Immediate plans call for new lifts, improved snowmaking and evolution of Resort infrastructure totaling more than $100 million in capital improvements over the next several years
Jay, VT (July 1, 2008) — After nearly 25 years of leading Jay Peak as President and Chief Operating Officer, Bill Stenger, along with a group of private investors, has purchased the northern Vermont Resort-located just a few miles south of the Canadian border. “The sale of Jay Peak is a very positive transition-not only from the perspective of our employees and guests, but from that of the entire community of Jay Peak stakeholders. Our entire ownership and management team is very excited to move Jay Peak forward toward a higher level of service and quality.” said Stenger.
Mont Saint Sauver International (MSSI), an owner and operator of Canadian-based ski resorts, had owned the Resort since 1978. Stenger had been working on the developing sale and transition since the early fall of 2007.
Along with Stenger, long-time Jay Peak homeowner Ariel Quiros has been a key figure in the process of transitioning to a new ownership group. “Mr. Quiros has been a Jay Peak vacationer for more than 25 years and a homeowner for nearly a dozen; he is keenly aware of not only our upside but, more importantly, what makes Jay Peak unique and special to so many guests.” continued Stenger. Mr Quiros lives full-time with his wife and family in Key Biscayne, Florida.
“I’m very proud and excited to be a part of Jay Peak’s evolution,” said Quiros “and look forward to working with Bill and the management team toward full development of the Resort’s Master Plan. Jay Peak is a special place and we’re all going to be focused on delivering great experiences with the mountain as our primary focus.”
While the short and medium term future will include several major capital improvements designed at improving the guests off-mountain experience a new slope side Hotel with new guest amenities, restaurants and skier services significant focus will be applied toward the skiers and riders who call Jay Peak home. New lifts, improved snowmaking and the potential for trail reconfiguration all are earmarked toward improving that which makes Jay Peak special and distinct; the on-mountain experience.
Stenger continued, “While we’re excited about the development of improved on-mountain services and the addition of elements that will truly round out our 4-season appeal, our skiers and riders come here for the snow, our unique vibe and, of course, the mountain; those variables will be improving in-step with everything else we do.”
Along with bolstering its appeal toward 4-season vacationers, evolving the Resort is expected to have a dramatic effect on the employee profile in and around Orleans and Franklin counties. “The first Hotel project with 57 suites is already underway with a golf clubhouse, cross-country touring center and other amenities slated for groundbreaking within the next 12 months.” said Stenger, “We expect these additional amenities to not only provide options and enjoyment for our on-mountain guests, but employment opportunities for our local and regional communities. We have an obligation to several sets of stakeholders and we plan on delivering.”
Construction on the Jay Peak Hotel One project is underway and scheduled for completion during the early winter of 2009. Other key components of the Jay Peak Master Plan, additional lifts, development of the West Bowl area, improved snowmaking, and Base Lodge evolutions/renovations will be ongoing over the course of the next several years.
“While we sincerely appreciate and recognize what the leadership of MSSI has meant to the initial growth of Jay Peak, we are excited to get moving with what will be a tremendously exciting future.” said Stenger.