Bear Den Partners Acquired Two Vermont Ski Resorts

The investment group assumed control of Burke Mountain and Smugglers' Notch in 2026 to modernize facilities.

Updated on Oct. 7, 2026 in Skiing

Bear Den Partners Acquired Two Vermont Ski Resorts

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In 2026, Bear Den Partners, a joint venture of the Schaefer and Graham families, acquired Burke Mountain Resort and Smugglers' Notch Resort. The move marks a new chapter for the properties as they enter their 70th year of operation.

Why it matters

The owners aim to keep the independent ski resorts competitive against larger corporate entities while preserving their local cultural identity. By streamlining fuel and insurance costs, the group intends to reinvest savings directly into infrastructure improvements.

Burke Mountain and Smugglers' Notch are currently in their 70th year of operation. Ownership has projected a five-year timeline to complete necessary snowmaking, trail, and food service upgrades across both sites.

The players

Bear Den Partners

This is a joint venture formed by the Schaefer and Graham families to manage and revitalize independent ski resorts.

Burke Mountain Resort

Located in the Northeast Kingdom of Vermont, this resort serves as a major ski destination that recently emerged from a decade of federal receivership.

Smugglers' Notch Resort

This Vermont-based destination is a long-standing independent ski and recreational resort now under the management of Bear Den Partners.

The details

Burke Mountain spent a decade in federal receivership prior to the acquisition, creating a need for significant facility modernization. The new owners are currently implementing widespread operational changes to stabilize the resorts and enhance guest services.

1960 marked the base year for historical resort recognition.
2016 to 2026 was the period Burke Mountain remained in federal receivership.
2026 was the year Bear Den Partners acquired both resorts.
2026 to 2031 is the window for the planned facility upgrades.

Season Trajectory

This acquisition represents a pushback against the consolidation of the ski industry by large corporate pass conglomerates. It signals a move to keep independent resorts viable by prioritizing local operational control over external network integration.

Skiers and visitors can anticipate improved snowmaking capacity and enhanced food services as the five-year upgrade plan progresses. These changes are intended to modernize the guest experience at both Burke Mountain and Smugglers' Notch through 2031.

The takeaway

The transition for these resorts highlights the difficulty independent ski areas face in maintaining aging infrastructure. Long-term success will likely depend on whether these new owners can balance historical charm with the rising costs of modern resort maintenance.