Viad buys resort for $16 million

Phoenix-based Viad Corp. purchased St. Mary Lodge and Resort for $16 million in cash on Wednesday.

St. Mary, a 115-guest room resort in St. Mary, Mont., is the second property the company has purchased near Glacier National Park this year. The company acquired Grouse Mountain Lodge for $10.5 million in January.

In a news release, Paul B. Dykstra, Viad's chairman, president and chief executive officer, called the acquisition an important addition to the company's portfolio.

"The property expands our high-end product portfolio and is a strong strategic fit with our Glacier Park operation," Dykstra said. "We are committed to expanding our hospitality and recreational-attractions portfolio in and around national parks in North America, and this transaction represents another successful execution against those plans."

The property includes a lodge and cottages, as well as a gift shop, restaurants, a coffee and candy shop, a gas station and supermarket.

Beyond St. Mary Lodge & Resort, Glacier Park Inc., a subsidiary of Viad, operates four historic lodges, three motor inns, a year-round resort property and a fleet of buses.

by Megan Neighbor The Arizona Republic Jul. 1, 2011 12:00 AM




Viad buys resort for $16 million