The deal is expected to close later this year.
"Joe Morita and his associated companies have chosen Chuck and Chad Horning, a father-son team, as his joint venture partners," says Jim Wear, Morita's attorney and Telski's EVP. "This completes a six month search for the appropriate investment partner who respects Telluide's unique character and nature as one of America's premier ski and golf resorts," adds Wear.
"We are excited to be in partnership with Joe Morita and the Telluride community," says Chad Horning. "We appreciate the uniqueness and beauty of this area and are looking forward to becoming long term active members of this community."
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