August 1, 2014

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Article

New York Investor Buys Braffits Mountain and Grand Lodge at Brian Head

Press Release

August 1, 2014

Brian Head – New York City-based real estate investor Zohar A. Cohen, through his ownership entity Cohen Braffits Estates Development, LLC, has purchased the $60 million first mortgage on 2,600 acres located in Iron County known as Braffits Mountain. The note was purchased prior to year end, 2013. In addition, the Cohen Brian Head Development, LLC has purchased Grand Lodge at Brian Head, a ski resort located at Brian Head, Utah. The purchase price for the properties totaled approximately $100 million. That transaction has recently closed.

The current resort facility, valued at more than $30 million, and known as the Grand Lodge at Brian Head, opened in 2010 and includes a four-star hotel, steakhouse and dining and bar facilities. “We are thrilled to have acquired this extraordinary property in one of the country’s most desirable recreational areas. The property is in a prime tourism location that can serve guests, year round,” said Arthur W. Levine who is managing the assets.

The new owner plans to create a development known as Braffits Creek Estates over the next 12 months and hopes to make Brian Head into “one of the country’s premier destinations for travel and tourism,” Levine said.

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