Kemmerer Family Sells Jackson Hole to Small Group of Locals
Kemmerer Family Sells Jackson Hole to Small Group of Locals
The ultimate indie draws a line against consolidation.
It’s done. Jackson Hole, one of America’s last major independent ski resorts, will stay independent.
The Kemmerer family, who have owned the resort for 31 years, announced today that they intend to sell to Teton County residents, close Kemmerer family friends and JHMR Board Members Eric Macy, Mike Corbat, their families and a small, select group of co-investors.
“The time has come to transition ownership of Jackson Hole Mountain Resort,” said Jay Kemmerer. “We take great pride in what JHMR has become and what it represents to the Jackson Hole community and the state of Wyoming. It is of utmost importance to me that the next ownership maintains the integrity and character of the mountain that we have worked so hard to build over the past three decades. There is no better fit for this ownership transition than Eric and Mike and their families, who share the same vision for the future of JHMR and its importance to our great community. I’m excited and proud to pass along this iconic, family-run ski resort to these two strong Jackson Hole families.”
A press release itemized $300 million the Kemmerers have pumped into the mountain since 1992:
Replaced or built new every lift at JHMR, with Sublette being the final lift to be replaced in 2024
Constructed a new $31 million Aerial Tram in 2008 during the financial crisis
Built the Bridger Gondola and the Bridger Center in the winter of 1997-98
Helped with the creation of the Teton Village Master Plan, which was approved in 1998
Supported Jerry Blann in the formation of the Teton Village Association, followed by the Teton Village Resort District several years later
Encouraged the establishment of Jackson Hole Air to support direct flights to Jackson, now available from 13 destinations
Purchased the Stilson property and subdivided it into Stilson Residences and the Stilson Transit Center
Built Sweetwater Gondola in 2017 to service Solitude Station, which was built in 2018-19
Championed resort leadership in the development of the new Mountain Master Plan in 1996
In 2019, switched to 100 percent green energy, making it the largest resort in North America to run on green power
Consistently invested in employee housing throughout Teton County
In 2021, began managing capacity at JHMR to elevate the guest and employee experience, with many ski areas subsequently following JHMR’s lead
“Mike and I are honored to have the opportunity to carry on the legacy of this world-class ski resort,” said JHMR board member and new owner Eric Macy. “We want to thank everyone at JHMR in advance for their support as we begin this next stage and are committed to our ownership for decades. We appreciate all the hardworking employees and members of the Jackson Hole community who have played an integral part in building JHMR into the ski mountain we know and love today. It is our privilege to continue cultivating an authentic resort experience that is treasured by locals and visitors alike. We look forward to many amazing winter and summer seasons to come.”
Some boilerplate on Macy:
Eric Macy joined the JHMR board of directors in 2014. His career spans more than 35 years with experience in financing, restructuring, stabilization, and growth of private and public companies in myriad industries. Eric’s unique background includes experience in institutional finance and corporate operations. Eric began his career at New York investment bank Donaldson, Lufkin & Jenrette in 1986, holding multiple roles there until 1991. He then moved to Jefferies & Co., an internationally recognized investment banking firm also headquartered in New York, where he held various positions until 2006. A full-time resident of Jackson, Eric has founded and operated multiple successful companies since 2007. Married for 33 years, Eric and Dana Macy and their three children proudly call Jackson their home.
“Jackson Hole Mountain Resort’s legendary runs, couloirs and iconic features have provided the quintessential ski mountain experience for decades,” said JHMR board member and new owner Mike Corbat. “Coupled with an enthusiastic skier base and a dedicated community, JHMR defines what it means to be a best-in-class ski resort. We will work hard to preserve the cherished aspects of the ski mountain and continue building on the mountain’s storied tradition. We are excited to partner with the mountain’s exceptional team to continue developing JHMR’s best-in-class guest experience and unique brand.”
Corbat boiler:
Mike Corbat joined the JHMR board of directors in October 2021 after retiring from Citigroup after 38 years where he led as CEO from 2012 to 2021. Mike leveraged Citi’s unique global network to serve its institutional and consumer banking clients with an emphasis on strong execution and exceptional client experience. In the process, Mike made Citi a simpler, smaller, safer and stronger institution and significantly improved the quality and consistency of Citi’s earnings. Mike is a longtime Jackson resident and an enthusiastic fly fisherman, golfer and downhill skier. He and his wife, Donna, reside in Wilson and have two married children and three grandchildren.
Jay Kemmerer will remain part of the ownership group and a board member. Everything else should stay pretty much the same. Which I imagine is exactly what Jackson Nation was hoping for.
All parties expect the deal to close in 2023. The sale price will remain private.
Please excuse the brevity and break from format here. I’m on a family vacation in Tokyo and just wrote this post on my iphone before breakfast. I’ll have lots more to say on this when I’m back later this month.