Attitash (Peak Resorts LTD.) vs. Grand Summit Owners association

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  1. #1

    Thumbs down Attitash (Peak Resorts LTD.) vs. Grand Summit Owners association

    What a cat fight this is turning into.

    Peak Resorts LTD has been screwing over the Condo owners for years,
    1) Taking the lion share of rental income, now 60/40 “split”
    2) Mismanaging the Hotel with a revolving door of GM’s, Three in 3 years
    3) Shoddy maintenance.. epitomized by not winterizing of the water tower creating severe flood damage
    4) Scare tactic emails threatening to close the Restaurant, Pool, Gym and other key features of the Attitash Grand Summit Hotel
    5) Diminishing perks for owners like drastic reduction in lift ticket vouchers etc..
    6) Covertly attempting to purchase 16 low priced units while not providing transparency on Hotel financials

    The acrimonious relationship has spilled over and has been on display during the last several BOD and Owners meetings.

    Peaks Resorts LTD is taking a risky gamble and alienating a large swath of their Attitash/WC Season Pass customer base, many of whom also drop huge $$$ on food and beverage over the course of the ski season. It is surprising this public company is taking this position against their “customers” and “business partners”. Lets see what the outcome is, stay tuned...


  2. #2
    Smellytele's Avatar
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    Quote Originally Posted by Gforce View Post
    What a cat fight this is turning into.

    Peak Resorts LTD has been screwing over the Condo owners for years,
    1) Taking the lion share of rental income, now 60/40 “split”
    2) Mismanaging the Hotel with a revolving door of GM’s, Three in 3 years
    3) Shoddy maintenance.. epitomized by not winterizing of the water tower creating severe flood damage
    4) Scare tactic emails threatening to close the Restaurant, Pool, Gym and other key features of the Attitash Grand Summit Hotel
    5) Diminishing perks for owners like drastic reduction in lift ticket vouchers etc..
    6) Covertly attempting to purchase 16 low priced units while not providing transparency on Hotel financials

    The acrimonious relationship has spilled over and has been on display during the last several BOD and Owners meetings.

    Peaks Resorts LTD is taking a risky gamble and alienating a large swath of their Attitash/WC Season Pass customer base, many of whom also drop huge $$$ on food and beverage over the course of the ski season. It is surprising this public company is taking this position against their “customers” and “business partners”. Lets see what the outcome is, stay tuned...
    Does this affect the stuff (condos. restaurant, and club house/pool) across the street at all or is that not owned by Peaks?
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  3. #3

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    Quote Originally Posted by Smellytele View Post
    Does this affect the stuff (condos. restaurant, and club house/pool) across the street at all or is that not owned by Peaks?
    Attitash Mountain Village is owned by a separate entity, Attitash Mountain Service Company, Inc.

    Which also owns Eastern Slope Inn & The Oxen Yoke, so I don't believe they should be affected.

  4. #4
    Sorry to hear, but this fits in with their past practices.

  5. #5
    I wonder what the average revenue split is on rental income from other hotels like the Grand Summit at Attitash?

    The reality is that the hotel was ill conceived in the first place. I bet the occupancy rates of the facility are horrendous outside of peak ski weekends. Maybe they do okay in the summer, but it's not located in a great location compared with some of the other valley properties.

    Threatening to close the restaurant and pool facilities is probably not a scare tactic as much as the reality that those facilities are underutilized and likely bleed cash.

    I stayed there once a few years ago. A friend won a free nights stay. We both agreed that we likely wouldn't pay to stay there as the unit clearly hadn't been updated since the place was built 20+ years ago. That's likely the fault of the unit owner, not the hotel operator. Even though it's slopeside, I'd be much more interested in staying at one of the mountain village properties due to the better location.

    The turnover in GMs really shouldn't surprise people. I'm sure they get easily frustrated by the poor financial performance and difficulty in staffing such an inconsistent property. I'm not sure how you fix it. I'm sure many of the condo owners look at investing in the property the same way Peaks does - throwing good money after bad

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  6. #6
    How is Attitash Village as a location? I've never spent any time in there. Are there things to do? Are the units a little more updated than the grand summit?

  7. #7

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    The average condo rental percent is 50%(based off of one website I found some info on these programs). Back in 2009, the rental split for Grand Summit at Attitash was 45%.

  8. #8
    machski's Avatar
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    Is the Attitash Grand a quarter share property or whole ownership. If it is quarter share, upgrades can be tough because all 4 would have to agree and pay in. Sunday River's hotels have the same issue with room updates, though I know the mountain is trying to work with owners to get updates to happen. Tough situation, seems like with this type of setup capital improvements need to be in the P&S contract at purchase to ensure updates can and do happen

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  9. #9
    Quote Originally Posted by machski View Post
    Is the Attitash Grand a quarter share property or whole ownership. If it is quarter share, upgrades can be tough because all 4 would have to agree and pay in. Sunday River's hotels have the same issue with room updates, though I know the mountain is trying to work with owners to get updates to happen. Tough situation, seems like with this type of setup capital improvements need to be in the P&S contract at purchase to ensure updates can and do happen

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    1/4 share if I'm not mistaken though some are probably owned outright. Having a condo a mile from Attitash for 10 yrs and Tash being home base gave me a lot of opportunity to view the Grand Summit from afar. I've stayed there before and thought the pool and complex was pretty nice. They probably should have sited it at Attitash proper but I don't think the location is all that bad.

    I do notice that peaks pass holders get 20% off lodging at peaks properties so I've considered checking it out with the family for a long wknd this coming season. Being slopeside would be nice with a young family for a wknd.

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  10. #10
    Peak Resorts $123M in revenue. New income of $1.2M (0.9%!) and a Mountain of debt totaling $177M. Their balance sheet is a train wreck. With those financials if they can kick around some small time condo owners on their property they'll do so, every few hundred thousand $ counts. I am afraid that's what it boils down to.

    By the way the Grand Summit was Full All summer.

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