Business

Jay Peak sells for $76 million

After years of trying to sell Jay Peak, yesterday, a federal receiver held an auction for the popular ski area with at least three bidders participating.

Pacific Group Resorts announced today that they have won the auction, submitting a $76 million bid.

The prevailing bid remains subject to approval by the United States District Court in Southern Florida, during a final hearing tentatively scheduled for September 16.

If approved by the court, and subject to closing which is anticipated to be this fall, Jay Peak will become the sixth ski resort in PGRI’s portfolio including properties in British Columbia, Colorado, Virginia, Maryland, and New Hampshire.

“With the success of this auction, we are one step closer to concluding the receivership of Jay Peak Resort,” Michael Goldberg, the court-appointed receiver for Jay Peak Resort, said.

Goldberg says that it has been six long years during which the resort made tremendous progress under the leadership of general manager Steve Wright and his team.

“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,” PGRI’s president and CEO, Vern Greco, said.

Greco noted that Jay has a high-quality team of dedicated employees who have weathered the uncertainty of the receivership for a long time.

The transaction is expected to close prior to the 2022-23 ski and snowboard season.

Each PRGI property is managed independently, and Greco said no major changes are contemplated to the winter operating plan at Jay Peak.

All existing season passes, pass reciprocity, and multi-resort pass arrangements at Jay, including the Indy Pass, will be honored for the 2022-23 winter season.

Categories: Business

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