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Red Lodge Resort


Acquisition of regional ski resort / golf course in south-central Montana with significant value added through strategic capex, fee simple forest service land-swap, and overall operating efficiencies.

Asset Type

Resort / Leisure




1,635 skiable acres & 160 golf course acres

Key Investment Thesis

Our strategy was to take an undermanaged and undercapitalized ski resort with close proximity to Montana’s largest city and drive significant ski customer yield through upgrades to existing services (lifts, F&B, terrain, retail) and sophisticated revenue management practices.

  • Opportunity for additional real estate development potential
  • Authentic ski and summer experience in contrast to commercialized “Vail experience”
  • Scale of ski operation lends itself to high flow-through from incremental ski yield and visits.

JMA Value Creation

Significant operational stabilization under JMA ownership and improvements to profitability have allowed for capital to be reinvested into the resort. JMA real estate development expertise has opened possibility for meaningful development at the mountain and golf course.
Completed USFS land swap exchanging undevelopable up-mountain land for fee simple land surrounding base area
Successfully stabilized profitability with average NOI over the past three years approx. 3x higher than the 10-year average during 2007-2016 period

Chair lift replacement and learn-to-ski enhancements to be completed by 2023/2024 ski season