Hermitage Club

News Roundup: Down to the Wire

Peter LandsmanLeave a comment
  • Beaver Creek renames the Buckaroo Express gondola Haymeadow Express, the name of the double chair which ran in the same alignment from 1980 to 2007.
  • Whether the Hermitage Club closes a $30 million loan to catch up on lift maintenance and operate this winter is still an open question.
  • Arapahoe Basin and Leitner-Poma fly steel for the Beavers project.
  • As of yesterday, Vail Resorts officially operates Okemo, Mt. Sunapee and Crested Butte.
  • Vail reports fiscal 2018 resort EBITDA was $616.6 million, an increase of 3.9 percent over the prior year.  2018-19 season pass sales are up 25 percent in units and 15 percent in dollars as of Sunday.
  • West Mountain adds a million dollar chairlift and looks to build another.
  • A New York-based developer receives one of many approvals for Mayflower Village at Deer Valley, which could eventually mean a slate of new lifts.

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  • Doppelmayr is named in connection with an urban gondola eyed for Long Beach, California.
  • Watch a remarkable 3S gondola launch live from Zermatt at 9:15 Eastern tomorrow morning, 6:15 Pacific.
  • The CFO and COO of Peak Resorts open up about their decision to buy Snow Time and note the three new mountains don’t immediately need much capital investment.
  • The longtime owners of Great Divide, Montana plan to sell to another couple next year.
  • Legendary ski resort builder Les Otten remains committed to The Balsams but laments, “time is killing this project.”
  • Mountain Capital Partners releases more details on the Spider Mountain Bike Park project.
  • The damaged Zugspitze cabin is successfully lowered to the valley for disassembly.  The cable car’s operator says damage exceeds $1.2 million and the lift could reopen by year end.
  • Boreal names its new quad California Cruiser.
  • The latest Leitner-Poma six-pack at Hunter Mountain, seen below, will be called Northern Express.
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News Roundup: Not Cheap

Peter Landsman3 Comments
  • Above: lots more Ramcharger 8 parts arrive in Big Sky.
  • Schweitzer weighs alignment options and manufacturers for two new backside lifts scheduled for construction in 2019.
  • The only aerial tramway in Texas closes after nearly six decades.  “Replacement of the Wyler Aerial Tramway is estimated to cost millions of dollars.  Texas Parks and Wildlife Department does not have the financial resources to execute a capital construction project of this size at this time.”
  • Disney gives an Orlando TV station a rare official peak into Skyliner construction.
  • Following last week’s mishap, the operator of the Zugspitze Cable Car orders a new 120 passenger cabin, hanger and carriage.
  • Beaver Creek’s big McCoy Park expansion should be official in November and is planned to open in late 2020.
  • The Lewis & Clark bubble high-speed quad at Big Sky will finally see some action in 2021 when a $400 million Montage hotel opens at its base.
  • Ascutney Outdoors is on track to install a T-Bar this fall, anchoring a scaled down version of what was once a five chairlift area.
  • LST builds a T-Bar atop a waste-to-energy plant in Copenhagen for residents to ski on year round.
  • Vail looks to Asia for growth.
  • Michael Doppelmayr is profiled for his 60th birthday.  Some interesting facts: his company’s gross margin was 12.1 percent last year and his father Artur vehemently opposed Doppelmayr’s merger with Garaventa.
  • New York’s high court clears the way for Belleayre to expand into the former Highmount Ski Center.
  • Bretton Woods and Doppelmayr make great progress on New Hampshire’s first 8 passenger gondola.
  • The leaders of North and South Korea ride a pulse gondola during their three day summit.
  • The State of New Hampshire will hold a public meeting about transferring the Mt. Sunapee lease to Vail Resorts on September 26th.
  • As it tries to secure a $30 million loan to open this winter, the Hermitage Club lawsuits keep coming.
  • Two major lifts are getting closer to reality at Copper Mountain.

