Tias Capital Acquires Land and Permits for Palomar Mountain Resort Project.

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.

Tias Capital identifies undervalued destinations with extraordinary natural potential and builds premium experiential tourism around them. With $320M in assets under management across five holdings, the firm sees Mirage Mountain as a cornerstone of its future growth.

The unrestored eastern ridge of Palomar Mountain, prior to site preparation.

"Mirage Mountain Resort is the boldest investment in the Tias Capital portfolio — and the one that most directly tests our thesis," said Marcus Ellery, Managing Partner. "A ski resort in San Diego County sounds like a contradiction. We see it as an asymmetric opportunity hiding in plain sight."

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.

The Development Vision

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.

"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."