I paid $25 million cash through an investment LLC called Summit Holdings. Why buy a resort? Partly because the financials were solid.
High-end destination properties were appreciating rapidly. Partly because I wanted a place where I could think without the noise of the city. And partly because my family had been holding events there for years, and I was curious what they’d do if they had to ask permission from the owner.
I kept the existing management team. The resort director, Patricia Chin, had been running operations for eight years, and she was exceptional at her job. When I met with her after the acquisition, I had one specific request.
“Run everything as you normally would. I’m a silent owner, but if my family books an event here, I want to know about it.”
Patricia raised an eyebrow. “Your family… the Richardsons.”
“My father is Thomas Richardson,” I said.
“They’ve held events here before.”
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