On September 7, a federal receiver held an auction for Jay Peak Resort, attracting at least three bidders. Pacific Group Resorts won with a $76 million bid.
The sale is subject to approval by the U.S. District Court in Southern Florida at a hearing tentatively set for September 16. If approved and closed, expected this fall, Jay Peak will become the sixth resort in PGRI's portfolio, which includes properties in British Columbia, Colorado, Virginia, Maryland, and New Hampshire.
Receiver Michael Goldberg said the auction brings the receivership closer to conclusion. "With the success of this auction, we are one step closer to concluding the receivership of Jay Peak Resort," Goldberg said. He noted progress under general manager Steve Wright.
PGRI President and CEO Vern Greco said the company began pursuing the acquisition over three years ago. "We couldn't be more pleased with the auction's outcome," Greco said. He added that no major changes are planned for the winter operating plan, and all existing passes will be honored for the 2022-23 season.
The transaction is expected to close before the upcoming ski season.
Originally reported by Newport Dispatch.
Photo: Mike via Pexels. Photo is illustrative and not from the scene.
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