Pacific Group Resorts wins auction for Vermont’s Jay Peak

JAY, Vt. (WCAX) – The Jay Peak Resort says it’s celebrating after Wednesday’s sale. Pacific Group Resorts received the winning bid of $76 million.

Jay Peak President and General Manager Steve Wright says employees are delighted that Pacific Group got to the finish line first.

He says that when the leaders announced the winner on Thursday morning, the staff breathed a huge sigh of relief.

Wright says it seems like Jay Peak is an addition to a small family rather than a small cog in a big machine.

Utah-based Pacific Group owns and operates five resorts, including New Hampshire’s Ragged Mountain. Once the sale is over, which is expected to happen this fall, Jay Peak makes six and is only the second in the Northeast.

Wright says Pacific Groups did its homework on the resort’s valuation and went for Jay Peak at Wednesday’s auction, paying nearly $20 million more than the group’s original bid.

“It’s not something that’s heavy on top-down management. There’s an assignment for spirit to manifest in each of those individual brands, and that’s why I think Jay Peak fits so well with them because there’s a kind of frequency that we operate on that’s very similar to what’s in those PGRI resorts. , too,” Wright said.

Wright says that Pacific Group has a history of preserving and respecting the character and independence of the resorts it owns.

“We realize that we are not a resort of a million ski visitors. We are not someone who is trying to bog down every single person on campus every day of the week. We realize that for us to be successful in the long term, growth must be sustainable. For it to be sustainable, it has to be something that everyone feels a part of and everyone enjoys,” he said.

See also  First patient treated in a CD20-directed CAR T cell trial in B-NHL, CLL

Wright says it’s premature to talk about specific projects in the works, but leaders have discussed elevator upgrades, modifying and evolving the snowmaking system, replacing some maintenance buildings and investing in better furniture, fixtures and fittings. and equipment such as curtains and beds.

He says employees are especially appreciative that the court-appointed six-year receivership is almost in the rearview mirror, giving the complex a chance to grow.

Jay Peak has been under the direction of a court-appointed trustee since 2016 when the Kingdom Con EB-5 fraud was uncovered. Former owner Ariel Quirós and manager Bill Stenger were accused of wasting more than $200 million from foreign investors. Both are in prison after pleading guilty earlier this year.

In addition to Ragged Mountain in New Hampshire, Pacific Group also owns properties in British Columbia, Colorado, Virginia and Maryland.

Related stories:

Will Jay Peak’s winning bidder step up?

Newport seeks to fill the void left in the city by failed EB-5 projects

Jay Peak Pending Sale; Utah group offers $58 million for resort

Charges against fourth man in Vermont visa fraud case dismissed

Second Kingdom Con player sentenced

Stenger sentenced to 18 months for Kingdom Con

Kingdom Con kingpin sentenced to 5 years in prison

Kingdom Con: The Story of Vermont’s Largest Fraud Case

Government seeks 5-year sentence for ex-Vt. ski resort president

Merrill Lynch will pay a $4.5 million settlement for his role at Kingdom Con

Attorney Accused of Harassing and Intimidating State Employees in EB-5 Civil Action

Stenger avoids pre-sentence hearing in Kingdom Con case

See also  Arizona customs seized more than 1M fentanyl pills this week

Report: Multiple Buyers Interested in Jay Peak

Leave a Comment