Park City based Pacific Group Resorts victorious in bid for Jay Peak Resort

SUMMIT COUNTY, Utah — Pacific Group Resorts won the bid for Jay Peak Resort in Vermont. Pacific Group Resorts is based in Park City, but does not own any resorts that operate in Utah. The final bid amount came out to $76 million, $18 million over the initial offer. Names of other bidders have not yet been released to the public.

Photo by Andrew Lanoue at Jay Peak Resort

The purchase includes the entire resort as well as non-ski areas and facilities on the property. Jay Peak Resort is known for having some of the highest annual average snowfall in the region.

After the winning bid was announced, Christian Knapp, CMO of Pacific Group Resorts, tweeted the following:

Jay Peak’s President Steve Wright had positive things to say about the winning bid as well:

“We couldn’t be happier that an organization like PGRI had the winning bid. They calibrate well to the size and frequency of a place like Jay Peak, and we have nothing but upside in front of us as a result. The auction was a long process with very motivated bidders who clearly held, and hold, the resort in high regard. Really, the fact that the auction process stretched out longer than anticipated is attributable to how hard this team of employees worked to drive operational profits over the past nearly seven years. The value of a resort connects directly to its ability to drive a bottom-line profit. When that number grew, so did the asking price for the resort, and we see a direct link between that value and the level of commitment from our staff throughout the Receivership.” Steve Wright– President/General Manager, Jay Peak Resort

Most of Pacific Group Resorts’ properties are resorts in the east and northeast of the United States, in relatively close proximity to Jay Peak Resort.

TownLift previously reported on Jay Peak’s previous acquisition in 2016, as well as the drops in profit that proceeded the purchase and its uptick since then.

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