX CO-FOUNDER BUYS STAKE IN POWDER MOUNTAIN OUTSIDE OF PARK CITY, UTAH
The co-founder of the world’s largest streaming service, Netflix, Inc, recently purchased an ownership stake in the small town of Eden, Utah at Powder Mountain Ski Resort. The 62-year-old billionaire from Santa Cruz, California, is no stranger to the small ski resort. He and his wife purchased property and built a home there approximately 8 years ago.
Powder Mountain is located in the small town of Eden, just outside of the well-known city of Ogden. It’s known for its small crowds (they limit the number of day passes and season passes sold), huge ski acreage, and being a bit of an untold secret for locals until a few years ago, has a reputation and a small town feel that many would love to protect. "Maintaining that feel is a major priority for us, we wanted to get involved with Powder Mountain because of what this mountain is, not for some far-off vision of what it could become," Hastings said. "Anyone who's spent time at Powder will tell you there's some basic infrastructure improvement needed to really make the experience everything that it can be, that will be our immediate focus," Hastings said. "Big picture, I'll be working with the rest of the leadership team to develop and communicate that vision, more to come there soon." (source - www.ksl.com/article/50623950/netflix-co-founder-buys-ownership-stake-in-powder-mountain).
Hastings becomes a minority shareholder of the resort, which has a master development plan made up of a new ski village, single-family homes, and conference areas. Plans include an eco-village with boutique hotels, shops, restaurants, and innovation incubators. The Summit Group’s Master Development Plan can be found here. Based on reports, Hastings’ ownership of the Summit Group’s shares points towards a move away from the billion-dollar vision the previous group held.
Park City has long been the main attraction for folks traveling from outside of Utah. Feedback from out-of-towners visiting the other Utah resorts has claimed there is little to do outside of skiing, which is what makes Park City, and its active Main St an enjoyable option for all family members. With Salt Lake’s 4.1 billion dollar airport renovation and the area's rapid growth, more travelers are coming to Utah and looking for alternative ski destinations. Park City Real Estate, and Deer Valley homes are less affordable for some, and having other high-end destinations is exciting for some travelers.
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