Pacific Group Resorts Wins Jay Peak Auction
Park City based Pacific Group Resorts, Inc. placed the highest bid at an auction yesterday for Jay Peak Resort. Subject to court approval, Jay will join PGRI’s group of five ski resorts located across the United States and Canada. “With the success of this auction, we are one step closer to concluding the receivership of Jay Peak Resort,” said Jay Peak receiver Michael Goldberg. “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.” The final bid amount and identity of other bidder(s) were not disclosed.
“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,” said Pacific Group Resorts President and CEO Vern Greco. “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.”
The transaction is expected to close prior to the start of the 2022-23 ski season and there will be no changes to season passes or Indy Pass participation for this season. Burke Mountain, which is also under receivership, will be marketed separately at a later date.
Article by Peter Landsman