A Girdwood ski area that began in 1954 when 11 residents passed a hat to raise enough money to purchase the land is being bought by Canadian hotel conglomerate Pomeroy Lodging.

In a press release Tuesday, Alyeska Resort announced it has begun contract negotiations "to sell substantially all of its resort assets" to Pomeroy Lodging.

According to its website, Pomeroy Lodging is a family-run business that has owned and operated over 65 businesses, which are comprised of over 15 different brands, and run by third-generation Ryan Pomeroy. The company holds hospitality awards and boasts of its last 10 years working to complete $275 million in hotel development.

However, in Tuesday's release, Alyeska director of marketing Eric Fullerton wrote that the Canadian company plans to stay "true to its Core Values of Honesty, Family, Quality, Industry and Winning."

The deal is expected to finalize before the end of the year.

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