68 years of running the ski area. On October 5, 2005, Mammoth announced that a majority stake will be sold to Starwood Capital Group, a private equity fund specializing in real estate, run by Barry Sternlicht. The sale price was $365 million. Because of a poor economy in California, beginning in 2007, many of the stores and restaurants in The Village closed. However, in the fall of 2010, with the help of local business owners, the Village has seen a resurgence of new restaurants and stores. Changes and re-development Before and during the changes of ownership, the ski area underwent major changes. The resort went from 16 chairs in the 1980s to 23 today. A new gondola was built that ends at a visitor center at . The visitor center has telescopes and historical displays. Almost all the old, slow, double chair lifts were replaced with high-speed quad, and six-seater lifts, traveling at around 1000 feet per minute. For these modernizations, the resort is a longtime customer to the Doppelmayr group. Several old lifts were also removed. The Mid-Chalet, which once had picnic tables on its roof, was completely remodeled in the early 2000s, renamed McCoy Station, and now features gourmet foods and a cafeteria. Large vintage photos of McCoy and his family can be found hanging from the ceiling there. The Mill Cafe, a small rustic bar and snack area was added in the early 2000s. In 2011, Chair 5 was chosen to be upgraded for the 2011–2012 season. Chair 5 was upgraded from a Yan-fixed three person chair to a Doppelmayr high speed quad. The ride time is reported to be half as long, and the capacity was increased from 1800 an hour to an estimated 2400 people an hour. In line with tradition, the chair was also given a new name: High Five Express. Mammoth Mountain is also the owner of the June Mountain ski area in the small Mono County town of June Lake, California. On June 21, 2012, the CEO of Mammoth Mountain announced that they are closing June Mountain for the 2012–2013 season, after more than 50 years of operations. June Mountain reopened for the 2013-2014 ski season. As of 2018, a zip-line is under construction. Once complete, it will be the steepest in North America. It goes from the top of the mountain near the upper gondola to the bottom near Main Lodge,