News Roundup: Alterra, Boyne, Powdr and Vail

News Roundup: Early August

Pacific Group Resorts Bids $58 Million for Jay Peak

The Jay Peak Receiver today filed a motion to enter a sale agreement with Pacific Group Resorts, Inc., a Park City-based operator of five North American ski areas. Importantly, the proposed sale process allows for bids from other companies in excess of PGRI’s $58 million offer. “The time has come for the Receiver to sell the Jay Peak Resort,” wrote Akerman LLP, the law firm appointed to oversee Jay Peak and related assets after the Securities and Exchange Commission uncovered widespread fraud. “When the Receiver took over the Jay Peak Resort in April 2016, it was on the verge of collapse having little money and making very little profit,” receiver Michael Goldberg wrote. “Now, after more than six years, the Jay Peak Resort is significantly more profitable and hundreds of jobs have been saved. The Receiver attributes this success to his top notch management team and the dedicated employees who work tirelessly to make Jay Peak one of the greatest ski resorts in the country,” The Asset Purchase Agreement does not include Burke Mountain assets, which are currently part of the same receivership.

It’s not clear how long the sale process will take but under the agreement potential bidders would have 30 days from the time the District Court approves bid procedures to submit offers. If qualified bidder(s) beyond Pacific Group emerge, a private auction would take place shortly after the bid deadline. Should another buyer prevail, Pacific Group would be paid a breakup fee of $1.25 million plus expenses from the sale proceeds. “Other parties have expressed interest in purchasing the Jay Peak Resort over the past few years, however, only Pacific Group Resorts, Inc. has been willing to submit a binding bid,” notes the motion. “The Receiver is hopeful that perhaps another bidder will surface at the auction.”

No matter who ends up with Jay Peak, the sale will certainly have season pass implications. Pacific Group Resorts currently operates Mt. Washington Alpine Resort on Vancouver Island, Powderhorn Resort in Colorado, Wisp Resort in Maryland, Wintergreen Resort in Virginia and Ragged Mountain Resort in New Hampshire. None of those mountains currently participate in the Epic, Ikon or Indy multi-mountain passes. Jay Peak on the other hand is the single largest Indy Pass resort by redemptions.

After news of the potential deal surfaced, Pacific Group Vice President and Chief Marketing Officer Christian Knapp tweeted “The possibility of Pacific Group Resorts, Inc. purchasing Jay Peak Resort is extremely exciting and would be an incredible fit for our company, but by no means is it a done deal. Filing the APA is one more step in an extraordinarily long process that started more than 3 years ago.”

News Roundup: Time Lapse

News Roundup: Hurdles

News Roundup: All Over

News Roundup: Flying High

News Roundup: Letters from the Top

News Roundup: Formal Proposal

  • Sierra at Tahoe reports more fire damage than initially thought with a large amount of vegetation burned, six lifts damaged and a vehicle maintenance shop lost.
  • A GoFundMe has been established to support Sierra at Tahoe employees who lost personal property in the Caldor Fire.
  • Jay Peak is “actively engaged” with multiple potential buyers and reports improving finances, though both Jay and Burke Mountain both still operate in the red.
  • Sunday River will spin the new Merrill Hill triple select days this season with a full opening pushed to winter 2022-23.
  • With a new lift on the way, Kelly Canyon begins disassembling the Stony Mountain double.
  • A vaccine requirement for indoor entertainment venues in British Columbia won’t apply to gondolas.
  • Also in BC, the Zincton formal proposal is out and includes five chairlifts plus a gondola.
  • The New York Times does a feature story on green urban transportation including gondolas.
  • James Niehues announces his retirement from trail maps though he will continue painting.
  • Catamount continues construction on two new quad chairs, one of which will start out as a triple.
  • Skytrac flies towers at Howelsen Hill.
  • Snow King Mountain enters the home stretch on a $20 million summer and looks for public help to name new lifts.
  • Speaking of Snow King, towers went up last weekend for both lifts.

News Roundup: Firm Orders