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MIDWAY — One of Utah's most historic resorts located in the Heber Valley has been sold to the same entity that purchased another resort property in that area just a few months ago.
The 155-acre Homestead Resort was acquired by Legacy Resorts, LLC. Terms of the sale were not disclosed.
Located in Wasatch County between Park City and Sundance, the resort was founded in 1886 by Swiss-born Simon Schneitter and is comprised of 121 guest rooms and cottages, meeting space, a spa, two restaurants, an 18-hole golf course and the 55-foot limestone geothermal hot springs called "The Crater."
The new owners intend to maintain heritage of the property with planned enhancements including a new entrance, renovation of guest rooms and buildings and increased maintenance of the golf course and surrounding grounds.
"We plan to continue the time honored tradition of the Homestead's quality lodging, friendly atmosphere and exciting year-round activities and amenities," said Steve Eddington, co-manager of Legacy Resorts, LLC. Despite the common ownership, each property will also maintain their unique qualities, he added.
With the acquisition, Legacy Resorts becomes the largest private employer in Heber Valley with a workforce of 375 people. Prior to the sale, the property had been privately owned and operated by Great Inns of the Rockies since 1986.
"The family traditions of the Homestead and the culture created by Zermatt will unite for families and businesses desiring unique one-of-a-kind experiences," co-manager Robert Fuller, grandson of the Homestead's founder, said.
In August, Legacy Resorts purchased the 404-room Swiss-themed Zermatt Resort located directly across the street from the Homestead. At the time, some investors in the luxury resort objected to an auction held earlier that month because they said the company that was selling the resort was the same company that was buying it.
The idea was to eliminate about $20 million in debt.
Jaren Davis, a managing member-investor in Zermatt and outspoken critic of the auction, said it was a scheme created by the other managing investor, Robert Fuller, to have the only bidder be a new firm with which Fuller was associated — Legacy Resorts. The final bid was $16.5 million.
A report indicated that Legacy Resorts previously had made arrangements with the principal lender, took over the mortgage from America First Credit Union, then foreclosed on the property and sold the property to itself.
But the attorney for Legacy Resorts said the transaction was completely legal.
"It was a public proceeding," Kim Wilson said at the time. "The entire public, the entire world, was invited to bring their money."
Eddington told the Deseret News that the previous financial issues should not be an issue moving forward despite the challenging economic climate. He said Legacy Resorts would work diligently to attract more business and vacation clients to the Homestead and Zermatt properties by employing a combination of exceptional service and cost efficiencies.
E-mail: jlee@desnews.com
