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http://burlingtonfreepress.com/article/20090513/NEWS02/90513014
Stowe Mountain Resort, owned by the AIG, is officially for sale.
“We’re actually putting Stowe up for sale. So it’s official now,” Peter Tulupman, spokesman for AIG, told The Burlington Free Press this morning.
Tulupman declined to comment on how much American International Group Inc. — which is mostly owned by the U.S. government after a sequence of federal bailouts in the wake of Wall Street’s collapse last fall— is seeking for the iconic resort which includes the lavish Stowe Mountain Lodge and the mountain’s operations.
AIG has received a surprising number of unsolicited bids from qualified buyers, Tulupman said. He declined to say who the potential buyers are or if any are from Vermont.
Stowe’s worth was estimated to be at least as much as Killington, which sold in 2007 for $85 million, Doug Nedde, co-owner of Bolton Valley resort, said last fall. Stowe’s value is enhanced, he said, because of permits the resort holds for future real estate development.
The fact that Stowe Mountain Resort is for sale is not a surprise. The ailing insurance giant’s CEO told investors in a conference call last fall that all but several of AIG’s core insurance businesses would be sold. Stowe, however, was not specially mentioned.
“Our hope is that our buyer will continue to develop Stowe in the environmentally respectful master plan that has been eight years in the making,” Tulupman said.
There is no estimate on when the sale will occur, he said.
Contact Dan McLean at 651-4877 or dmclean@bfp.burlingtonfreepress.com. To get Free Press headlines delivered free to your e-mail, sign up at www.burlingtonfreepress.com/newsletters.
http://burlingtonfreepress.com/article/20090513/NEWS02/90513014
Stowe Mountain Resort, owned by the AIG, is officially for sale.
“We’re actually putting Stowe up for sale. So it’s official now,” Peter Tulupman, spokesman for AIG, told The Burlington Free Press this morning.
Tulupman declined to comment on how much American International Group Inc. — which is mostly owned by the U.S. government after a sequence of federal bailouts in the wake of Wall Street’s collapse last fall— is seeking for the iconic resort which includes the lavish Stowe Mountain Lodge and the mountain’s operations.
AIG has received a surprising number of unsolicited bids from qualified buyers, Tulupman said. He declined to say who the potential buyers are or if any are from Vermont.
Stowe’s worth was estimated to be at least as much as Killington, which sold in 2007 for $85 million, Doug Nedde, co-owner of Bolton Valley resort, said last fall. Stowe’s value is enhanced, he said, because of permits the resort holds for future real estate development.
The fact that Stowe Mountain Resort is for sale is not a surprise. The ailing insurance giant’s CEO told investors in a conference call last fall that all but several of AIG’s core insurance businesses would be sold. Stowe, however, was not specially mentioned.
“Our hope is that our buyer will continue to develop Stowe in the environmentally respectful master plan that has been eight years in the making,” Tulupman said.
There is no estimate on when the sale will occur, he said.
Contact Dan McLean at 651-4877 or dmclean@bfp.burlingtonfreepress.com. To get Free Press headlines delivered free to your e-mail, sign up at www.burlingtonfreepress.com/newsletters.
