Vermont — We’ve received some surprising news this morning, as Smugglers’ Notch is going to have a new owner. The ski resort is working with Bear Den Partners, which purchased Burke last year, on a collaborative ownership transition.
For more information, check out the press release below.
BEAR DEN PARTNERS AND SMUGGLERS’ NOTCH RESORT ANNOUNCE COLLABORATIVE OWNERSHIP TRANSITION
February 11, 2026, Jeffersonville, Vermont — Smugglers’ Notch Resort and Bear Den Partners today announced a collaborative ownership transition that shifts the Vermont-based independent resort operator into partnership with Smugglers’ Notch, one of North America’s most celebrated family-focused mountain destinations.
Smugglers’ Notch has been owned and operated for the past 29 years by Bill Stritzler, whose values-driven leadership has shaped the resort’s enduring reputation for family connection, community, and an authentic mountain experience. The Stritzler family will continue to have an ownership stake and Bill’s daughter Lisa will serve as an advisor on the future of the mountain. The partnership with Bear Den Partners reflects a shared commitment to preserving these principles while supporting the resort’s long-term vitality.
Widely recognized for maintaining a classic family mountain atmosphere, Smugglers’ Notch prioritizes simplicity, warmth, and meaningful guest experiences across all seasons. In winter, the resort carefully manages daily capacity to ensure uncrowded slopes, exceptional instruction, and a throwback skiing and riding experience. In the warmer months, Smuggs offers extensive summer and fall programming, including mountain biking, hiking, ziplining, disc golf, water features, skate parks, shopping, and family activities that bring generations of guests back year after year.
Over the past year, Smugglers’ Notch was named #2 Ski Resort by USA Today readers, earned a Tripadvisor Best of the Best Award, and was recognized as Ski Magazine’s Best Family Resort—honors that reflect consistency, care, and guest satisfaction rather than scale.
“We were intentional about finding an operator who truly understands what makes Smuggs special,” said Stritzler. “We sought out Bear Den Partners as an equity partner because they share our belief that this resort is about families, employees, and community, not trends or shortcuts. This transition is about continuity and stewardship, and we’re confident Smuggs is in the right hands.”
“Smugglers’ Notch is a community mountain and this has been a community transition,” said Jon Schaefer, CEO of Bear Den Partners. “To that end, there have been hundreds of people working on this deal, which would not have been as successful without the help of so many different Vermont state agencies and businesses, particularly Community National Bank, who has been a great partner to both resorts. When you look at it from Bill Stritzler and CEO daughter Lisa Howe – who wanted the resort to remain local, to the army of people that helped on both sides, you can say it really has been a Vermont-wide community effort.”
Bear Den Partners is led by lifelong Vermont skier and investment professional Ken Graham, Chairman of Bear Den Partners, and ski industry veteran Jon Schaefer who serves as CEO. In 2025, Bear Den acquired Burke Mountain in Vermont where the Graham family have been skiers and community members for over 50 years. The Schaefer family also owns and operates Berkshire East and Catamount Mountain Resort in western Massachusetts. Across its portfolio, Bear Den emphasizes local leadership, operational independence, and respect for each mountain’s unique character.
“Smuggs represents everything we believe skiing and riding should be,” continued Schaefer. “This is not about changing Smuggs, it’s about supporting what already works, investing thoughtfully, and protecting the experience that families have cherished for generations. It goes without saying that the terrain at Smugglers Notch is some of the best in the east, and the resort receives some of the most snowfall east of the Rockies.”
Under the new ownership structure, Smugglers’ Notch will continue to operate with its existing culture, values, and commitment to guests, employees, and the surrounding community. Future investments will be targeted and collaborative, focusing on core infrastructure, guest experience, employee support, and long-term stewardship of the resort.
“The soul of skiing is alive at Smuggs,” added Graham. “You don’t just buy a ski area, it’s a far greater responsibility. A resort is a part of the community, an operator is a steward of the mountain, and there is so much more to it than whose name is on the title. Our role is to help preserve the culture of the resort and strengthen it as one of the most important independent resorts in the country.”
“The resort has always been a special place for my family, and for countless others,” said Stritzler. “This partnership ensures Smugglers’ Notch can continue to evolve thoughtfully while staying true to who it is and why families love it.”
About Smugglers’ Notch Resort
Smugglers’ Notch is America’s Family Resort, located in Jeffersonville, Vermont, offering four seasons of adventure. The mountainside condominium village features summer outdoor waterparks, FunZone 2.0, shopping, dining, an award-winning snow sports school, and three mountains with 78 trails of skiing and riding. Learn more at www.smuggs.com. More on today’s announcement: Smuggs.com/bearden
About Bear Den Partners
Bear Den Partners is an independent owner and operator of alpine ski and snowboard resorts including Burke Mountain and Smugglers’ Notch in Vermont. Rooted in a guest-first, community-centered philosophy, Bear Den Partners exists to ensure that independent mountains not only survive but thrive by investing in what matters most: people, place, and the enduring soul of skiing and riding.
Image/Video Credits: Smugglers’ Notch
