The Kemmerer Family announced its intent Thursday to sell Jackson Hole Mountain Resort to two families and a small group of co-investors.
Siblings Connie, Betty and Jay Kemmerer have owned the resort since 1992 when they bought it from co-founder Paul McCollister.
The principal owners will be Kemmerer family friends and JHMR board members Eric Macy and Mike Corbat.
“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,” Jay Kemmerer said in a press release. “I’m excited and proud to pass along this iconic, family-run ski resort to these two strong Jackson Hole families.”
Macy has 35 years of experience in investment banking and business. He began his career with a five-year stint at New York investment bank Donaldson, Lufkin & Jenrette before moving to Jefferies & Co. where he held several positions until 2006. Since 2007, Macy has founded and operated multiple companies. A full-time Jackson resident, he is married to Dana Macy and has three children. He has served on the JHMR board of directors since 2014.
“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,” Macy said.
A longtime Jackson resident, Corbat spent 38 years at Citigroup where he spent his last nine years as CEO.
“Mike made Citi a simpler, smaller, safer and stronger institution and significantly improved the quality and consistency of Citi’s earnings,” continued the press release.
He lives with his wife Donna in Wilson and has two married children and three grandchildren. He has served on the JHMR board of directors since 2021.
“Coupled with an enthusiastic skier base and a dedicated community, JHMR defines what it means to be a best-in-class ski resort,” Corbat said, “We will work hard to preserve the cherished aspects of the ski mountain and continue building on the mountain’s storied tradition.”
Having already endorsed current operating and financial plans, Corbat and Macy have no plans to make changes to current business operations according to a press release.
Jay Kemmerer, current chairman of the board of directors, will continue to serve on the board and as part of the new ownership team.
Under his leadership, the Kemmerers invested over $300 million in capital improvements and reached the following milestones:
— Replaced or built new lifts 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 1997/1998.
— 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 2018/2019 and is regarded as the premiere learning center in the West for the Mountain Sports School.
— Championed Resort leadership in the development of the new Mountain Master Plan in 1996.
— In 2019, switched to 100% 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.
JHMR is in Teton Village, Wyoming, 12 miles northwest of Jackson and about a two-hour drive from Rexburg. It sits on 2,500 acres spread over two mountains in the Bridger-Teton National Forest with 131 named trails, half of which are expert-level. There is also backcountry access. The resort is listed on Travel + Leisure’s 10 Best Ski Resorts in the U.S.
The sale is expected to close by the end of the year.
