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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-Wilmington, N.Y., Aug. 21, 2007-Whiteface will nearly complete development of its permitted skiing and riding options with the construction of 3.7 miles of additional terrain, for a total of 24.5 miles, by December 2008. The New York ski resort is limited to 25 miles of trails by its operating permit. Whiteface's Lookout Mountain ex...

SAM Magazine-Big Sky, Mont., Aug. 21, 2007-Big Sky has started a two-year project to increase skier access on expert-oriented Lone Peak, currently served only by the resort's Lone Peak Tram. The first stage of the project is installation of a fixed grip triple chair, the Dakota Lift, part of a two-lift system that will provide a second access po...

SAM Magazine-Tahoe City, Calif., Aug. 9, 2007-Jim Kercher is the new General Manager of Alpine Meadows Ski Resort, which was recently purchased by JMA Ventures from Powdr Corp. A long-time Californian who worked at Alpine Meadows from 1976 until 1990, Kercher has spent the last 17 years at a variety of major resorts, mostly as a ski school an...

SAM Magazine-Park City, Utah, Aug. 8, 2007-Recriminations are swirling around the $100 million July 15 sale agreement that would transfer The Canyons from American Skiing Company (ASC) to Talisker Corp. For the moment, the sale is on hold, perhaps until a Colorado court rules on a temporary injunction by Oct. 1. But eventual resolution of all the i...

SAM Magazine-Aspen, Colo., August 8, 2007-The industry took a step closer to the $100 adult day ticke last week when Aspen raised the price for a single day on the slopes during that resort's 2007-2008 season to $87, a $5 increase from last season. While $82 itself seems steep for a day of skiing, Aspen didn't have the most expensive ticket in the ...

SAM Magazine-Orlando, Fla., Aug. 8, 2007-CNL Income Properties Inc., a real estate investment trust (REIT) focused on lifestyle properties, has acquired the assets of Sugarloaf and Sunday River, Maine. In a simultaneous transaction, Boyne USA Resorts acquired the stock of the American Skiing Company subsidiaries owning the resorts and sold the asse...

SAM Magazine-Chewelah, Wash., Aug. 8, 2007-49 Degrees North has obtained $45 million in funding from Pacific Northwest real estate venture capital firm US Resort Venture, LLC. The 2,450-acre resort is expected to undergo several phases of development, featuring a 40-acre village as well as a variety of lodging and residential properties. The ski...

SAM Magazine-Hancock, Mass., Aug. 8, 2007-Jiminy Peak's wind turbine, installed over the summer as part of a green initiative, has begun operation. Named the Zephyr following a contest that involved locals and passholders, the turbine is expected to produce an average of 5,000 kWh per day for a total of 150,000 kWh during the month of August. With ...

SAM Magazine-Tahoe City, Calif., July 31, 2007-San Francisco-based real estate investment firm JMA Ventures has completed its purchase of Alpine Meadows. No sale price has been disclosed. Art Chapman,president of JMA Ventures, has a vested interest in the area. "My family and I have skied here for decades. My kids grew up skiing here," he said. ...

SAM Magazine-Salt Lake City, July 31, 2007-Online Media, host of the popular First Tracks!! Online Ski Magazine, is launching UtahSkiAndSnowboard.com, a new digital magazine focused on the Utah ski and snowboard experience. "Utah has the best skiing and riding in the nation, and probably the world," said Marc Guido, UtahSkiAndSnowboard.com's edi...

SAM Magazine-Wrightwood, Calif., July 24, 2007-Mountain High has become the latest addition to the CNL resort stable. CNL Income Properties, Inc., has purchased Mountain High for $45 million from Valor Equity Partners. Current management remains in place, with a 20-year lease with the option of two 10-year renewals. Karl Kapuscinski, president o...

SAM Magazine-Newry, Me., July 23, 2007-Sunday River and Sugarloaf, Me., will offer a joint season pass next season. The new pass will debut Aug. 15, with prices starting at $299 for restricted mid-week passes and maxing out at $799 for an adult non-restricted pass. The two resorts were recently purchased by Boyne USA from American Skiing Company. ...

SAM Magazine-Mountain Creek, N.J., July 19, 2007-Mountain Creek is significantly upgrading its freeriding facilities. It's part of a long-term commitment for the resort, which was one of the first ski areas to commit heavily to the freeride market. The resort's initiative focuses on redeveloping its South and Bear peaks into freeride zones, as w...

SAM Magazine-Crystal Mountain, Wash., July 18, 2007-Crystal Mountain is adding a double chair that increases the resort's available terrain by a whopping 77 percent. The chair, a Doppelmayr, will have a 10-minute ride that will access approximately 1,000 acres, bringing the resort's total lift-served terrain to 2,300 acres. The Northway double will...

SAM Magazine-The Canyons, Ut., July 18, 2007-American Skiing Company (ASC) is selling The Canyons ski area to the Talisker Corporation, a privately-held global real estate development company based in Toronto, Canada, that has significant assets in Park City. Upon completion of the sale, expected to occur by the end of the third quarter, ASC will n...