Sale of Jay Peak Resort to Pacific Group Resorts Inc. official

Jay Peak Powder Photo: Andrew Lanoue at Jay Peak Resort

PARK CITY, Utah — November brought a long-awaited calm to Jay Peak Resort. The first of the month marked the official closing of its sale to the Park City-based Pacific Group Resorts Incorporated (PGRI). The resort’s $76 million sale came about through an auction in which two other anonymous parties also placed bids for ownership. The purchase of Jay Peak Resort happened almost a year to the day after PGRI’s previous purchases of Wisp and Wintergreen Resorts.

Jay Peak Resort had complications for many years and even included federal agents showing up at the resort trying to determine where millions of dollars earmarked for local projects had gone while under the ownership of Ariel Quiros, who is now in federal prison due to his monkey business.

Out of the disaster from Quiros’ ownership came Michael Goldberg, who, along with a team, helped to move forward from the issues and has helped the resort find a home with stable ownership.

PGRI’s president and CEO, Vern Greco, said in a statement, “We’re grateful for the work of Michael Goldberg and his team, the Florida district court judge, and State of Vermont officials that helped get us to the finish line today. It is especially hard to operate any business in a receivership, and the staff and management team have done remarkably well under the circumstances. With that chapter in Jay Peak’s history behind us, we’re shifting the focus to a well-executed transition. There is a lot to be gained by listening to the team and learning about the resort. We want Jay to stay Jay, and we’ll spend a lot of time in the operation before making any meaningful changes. We’re very much looking forward to it.”

We’re excited to announce that PGRI has officially completed the acquisition of @jaypeakresort. Having grown up in VT, today’s closing represents a homecoming for me personally. Can’t wait to work with @stevejpr and the leadership team on the next chapter in Jay Peak’s history. pic.twitter.com/Q4Mrcq5tUz

— Christian Knapp (@christianknapp) November 1, 2022

Jay Peak Resort immediately slots itself as the flagship of PGRI’s portfolio, which also includes Powderhorn Mountain Resort in Colorado, Mountain Washington on Vancouver Island in Canada, Ragged Mountain in New Hampshire, Wintergreen Resort in Virginia, and Wisp Resort in Maryland.

As the transition to PGRI begins, the ownership group has stated that all existing season passes, reciprocal arrangements, and the Indy Pass will be honored for the 2022-23 winter season. The resort will also continue to accept Canadian dollars for guests with proof of residency on certain products.

Mark Fischer, PGRI’s executive vice-president and CFO, discussed the opportunity saying, “Jay Peak is a highly respected resort property widely known for its prodigious snowfall and avid patrons. It fits our strategy of geographic diversification in a strong ski market and has a proven team of dedicated staff who have created and embraced a strong mountain culture that is clearly resonating. Adding Jay Peak to our family of properties allows us to capitalize on that cultural cache while creating future growth opportunities for both our employees and the overall company.”

Jay Peak has long been a highlight of skiing in Vermont and is well known for receiving the highest amount of snow in the east. Its location between major metropolitan areas such as Montreal, Boston, and New York City provides the potential to have a successful base of guests visiting the resort without having to get on a plane. Beyond the guests traveling to the resort, a big winner from the sale is stability for the employees, who can now move past the question of what is going to happen to the resort.