Jay Peak Resort - sold for $76 million

As a result of the auction, highest bidder Pacific Group Resorts, Inc (PGRI) successfully bought Jay Peak for$76 million, after initially offering $58 million.

The announcement was made by Michael Goldberg from Vermont Business Magazine. The offer must yet be validated by the United States District Court in Southern Florida on September 16, but if approved, Jay Peak Resort will become PGRI’s sixth ski resort, as Pacific Group Resorts owns five more properties in British Columbia, Colorado, Virginia, Maryland and New Hampshire.

Goldberg commented with the occasion:

“With the success of this auction, we are one step closer to concluding the receivership of Jay Peak Resort. It has been six long years during which the resort has made tremendous progress under the leadership of general manager Steve Wright and his team and the guidance of Leisure Hotels.

“The time had come to put the resort back into private hands, and our investment bank, Houlihan Lokey, ran a strong sale process for us culminating in a very competitive auction. We are pleased an experienced operating company like Pacific Group Resorts ended up with this great asset.”

Vern Greco, Pacific Group Resorts President and CEO, added:

“We began pursuing this acquisition over three years ago and couldn’t be more pleased with the auction’s outcome which paves the way to add Jay Peak to our growing family of resorts. Jay has a high-quality team of dedicated employees who have weathered the uncertainty of the receivership for a long time.

“We look forward to bringing renewed stability to the property and its staff, we’re enthusiastic about the prospects for the resort, and we are delighted to be in Vermont which is an important market for any mountain resort operator.”

Mark Fischer, PGRI’s executive vice-president and CFO, also declared:

“The opportunity to own a resort like Jay Peak, with its considerable upside and a solid reputation, does not come along very often. The acquisition of Jay is an important step forward for our whole company and for our employees. We could not be more excited to welcome Jay Peak and its staff to our family.”

The deal is expected to close in advance of this year’s ski and snowboard season.

Jay Peak is located in Northern Vermont, near the Canadian border and the city of Burlington. The resort spreads across 385 acres dedicated to skiing and snowboarding, while also featuring a water-park, an ice arena, a recreation centre, several athletic sports spaces, as well as a golf course. Moreover, Jay Peak is home to luxury accommodation, exclusive dining options and various events.

Pacific Group Resorts, Inc. is an international company headquartered in Park City, Utah owning and managing prestigious resorts in the U.S., including Wintergreen Resort in the Blue Ridge Mountains of Virginia, Wisp Resort in the Appalachian Mountains, Maryland, Ragged Mountain in New Hampshire, Mt. Washington Alpine Resort in the Beaufort Mountain Range on Vancouver Island, British Columbia and Powderhorn Mountain Resort in Colorado.

 

Source: vermontbiz.com