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Pacific Group Resorts, Inc. Submits Top Bid for Jay Peak at $76 Million
PGRI president and CEO Vern Greco shares his thoughts on the acquisition with SAM. SAM Magazine—Jay, Vt., Sept. 8, 2022—Pacific Group Resorts, Inc. (PGRI) made the highest and best final bid to buy Jay Peak, $76 million, following an auction with multiple bidders. PGRI president and CEO Vern Greco told SAM that after three years spent pursuing the acquisition, PGRI is poised to bring renewed stability to the resort and its staff, and tap into its passion and energy. The prevailing bid remains subject to approval by the United States District Court in Southern Florida during a final hearing scheduled for Sept. 16. Judge Darrin P. Gayles, who has presided over the receivership in federal...
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SAM Magazine—Denver, Colo., and Park City, Utah, Aug. 21, 2017—After a short breather from ski resort ownership consolidation, the newly formed entity of KSL Capital Partners and Aspen SkiCo is at it again—this time entering into a definitive agreement to acquire Deer Valley Resort in Park City, Utah. Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is anticipated to close prior to the upcoming 2017-18 ski season.
SAM Magazine—Denver, Aug. 18, 2017— According to the most recently released data from the Monthly Market Briefing compiled by DestiMetrics, an Inntopia company, lodging occupancy for the full summer is up only a slight 0.4 percent. However, strong gains in the Average Daily Rate (ADR) at those same properties have boosted summer revenues 7.7 percent compared to the same time last year. The report covers 20 destinations and 290 lodging companies in the Western U.S.
SAM Magazine—Natick, Mass., Aug. 17, 2017—Registration for SAM’s eighth annual Summer Ops Camp—a series of seminars, workshops, and site visits that explore the state of the art in summer operations—closes Aug. 25. A few spots are still available for the Camp, Sept. 5-7 at Killington, Vermont.
SAM Magazine—Boulder, Colo., Aug. 16, 2017—As it undergoes a multi-million dollar capital development, including the installation of a new six-passenger chairlift, Eldora Mountain Resort unveiled its new branding and a “Closer to You” campaign, which celebrates the mountain’s 56-year history as Boulder County’s mountain playground.
SAM Magazine—Princeton, Mass., Aug. 16, 2017—Season pass partnerships between unaffiliated resorts continue to evolve in a variety of ways. One of the newest is between Wachusett Mountain, Mass., and Stratton, Vt.
SAM Magazine—Glenwood Springs, Colo., Aug. 1, 2017—Season pass holders at Sunlight Mountain Resort can now receive three free ski days at Kiroro ski area on Japan’s North Island as Sunlight expands its global alliances. Passholders can also access more free ski days at areas in Alaska, Colorado, Idaho, Wyoming, and Washington.
News of staff changes and hires at resorts, suppliers, and the National Parks Service.
SAM Magazine—Broomfield, Colo., Aug. 1, 2017—Geoff Buchheister, previously vice president for Vail Resorts’ urban ski areas, is now vice president and general manager for Keystone Resort. He succeeds Mike Goar, who is transitioning to COO at Heavenly Mountain Resort, with additional oversight of the company’s Kirkwood Mountain and Northstar California resorts.
SAM Magazine—Denver, Aug. 1, 2017—The as-yet-unnamed joint venture of KSL Capital Partners and the owner of the four Aspen resorts, Henry Crown and Company, has completed its $1.5 billion purchase of Intrawest Resort Holdings. Upon closing of the deal, Thomas Marano, Intrawest's chief executive officer, resigned his position, KSL's Bryan Traficanti was named interim chief executive officer, and Aspen’s David Perry was named president and chief operating officer. A search for a new chief executive officer is underway.
SAM Magazine—Broomfield, Colo., July 25, 2017—Inspired by the environmental commitment of Whistler Blackcomb, a recent Vail Resorts (VR) acquisition, VR will aggressively pursue a comprehensive sustainability commitment across all its resorts, called “Epic Promise for a Zero Footprint.” The pledge commits VR to zero net emissions by 2030, zero waste to landfill by 2030, and zero net operating impact to forests and habitat.
SAM Magazine—Breckenridge, Colo., July 25, 2017—Breckenridge held the grand opening of Epic Discovery at Alpine Camp last week, marking the expansion of its summer offerings. Guests were treated to a scenic ride up the Colorado SuperChair on Peak 8 for the debut of Breck’s Gold Summit Climbing Wall, along with the resort’s observation tower and interpretive hiking loop. An aerial adventure course at Alpine Camp will follow later this summer.
SAM Magazine—Lakewood, Colo., July 21, 2017—Wells Fargo has entered into an agreement with USI Insurance Services to sell Wells Fargo Insurance Services (WFIS), inclusive of the Safehold Special Risk program business. Terms of the transaction were not disclosed.
SAM Magazine—Silverton, Colo., July 21, 2017—As Silverton Mountain begins its 16th year, the resort has teamed with six other ski areas that will give Silverton passholders 20 days of free skiing during the 2017-18 ski season.
SAM Magazine—Denver, July 21, 2017—While occupancy at Western mountain destinations for the summer months (May through October) is up a mere 0.2 percent year-over-year, aggregated revenues as of June 30 jumped 8.4 percent from the same period a year ago, thanks to robust gains in average daily rate (ADR). Occupancy for the month of June dipped 0.5 percent, but revenues were up 6.5 percent, according to Inntopia’s monthly DestiMetrics Market Briefing.
SAM Magazine—Franklin, Wis., July 19, 2017—Schmitz Brothers LLC, which operates Little Switzerland and Nordic Mountain ski areas in Wisconsin, has reached a purchase agreement and long-term lease deal with ROC Ventures to take over ski hill operations of The Rock Snow Park in Franklin, Wisconsin.
