Masskier
New member
Burke is now accepting reservations in the new Hotel for December 11th and beyond.
http://skiburke.com/visit-burke/stay/hotel-rooms/
http://skiburke.com/visit-burke/stay/hotel-rooms/
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Big Burke announcement
- Thread starter the original trailboss
- Start date
VTKilarney
Well-known member
I did see that and, to be honest, that is a major plus because there is no other property on the mountain with that kind of facility. Hell, you have to drive to St. Jay to get an indoor pool at a hotel.
halfpintvt
New member
An article in today's Burlington Free Press says that Bill Stenger has been approved to raise additional EB5 $$ for the Q Burke Resort Hotel. I pasted the article below:
Bill Stenger, CEO of Jay Peak Resort, said Thursday the Department of Financial Regulation has approved a revised private placement memorandum for the Q Burke Resort Hotel and Conference Center, and that he is leaving Saturday for Vietnam to begin again raising money for the project.
“We’ll be there for a week,” Stenger said of the upcoming trip. “We have appointments with over 120 investors.”
A private placement memorandum includes the documents potential investors receive to decide whether to put money into a project.
The Burke project is one part of a massive redevelopment program in the Northeast Kingdom being spearheaded by Stenger and his partner Ariel Quiros using the federal EB-5 immigrant investor program. The program offers the possibility of citizenship to foreign nationals who invest $1 million in a project in the United States that creates 10 jobs.
The threshold is lowered to $500,000 for projects in a “targeted employment area.” A TEA, as they are known, is an area where the unemployment rate is 150 percent of the national average. The lesser investment also is allowed in rural areas where the population is under 20,000 people. The Northeast Kingdom qualifies on both counts.
The Department of Financial Regulation could not be reached for comment late Thursday.
The department required Stenger to revise the private placement memorandum for Q Burke in light of the controversy that has been swirling around Stenger’s EB-5 projects over the past year.
The trouble began in May 2014 when Burlington real estate magnate Tony Pomerleau pulled out of a deal he and Stenger had struck for lakefront property Pomerleau owns in Newport. Another of Stenger’s EB-5 projects, a $100 million Newport Marina Hotel and Conference Center, was slated for that property, now a shopping center.
Over the next year, reports in the media revealed Stenger and Quiros had lost the trust of some of the 35 immigrant investors in the first EB-5 project at Jay Peak, the Tram Haus lodge, and that the Securities and Exchange Commission was investigating Stenger and Quiros.
State regulators describe the SEC action as a “review,” not an investigation, as does Stenger. The SEC never confirms investigations.
In February, the Agency of Commerce and Economic Development, which is responsible for EB-5 projects in Vermont, inked an “oversight partnership” with the Department of Financial Regulation, ratcheting up the scrutiny of the projects.
Stenger said Thursday he is looking to raise an additional $30 million for the Q Burke resort, which will include 120 suites, a conference center, restaurant and other amenities. Stenger called the site one of the most “breathtaking” in New England.
“There’s no other hotel of any substance in the entire region of East Burke,” Stenger said. “It’s a beautiful property. It’s going to make such a positive impact to the ski area and community in terms of job creation.”
The approval of the Q Burke private placement memorandum ends an anxious period for Stenger during which construction on the project, by Peak CM of Winooski, continued while he was unsure he would be able to continue to raise money to complete the hotel. Stenger said he has already raised about $70 million for the project.
This story was first published on July 16, 2015. Contact Dan D’Ambrosio at 660-1841 or ddambrosio@freepressmedia.com. Follow him on Twitter at www.twitter.com/DanDambrosioVT.
Bill Stenger, CEO of Jay Peak Resort, said Thursday the Department of Financial Regulation has approved a revised private placement memorandum for the Q Burke Resort Hotel and Conference Center, and that he is leaving Saturday for Vietnam to begin again raising money for the project.
“We’ll be there for a week,” Stenger said of the upcoming trip. “We have appointments with over 120 investors.”
A private placement memorandum includes the documents potential investors receive to decide whether to put money into a project.
