Council's unanimous approval clears way for largest investment in Muskoka's history

Skyline International to move forward on $500 million Master Plan for Deerhurst

HUNTSVILLE, ON, Sept. 29, 2015 /CNW/ - Skyline International received the go-ahead to make the largest investment in Muskoka's history after receiving approval from city council on Monday.

The ambitious (CAD) $500-million master planned community and new Deerhurst Village Centre includes 150 new hotel rooms, 45,000 sq. ft. of retail and plans for multiple boutique mixed-use buildings totalling nearly 500 residential units.

"I am very pleased by council's decision to approve the zoning request," says Gil Blutrich, Chairman & President of Skyline International. "Deerhurst is the crown jewel of Muskoka and in many ways a gateway to Ontario's spectacular North. With council's blessing, we will work on turning our vision for Deerhurst into a reality."

Council's decision arrives on the heels of Skyline International receiving unanimous approval for zoning by the planning committee earlier this month.

"This is tremendous news for Hunstville and the Muskoka District's hospitality and resort offerings," says Mayor Scott Aitchison, Town of Huntsville. "Deerhurst is already the largest single employer in Muskoka and we are thrilled that Skyline International is continuing to invest in the resort and surrounding communities. Deerhurst is set up to be a major hospitality magnet for international and Canadian travellers for the foreseeable future."

Last month, Skyline International announced plans to spend an additional (CAD) $10 million renovating the Deerhurst Resort with significant upgrades earmarked for the Legacy Hall, Compass Lobby Bar, Pavilion guest rooms, Maple Pub and Fitness Centre, as well as improvements to the lakeside waterfront.

"Deerhurst is iconic to Canadians. It's synonymous with Muskoka. We want to make sure we are honouring this historic brand and the communities that surround it in everything we do. That is our mission," says Skyline International CEO Michael Sneyd.

About Skyline International Development Inc.

A leading Toronto-based developer of hospitality properties and resort communities, Skyline owns over two million s.f. of real estate, has over 2,600 acres with development rights for almost 7,000 residential units and nearly 1,300 rooms in its holdings, employing more than 1,500 staff.

Its unique asset mix includes part ownership of Toronto's iconic Omni King Edward Hotel, as well as ownership of, under the Skyline Hotels & Resorts brand, the city's contemporary boutique Pantages Hotel and Spa. Skyline's resort assets include landmark Deerhurst Resort with 45,000 sq. ft. of meeting space lakeside in Muskoka and Horseshoe Resort, home to Toronto's closest ski area and an adventure park. The Company is also creating residential communities at Deerhurst, Horseshoe and, at the historic lakefront of Port McNicoll, Ontario, a restored gateway to the 30,000 Islands, a UNESCO World Biosphere Reserve.

In 2013, the company launched Skyline Vacation Club, Ontario's first drive-to, members-only, points-based urban and country vacation club. In April 2013, Skyline acquired 50% of the retail component in both the village and surrounding the golf course at Blue Mountain and the remaining developable land. In late 2014 the Company acquired Bear Valley Ski Resort in California, expanding its American asset base that included an ownership of the iconic Hyatt Regency Arcade hotel and shopping center in Cleveland, Ohio. In early 2014, Skyline became a public company trading on the Tel Aviv Stock Exchange as (TASE: SKLN). For more information, please visit: www.skylineinvestments.com.

SOURCE Skyline International Development Inc.

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