News Roundup: Working Together

Peter Landsman1 Comment
  • It’s not looking good for Mt. Timothy, BC.
  • Two Aspen developers amend their plans to accommodate the new Lift 1 alignment.
  • Horseshoe Resort commits to replacing Chair 6 with a quad in 2019.
  • The Hermitage Club is still trying to ink a reopening deal with members and Oz Real Estate.
  • Powdr breaks ground on Woodward Park City, set to debut with a fixed-grip quad in November 2019.  No word yet on the manufacturer.
  • The Forest Service green lights Aspen Highlands’ Goldenhorn platter project.
  • Peak Resorts posts quarterly results: an $11.8 million net loss on $7 million in revenue as the company worked to build Hunter North and the Carinthia Lodge at Mt. Snow.  SKIS had $10.1 million in cash on hand as of July 31st with $180.6 million in debt.  CEO Tim Boyd says he’s still open to acquiring more mountains.
  • Disney will build and maintain a boat and dock specifically for Skyliner gondola evacuation purposes.
  • Hall double area Navarino Hills, Wisconsin closes for good.
  • With rumors swirling about its future, Black Mountain, NH clarifies it will open this winter.
  • Snow King’s gondola/expansion scoping is extended for the third time to October 4th.
  • A cabin is spotted in one of the Disney World gondola stations.
  • $51 million in new lifts are on track to spin for American Thanksgiving at Whistler Blackcomb.  Thanks Jordan N. for these photos.

News Roundup: Color Choices

Peter Landsman11 Comments
  • Alta withdraws from a proposed land swap, opting to hang on to land in Grizzly Gulch for possible expansion.
  • Killington goes blue with its bubbles.
  • Vail Resorts officially takes over Stevens Pass.
  • Massachusetts awards the current operators of Blue Hills a new three year contract.
  • Fatzer begins production of the first Compacta rope for the US lift market.  At 54 mm, any guesses where it’s headed?

A Deal to Save The Hermitage?

Peter LandsmanLeave a comment
IMG_4230
Five chairlifts currently sit idle at the Hermitage Club, the subject of foreclosure action in southern Vermont.

Restructuring could resolve what is currently the nation’s largest ski resort foreclosure case, according to a report from the Brattleboro Reformer.  Jim Barnes, founder of the financially-troubled Hermitage Club, sent an email last night informing members of two important developments.  First, the Club has secured a bridge loan to maintain key staff working toward a restructuring with Berkshire Bank and other creditors.  Secondly, a nonbinding term sheet has been signed with Oz Real Estate to provide new capital to the ski and golf resort.  “The potential transaction with Oz Real Estate contemplates the club’s debt with Berkshire Bank to be restructured or bought out,” Barnes wrote.  The bank is owed more than $17 million while a foodservice distributor is out more than $1.5 million and a hotelier $1.2 million along with others owed smaller amounts.

Oz is the parent company of Ski Resort Holdings LLC, which bought 14 major ski resorts from CNL Lifestyle Properties in 2017.  Most of them were sold to Boyne Resorts, Vail Resorts and other operators over the past year.  “Oz Real Estate invests in both opportunistic real estate private equity and real estate credit in the U.S. and Europe,” the firm says on its website.  “Founded in 2003, Oz Real Estate has raised approximately $3.8 billion of dedicated real estate capital and completed more than 107 transactions across 19 diverse real estate asset classes.”  Mr. Barnes also named a new Club President, Harper Sibley.

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The Hermitage is currently closed under a court-ordered receivership with FTI Consulting on site maintaining assets.  “The primary goal of the Hermitage Club is to close this restructuring and prepare for a successful 2018/2019 fall and winter season,” Barnes stated in his email.  “The proceeds from the restructuring will provide the means to settle claims and disputes that have arisen due to the lack of cash flow from closed club operations.”  Nonbinding is a key word and the Club made a similar announcement about $26 million in possible funding from an unidentified financial company on April 30th.  It’s unclear whether that deal was to be with Oz or a different outfit altogether.  Berkshire Bank assistant vice president and marketing officer Heidi Higgins told the Reformer the lender is “not in a position to talk about this specific instance due to privacy and legal concerns.”  Nonetheless, the news is a sign Mr. Barnes and his staff continue to work hard toward a resolution four months from ski season.

