Jay Peak Sold to Pacific Group Resorts
Jay Peak Resort in Jay, Vermont has been sold to Pacific Group Resorts (PGRI). This Resort Group is an international group that has resorts around the U.S and in Canada.
Jay Peak was created in the 1950s with a t-bar rope tow by Walter Foager. It stayed in the hands of Foager as more lifts were put in. Fast forward a bit to 1978, when Mont Saint-Sauveur International bought the resort. Then, in 2008 Miami businessman Ariel Quiros, Bill Stenger—who also became CEO—bought it. Ten years later, the U.S. Securities and Exchange Commission (SEC) seized the resort because Quiros was diverting millions of dollars from an EB-5 program—money that was going to go to a stem cell research facility in Newport, Vermont—for personal use.
Jay peak was then put under management of the SEC-designated receiver, Michael Goldberg, and also the acting CEO Steve Wright, who was the former marketing director. From 2016-2022, the resort has been operated by Goldberg, who in September of 2022 held an auction for the resort.
Jay Peak Resort was then sold to PGRI for a bid of 76 million dollars, and it was approved by Judge Darrin Gayles of the United states District Court in southern Florida on September 16th. This ownership will become official by the end of Fall.
What should you expect from this new ownership? According to PGRI there will be no significant changes to Jay Peak.
Sources: Wikipedia.org
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