Park City-based Pacific Group Resorts Makes A $58 Million Bid To Buy A Vermont Resort Out Of Receivership
Some six years after Jay Peak Resort entered the near-death, judicially imposed realm known as receivership, it may soon emerge back into life as a Utah-based resort management company has offered to purchase the assets of the Vermont-based winter resort.
Park City, Utah-based Pacific Group Resorts, Inc. has extended a $58 million offer to purchase the assets of a Vermont mountain resort that has languished in receivership for over six years: Jay Peak Resort.
According to multiple news reports, the PGRI offer is considered an opening bid that the court-appointed Receiver managing Jay Peak has 10 days to review/consider.
If approved as a legitimate bid, the Receiver is then expected to open the bidding process to others for a 30-day period.
As noted in the Twitter image shown below, this PGRI bid is only one step on what has been a three-year journey to attempt to acquire Jay Peak Resort. Very interesting.
A modest, yet international operating company with five resorts in its portfolio, PGRI owns
- Mount Washington in British Columbia, Canada;
- Powderhorn Mountain Resort in Mesa, Colorado, U.S.;
- Ragged Mountain Resort in Danbury, New Hampshire, U.S.;
- Wintergreen Resort in Wintergreen, Virginia, U.S.; and
- WiSP Resort in McHenry, Maryland, U.S.
Among its resorts, PGRI has over 4,000 acres of ski terrain, 81 holes of golf, lift served mountain biking, ZipTours, canopy tours, aerial challenge courses, five pools, water sports on two lakes, lodging accommodations for more than 3,000 people, more than 30 food outlets, and a full-service spa.