Founder Robert Redford has sold Sundance Mountain Resort

Governor Gary Herbert presents Robert Redford a gift. For all his contributions to the state of Utah, Robert Redford was recognized and honored by Governor Gary Herbert at a gala in his honor, "The Governor's Salute to Robert Redford: A Utah Tribute to an American Icon" at the Grand America Hotel, Saturday, November 9, 2013. Redford is an actor, director, producer, philanthropist, businessman, environmentalist, and founder of the Sundance Resort, the Sundance catalog, and the Sundance Institute which hosts the Sundance Film Festival. (Submission date: 11/09/2013) (Photo credit: Leah Hogsten)

(KSL/file)



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SALT LAKE CITY — Robert Redford announced on Friday that he has agreed to sell Sundance Mountain Resort to Broadreach Capital Partners and Cedar Capital Partners.

According to a press release, the sale included a commitment to balancing responsible development and land preservation. Currently, 1,845 acres of the land has been preserved through a conservation easement and protective covenants, the release says. The resort, which is 2,600 acres, was founded more than 50 years ago by Redford.

"Change is inevitable, and for several years my family and I have been thinking about a transition to new ownership for the resort. We knew that at the right time, and with the right people, we could make the transition," Redford said in the release. "Broadreach and Cedar share our values and interest in maintaining the resort's unique character, while honoring its history, community and natural beauty. This makes them well-suited to ensure that future generations can continue to find solace and inspiration here."

Redford and his family announced that they have also entered a partnership with Utah Open Lands to put more than 300 acres of wildlife habitat, including streams and wetlands, into permanent protection.

The new owners, Broadreach and Cedar, said that they "intend to work closely with the Sundance community to build upon the attributes that have made the resort a one-of-a-kind place: a spectacular setting with nature as the main attraction; slow, thoughtful, low-density, and measured growth; and, a central commitment to sustainability in all its forms."

Broadreach and Cedar announced in the press release that they plan to expand on-mountain amenities and potentially increase hotel beds and offer cultural programs.

"In 1969, Robert Redford had a courageous vision to create a haven for discovery and new ideas, immersed in a rich cultural history honoring individuality and creativity," said Philip Maritz, managing director of Broadreach Capital Partners, in the release. "We are deeply honored to assume stewardship of this magical resort and its unique programming and are committed to maintaining the balance between responsible development and land preservation that the Redford family has passionately cultivated. We intend to thoughtfully enhance this experience and continue the Redford commitment to guests, staff, the Sundance Institute and community, and most importantly, the natural environment itself."

The purchase of Sundance Mountain Resort includes all of its assets such as resort buildings, ski lifts, on-site dining venues, and events spaces. The purchase will not affect Redford's other involvements such as the Sundance Institute of the Sundance Film Festival. According to the release, the resort will continue to be a venue for workshops and events hosted by Sundance Institute and the Redford Center.

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