JAY, After years of receivership, the Jay Peak Resort has a new owner. Pacific Group Resorts announced it won a federal auction with a $76 million bid, pending court approval.
The sale was conducted by court-appointed receiver Michael Goldberg, who said the auction moved the resort closer to ending its receivership. At least three bidders participated.
If approved by the U.S. District Court in Southern Florida at a hearing tentatively set for September 16, Jay Peak will become the sixth ski area in Pacific Group Resorts' portfolio, joining properties in British Columbia, Colorado, Virginia, Maryland, and New Hampshire.
“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 Vern Greco, PGRI president and CEO.
No major changes to winter operations are planned, according to Greco. All existing season passes, including the Indy Pass, will be honored for the 2022-23 season. The transaction is expected to close before the ski season begins.
Goldberg noted that under general manager Steve Wright, the resort made progress during six years of receivership. “We are one step closer to concluding the receivership,” Goldberg said.
Originally reported by Newport Dispatch.
Photo: elysa ivie via Pexels. Photo is illustrative and not from the scene.
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