PARK CITY, Utah — On Tuesday, August 1, Park City-based Pacific Group Resorts, Inc. (PGRI) entered into an asset purchase agreement with Jay Peak Resort. The purchase price of Jay Peak Resort is $58 million.
PGRI has been in business for over 30 years. Their current portfolio has five ski resorts, including Wisp Resort, Mount Washington, Wintergreen Resort, Ragged Mountain, and Powderhorn Mountain Resort.
When Jay Peak Resort was purchased in 2016, the organization was in a dire state with little money and making little profit. After six years, the resort has become significantly more profitable. The resort spreads over approximately 2,500 acres and is considered to receive the highest annual snowfall in the northeast.
Beyond the resort, the sale will also include non-ski areas on the property, such as soccer fields and well sites.
The purchase agreement does not equal a final sale as it is still subject to a competitive bidding and auction process. PGRI is currently defined as the stalking horse bidder, while the seller will accept additional bids for no less than the price they set in the agreement. Should there be one or more qualified bids, an auction will take place for the resort.
PGRI released this statement on Twitter about the agreement.
“The possibility of Pacific Group Resorts, Inc. purchasing @jaypeakresort
is extremely exciting and would be an incredible fit for our company, but by no means is it a done deal. Filing the APA is one more step in an extraordinarily long process that started more than three years ago.”
The final hearing for the consideration of approval of the sale will be in 21 days, according to the purchase agreement.