Smugglers' Notch Ski Resort Sold to New Owners

Vermont's beloved Smugglers' Notch resort has a new owner, raising questions about the future of the mountain's operations and partnerships.

Published on Feb. 13, 2026

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Smugglers' Notch ski resort in Vermont has been sold to a new ownership group called Bear Den Partners, which includes investor Ken Graham and Jon Schaefer, who owns Berkshire East and Catamount Mountain Resort. The sale marks the end of long-time owner Bill Stritzler's tenure and raises questions about potential changes to pass partnerships, lift infrastructure, and connections to nearby Stowe Mountain Resort.

Why it matters

Smugglers' Notch is a beloved and well-known ski destination in the Northeast, so its change in ownership is significant for the regional ski industry. The new owners have a track record of operating independent resorts, which could mean changes to Smuggs' pass partnerships, operations, and infrastructure compared to when it was independently owned.

The details

Bear Den Partners, which was created last year to operate Burke Mountain Resort, has acquired Smugglers' Notch. The group includes investor Ken Graham and Jon Schaefer, who owns Berkshire East and Catamount Mountain Resorts. Under the new ownership, Smuggs passholders will now receive lodging discounts at the other Bear Den-owned mountains. A multi-mountain pass combining access to Berkshire East, Burke, Catamount, and Smugglers' Notch is also a possibility. However, the new owners have expressed concerns about the impacts of unfettered multi-mountain access. The proposed gondola connection between Smuggs and Stowe is also likely to be abandoned under the new ownership.

  • Smugglers' Notch was announced to have a new owner in February 2026.
  • This winter (2025-2026), no changes will be made to Smuggs' season pass offerings.

The players

Bear Den Partners

A new ownership group created last year to operate Burke Mountain Resort, which includes investor Ken Graham and Jon Schaefer, who owns Berkshire East and Catamount Mountain Resorts.

Bill Stritzler

The long-time previous owner of Smugglers' Notch ski resort.

Ken Graham

An investor and a Burke Mountain Academy graduate, part of the new Bear Den Partners ownership group.

Jon Schaefer

The owner/operator of Berkshire East and Catamount Mountain Resort, part of the new Bear Den Partners ownership group.

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What they’re saying

“I would certainly expect an independent resort like Smuggs and an independent pass like Indy to align.”

— Erik Mogensen (Storm Skiing Journal)

What’s next

The new owners have indicated they will evaluate potential changes to Smugglers' Notch's pass partnerships and lift infrastructure, but no definitive plans have been announced yet.

The takeaway

The sale of Smugglers' Notch to Bear Den Partners marks a significant shift for the beloved Vermont ski resort, raising questions about its future pass offerings, connections to other mountains, and infrastructure investments under the new independent-focused ownership group.