News Roundup: Gondolas on Gondolas

Peter Landsman1 Comment

“Ever since the company went public in 2014 it has taken advantage of its improved access to capital to finance large infrastructure projects that may have led to growth in visitation and revenues, but haven’t resulted in better earnings or cash flows.”

News Roundup: Public vs. Private

Peter Landsman6 Comments
  • After a tower shifted downhill this spring, the City of Steamboat will again fix Howelsen Hill’s chairlift rather than replacing it.
  • In the Jay Peak fraud case, former resort owner Ariel Quiros and executive Bill Stenger settle with the State of Vermont for $2.1 million without admitting wrongdoing.
  • In a separate class action lawsuit, a group of Jay Peak investors allege more than 100 immigration lawyers received $5 million in kickbacks from the resort, creating undisclosed conflicts of interest.
  • The federal government orders an immediate shutdown of the Vermont EB-5 Regional Center, which allowed foreigners to invest in ski resorts such as Jay Peak and other businesses in exchange for green cards.
  • No big deal: a Chinese theme park might build three 3S gondolas.
  • A lawsuit by the State of Maine seeks to finally right the tragedy that followed the sale of a public ski resort to a private company which ran it into the ground.
  • Mt. Snow confirms its next logical lift upgrades will be in Sunbrook and Carinthia.
  • Hermitage Club members could lease Haystack Mountain to reopen next season but Berkshire Bank will not.  Homeowners may have a senior lien on the Barnstormer six-pack but would need to pay for $300,000 of lift maintenance to reopen.
  • Even though his purchase of Saddleback never closed, Australian businessman Sebastian Monsour did spend $400,000 on the closed Maine ski resort last year.  Hopefully some went to lift maintenance!
  • Peak Resorts reports record fourth quarter revenue, up 9.3 percent over last year to $56 million with EBITDA up 3.9 percent to $21.5 million.
  • Arizona Snowbowl reopens tomorrow after a month-and-a-half fire danger closure.
  • Parks Canada seeks public comments on possible Sunshine Village lift and terrain expansions into Goat’s Eye II, Lower Meadow Park and Hayes Hill. Another new lift could eventually parallel the gondola.
sunshineexpansion
Overview of proposed Sunshine Village expansion areas.  Other acreage would be removed from Sunshine’s area of occupation to compensate for environmental impacts of expansion.

News Roundup: Fighting

Peter Landsman10 Comments
  • The first of many Omega 10 passenger gondola cabins is spotted at Walt Disney World.
  • Saddleback Mountain Foundation plans to make a second offer for Maine’s third largest ski area, which has been closed for nearly three years.
  • Santiago, Chile awards the contract for an $80 million, four station urban gondola to Doppelmayr.
  • The first indoor ski area in the Western Hemisphere plans to open March 1, 2019 with a Doppelmayr CTEC quad chair and platter that were installed back in 2008.
  • A gondola is one option being considered to improve mobility in Little Cottonwood Canyon, home to Alta, Snowbird and lots of traffic.
  • A Basin’s Al Henceroth updates us on Norway’s removal and hints more lift changes may be in store for Lenawee Mountain.
  • Members of Congress from four states pen a letter to the Forest Service asking for Arizona Snowbowl to be reopened or further explanation given as to why its extended closure is necessary.
  • Doppelmayr scores another project in Canada – a $1.8 million fixed-grip quad with loading carpet at Sugarloaf, New Brunswick.
  • Rope evacuating 20-25 mountain bikers turns into a four hour affair at Marquette Mountain.
  • Ikon Pass destination number 27 is Thredbo, Australia.
  • Jumbo Glacier Resort is fighting to reinstate its construction permit.
  • A spokesman for the new owners of Maple Valley, Vermont says reopening for skiing is a long term goal that could take many years to accomplish.
  • Loveland seeks a good name for the new Lift 1.
  • Loon Mountain is buying brand new CWA Omega cabins for its gondola this fall.
  • Tremblant says goodbye to the Lowell Thomas triple, making way for a detachable quad.
  • The first Hermitage Club property auction yields a $1.2 million winning bid. “There will be more of these coming up,” says the Windham County Sheriff.
  • A breakdown at the Jasper SkyTram leads to an 18 hour helicopter evacuation of 160 guests.

