Tahoe Mountain Club’s new owners: We’re no longer losing money
TRUCKEE, Calif. — A year after nearly shutting down, Tahoe Mountain Club is no longer losing money under new ownership.
“None of it was really rocket science,” said Brian Helm of Paradigm8, which purchased the club. “It was a lot of hard work from our team and new focus to what we were doing.”
In December 2018, the club announced it would be closing all facilities, as the owner no longer had the finances to keep the club up and running. Within days Paradigm8, a Tahoe-based developer, acquired the club from CREW Tahoe, the club’s parent company.
At the time, Glen Clement, the club’s general manager, sent an email to members to notify them of the closure, saying the owner had contributed $14 million in the previous eight years in an attempt to make the club viable and was no longer in a position to keep contributing funds.
The announced closure came after East West Partners, a real estate development company that previously owned the club, filed for bankruptcy in 2010.
“It historically lost money, which is what led to its difficulties,” said Helm. “This is the first year that the club is in the black.”
Helm said in the past the club was treated as a marketing tool for a development company rather than a standalone business.
“We focused on where we were spending money and spending our money wisely on operating costs,” he said. “That hadn’t been done before.”
Over the past year, they have been able to keep all the same facilities running. These include Old Greenwood and Gray’s Crossing golf courses and golf shops, the club’s restaurants the Alpine Club at Northstar.
During the transition he said they lost a few members, but have since acquired 30 new members since October.
“It’s been a really busy year, but a good year for the club,” said Helm. “We think that this year will be better than the last year.”
Hannah Jones is a reporter for the Sierra Sun.
Ernest Packaging Solutions has leased 133,108 square feet at Dermody Properties’ LogistiCenter at 395 Phase II, Building 1, leaving 47,952 square feet still available.