Florida family invests in Idaho ski resort with year-round draw

From the balmy beaches of South Florida to the snowcapped mountains of Idaho, Gabe Navarro, Managing Partner of MMG Equity Partners, remains fully dedicated to family in all his entrepreneurial pursuits.

Along with his brother, Marcel Navarro, and brother-in-law, Martin Pico, husband of their sister, Patricia, the trio, in 2018, teamed with Imperium Blue to acquire Idaho’s historic Tamarack Resort. Following a buyout three years later, MMG now enjoys sole ownership while promoting a family-first approach.

Billed as “America’s only ski, golf and lake resort,” the 3,650-acre, year-round recreation destination is situated a mere 90 miles north of Boise. Since taking over Tamarack, MMG has worked relentlessly to transform the four-season development into a best-in-class destination for outdoor enthusiasts.

Prior to MMG’s acquisition, Tamarack twice filed bankruptcy under previous ownership. But since ascending the mountain, MMG has invested more than $245 million into the property during the past six years. A 3,500-acre ski expansion has helped boost skier visits a whopping 133% since 2019, while a 100-slip marina is slated to open in 2026. Additionally, real estate values have eclipsed $250 million, with more than 500 homes built and sold, and entitlements for future housing totaling 2,200 units.

A proud graduate of the University of Miami with a degree in finance, Navarro took some time recently to share his thoughts on the resort’s revitalization efforts, and his routine splitting time between two polar opposite destinations.

This interview has been edited for clarity and length.

Idaho Business Review: You and your siblings, Marcel and Patricia, grew up working in the family pharmacy business. How did this help shape your future in the financial world?

Gabe Navarro: More than anything, my parents did a great job instilling a solid work ethic in the three of us. My dad worked six days a week his entire life, which for us was normal. After we sold the stores, I couldn’t believe what it felt like to have a two-day weekend.

IBR: You’re a product of the Sunshine State and white sand beaches. Had you ever been to landlocked Idaho prior to acquiring Tamarack?

GN: No, but we found it so enchanting. Miami is an amazing place and I love it. But it can be pretentious. In Idaho, we found the laid-back vibe and the down-to-earth people we encountered to be so refreshing. It was hard not to fall in love with it. They are worlds apart, but Idaho has become my family’s happy place.

IBR: What key elements made you feel Tamarack had great investment potential?

GN: Just seeing the sheer amount of assets really intrigued us. We spent about 18 months trying to put the pieces together to make it investable. And the amount of investment the prior group had made was staggering. There was probably $50 million put into the ground in just the village area.

IBR: Did the resort’s two prior bankruptcies create any major concerns?

GN: We knew the prior group was there pre-global financial crisis. Lenders were throwing money at developers. I think the prior ownership group did an amazing job, but like many, they got caught in the cycle. For us, it was about feeling good about the basics and developing it at our own pace.

IBR: Initially, what were some of the challenges in taking on this project?

GN: Without a doubt, the biggest challenge the first two years was overcoming the stigma of this being a failed ski resort. One of the first things we did was reinstall the lift, which was repossessed by the bank when the resort failed. And that was wild. But it was a way for us to demonstrate to the market that we are committed and we are going to invest here.

IBR: Coming to Idaho from Florida, have you encountered naysayers, doubters?

GN: Oh, it left a lot of people wondering if this South Florida group was going to do what they said they were going to do. Naturally, many hung back and took a wait-and-see approach. Selling real estate in the first few years at a failed resort was challenging. After two to three years, I think we have demonstrated a responsible pace of developing. And I don’t think we are doing anything to make people think we’re just a bunch of outsiders trying to make a profit. For the most part, I feel the community has been very welcoming. We’ve proved to be a steady investment, doing what we said we would.

IBR: Would “slow and steady” best describe your family investment style?

GN: Yes, we’ve been very disciplined. I thought it was important to deliver each year a transformational amenity to the resort. Whether it was the lift, re-opening the golf course, or spending over $14 million to deliver the Mid-Mountain Lodge. Each transformational amenity puts Tamarack at a different level. Real estate values jump up in tiers, so that has been the approach to transforming the resort.

IBR: Seven years in, are you where you anticipated you’d be or ahead of projections?

GN: Everything typically takes a little longer than anticipated. Overall, I’d say we’re on plan. When we acquired the resort, we had two partners who have since been bought out by the family. But it was our equity from the outset, and it remains wholly owned by the family.

IBR: Your parents emphasized loyalty and trusting family. Did this facilitate a transition from a financial investment to a generational or family project?

GN: For sure. All of our business ventures have been family-led efforts. Marcel, my brother, is primarily involved on the finance side, while Martin leads everything that is construction and development focused. Buying out our initial partners allowed us to flip from a value proposition to a generational, long-term project. I always like to think family first. It’s an amazing team, the three of us leading this project.

IBR: Looking at the next five years, what is your vision or priority?

GN: We believe it’s important to see a greater number of destination travelers coming to Tamarack. In the first few years, our marketing, for both resort and real estate, targeted Idaho, largely the Treasure Valley. I’m a big believer in getting one chance to make a good first impression. I now feel strongly we can promote Tamarack on a national stage.

IBR: What makes Tamarack uniquely different from your other resort projects?

GN: I think we’re unique in that as the operator of the mountain, we’re running the lifts, operating the restaurants and lodge, and we’re developing and selling real estate. We’ve also got the golf course, so there are many components that make it a complex business. It allows us to manage the guest experience at all different points.

IBR: What are you most proud of or have enjoyed the most since starting this venture?

GN: Most definitely spending time there with my family, my three boys. Enjoying the fruits of the labor and just feeling enormously proud of what Marcel, Martin and I have accomplished as a team.

IBR: Growing up in South Florida, 30-plus years ago, did you ever imagine being involved in this type of business?

GN: Oh, definitely not. I think you’d be hard-pressed to find anyone in the industry who touts a ski resort as being a great financial investment. Industry people have even mentioned to me that if you want to become a millionaire in this business, start off a billionaire. I would absolutely say it is now far more than just a financial investment. We have quickly made this a passion project.