October 14, 2024
Tias Capital today announced plans to develop Mirage Mountain Resort, an alpine ski resort on Palomar Mountain in San Diego County, California. The $85 million investment, the largest in the firm's history, will be deployed across a three-phase development plan with an initial opening targeted for December 2026.
Phase 1 of the development will deliver 280 skiable acres, 22 runs ranging from beginner to expert terrain, four chairlifts, a base village with dining and retail, and a signature stargazing program developed in connection with the legacy of nearby Palomar Observatory. Subsequent phases will add on-mountain lodging, expanded terrain, and four-season programming.
Palomar Mountain rises to 6,140 feet in northern San Diego County and receives meaningful annual snowfall. It sits within a two-hour drive of approximately 3.3 million people -- a drive-market population larger than most established ski destinations in the western United States.
"This is the investment that will define the next chapter of Tias Capital," said Marcus Ellery, Managing Partner. "Our portfolio to date has been built around warm-weather, summer-season assets. Mirage Mountain proves that our model -- identify an extraordinary natural asset, build premium infrastructure around it -- is not limited by climate or season. Palomar Mountain has world-class elevation, a legendary observatory, and a massive underserved drive market. We see a ski resort."
"The underwriting on this project required us to challenge fundamental assumptions about where skiing can work in California," said Rachel Tsai, Chief Investment Officer. "When you set aside convention and look at the data -- elevation, snowfall patterns, drive-market demographics, competitive supply -- the case is compelling. This is not a speculative bet. It is a thesis-driven investment backed by rigorous analysis."
David Nakamura, Vice President of Development, will oversee all phases of construction. "We are designing this resort from the ground up with the landscape in mind," Nakamura said. "The runs follow the natural contours of the mountain. The base village is scaled to the site, not to a brand standard. And the stargazing program ties the resort to Palomar's scientific heritage in a way that no other ski destination can replicate."
Mirage Mountain Resort is expected to welcome its first guests in December 2026. For more information, visit miragemountainresort.com.
About Tias Capital
Tias Capital is a private equity firm specializing in experiential tourism investments. Founded in 2019 and headquartered in Denver, Colorado, the firm identifies undervalued destinations with high natural potential and builds premium tourism experiences around them. The firm manages approximately $320 million across five holdings in the United States and Mexico.