News Roundup: Possible

Peter Landsman5 Comments
  • Vail Resorts net income rises 41.5% over last year’s third quarter with Epic season pass sales up 12 percent in units and 19 percent in dollars through May 29th.
  • The new Lift One will likely be put to Aspen voters in a winter 2019 special election rather than the November general election.
  • The Western Idaho State Fair plans to debut a chairlift for the first time in August – apparently a used Riblet of unknown origin.
  • An urban gondola proposal in Ogden, Utah is back.
  • A great writeup about Heron’s early days answers why Aspen Skiing Company switched from Colorado’s homegrown lift company to Riblet.
  • Now’s your chance to enter to win one of Arapahoe Basin’s retired Norway chairs.
  • Squaw Valley Alpine Meadows and the Sierra Club sign an agreement for the resort to abandon California Express Alternative 2 in exchange for the group withholding legal action against alternatives 3 and 4.
  • The Seattle suburb of Kirkland looks to a possible aerial lift to connect its city center with an upcoming bus rapid transit station.
  • Vail Resorts CEO Rob Katz and Whistler Blackcomb COO Pete Sonntag do a wide ranging interview with the local newspaper after a challenging year and a half.
  • Tower 6 of Howelsen Hill’s chairlift  is on the move for at least the third time as city leaders grapple with whether to fix it.
  • Beartooth Basin, the only summer ski resort in the United States, opens for the season as everyone else closes.  An experiment is also underway to run the lifts with biodiesel.
  • The Olympic Regional Development Authority proposes a new chairlift for its Lake Placid ski jumping venue.
  • Another Borvig surface lift bites the dust in favor of carpets.
  • Berkshire Bank says the Hermitage Club no longer has the right to restructure and argues receivership should proceed.  One Hermitage property is scheduled to be auctioned on June 25th.
  • A decision not to create an opportunity zone in Rangeley, Maine becomes yet another reason Saddleback is going nowhere fast.
  • The man accused of lying about spending a night on a Gore Mountain chairlift says he is innocent and may sue the State of New York.

News Roundup: Un-Lost?

Peter Landsman3 Comments
  • The State of Pennsylvania looks to spend $7.8 million on new lifts at Denton Hill, where a Riblet triple, Hall double and two platter lifts last spun in 2014.  A private operator is also being sought.
  • Maple Valley, Vermont – last operated in 2000 with three Hall lifts – sells to a new ownership group.
  • As Aspen Mountain prepares to reinvent Lift One, the Aspen Daily News traces the remarkable history of the original.
  • Doppelmayr will build and operate a $64 million urban 3S gondola in Moscow.
  • The Portland Aerial Tram is set to close for five weeks in June and July while the track ropes are slipped downhill.
  • Leitner commissions the first 2S gondola with DirectDrive in South Korea.
  • As the public comment period nears its end, California Express faces critics.
  • Under the proposed Hermitage Club receivership, FTI Consulting would maintain properties but wouldn’t reopen the mountain for skiing next winter.  The Club objects to some of the proposal even though the receivership would be dissolved if Berkshire Bank is paid in full or the assets auctioned off.
  • This guy is lucky to be okay and probably won’t be allowed back to Squaw Valley for a long time.
  • Boston’s Seaport gondola proposal might be in trouble.
  • The Forest Service gives a final green light to Purgatory’s Gelande lift project although construction this summer is uncertain.
  • Hefty tariffs on steel and aluminum coming into the United States from the European Union, Canada and Mexico take effect at midnight tonight.
  • North America’s newest urban gondolas, built by Poma in the Dominican capital of Santo Domingo, carried 41,000 riders in their first 18 hours last week.