The Burke project is one part of a massive redevelopment program in the Northeast Kingdom being spearheaded by Stenger and his partner Ariel Quiros using the federal EB-5 immigrant investor program. The program offers the possibility of citizenship to foreign nationals who invest $1 million in a project in the United States that creates 10 jobs.
The threshold is lowered to $500,000 for projects in a “targeted employment area.” A TEA, as they are known, is an area where the unemployment rate is 150 percent of the national average. The lesser investment also is allowed in rural areas where the population is under 20,000 people. The Northeast Kingdom qualifies on both counts.
The Department of Financial Regulation could not be reached for comment late Thursday.
The department required Stenger to revise the private placement memorandum for Q Burke in light of the controversy that has been swirling around Stenger’s EB-5 projects over the past year.
The trouble began in May 2014 when Burlington real estate magnate Tony Pomerleau pulled out of a deal he and Stenger had struck for lakefront property Pomerleau owns in Newport. Another of Stenger’s EB-5 projects, a $100 million Newport Marina Hotel and Conference Center, was slated for that property, now a shopping center.
Over the next year, reports in the media revealed Stenger and Quiros had lost the trust of some of the 35 immigrant investors in the first EB-5 project at Jay Peak, the Tram Haus lodge, and that the Securities and Exchange Commission was investigating Stenger and Quiros.
State regulators describe the SEC action as a “review,” not an investigation, as does Stenger. The SEC never confirms investigations.
In February, the Agency of Commerce and Economic Development, which is responsible for EB-5 projects in Vermont, inked an “oversight partnership” with the Department of Financial Regulation, ratcheting up the scrutiny of the projects.
Stenger said Thursday he is looking to raise an additional $30 million for the Q Burke resort, which will include 120 suites, a conference center, restaurant and other amenities. Stenger called the site one of the most “breathtaking” in New England.
“There’s no other hotel of any substance in the entire region of East Burke,” Stenger said. “It’s a beautiful property. It’s going to make such a positive impact to the ski area and community in terms of job creation.”
The approval of the Q Burke private placement memorandum ends an anxious period for Stenger during which construction on the project, by Peak CM of Winooski, continued while he was unsure he would be able to continue to raise money to complete the hotel. Stenger said he has already raised about $70 million for the project.
This story was first published on July 16, 2015. Contact Dan D’Ambrosio at 660-1841 or ddambrosio@freepressmedia.com. Follow him on Twitter at www.twitter.com/DanDambrosioVT.
Well, that confirms that they were worried about not having enough to finish it and that they have raised $70 million for the project.
VTKilarney
Well-known member
If he raised $70 million why would he be worried about finishing a $55 million hotel?
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I'm confused. It says he's raised $70 mill but wants $30 mill more.
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VTKilarney
Well-known member
The article doesn't make sense. According to VTDigger he hasn't raised anywhere near $70 million. Perhaps these are people who were waiting for the all clear.
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dlague
Active member
Aquatic/tennis center?
halfpintvt
New member
OK. $98 mill for ALL of the work at Burke.
VTKilarney
Well-known member
Remember how short lived this ad campaign was? I wonder where the cease and desist letter is now?
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VTKilarney
Well-known member
The Caledonian Record confirmed that the pool will be open during summer months only.
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the original trailboss
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And a freestanding third wing where mid-Burke is now ??!?
Masskier
New member
Informative article in today's Cal Record
"Now Accepting Reservations: Q Burke Hotel On Track For December Opening"
Confirms that the hotel is on Schedule for its December 11th opening and that reservations are already being accepted. Also that it is fully funded.
"Now Accepting Reservations: Q Burke Hotel On Track For December Opening"
Confirms that the hotel is on Schedule for its December 11th opening and that reservations are already being accepted. Also that it is fully funded.
Masskier
New member
And also in the Fall, Winter and Spring.
VTKilarney
Well-known member
That's not what the manager said. The manager is a long time buddy of Quiros. I'm sure he was the most qualified candidate.
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VTKilarney
Well-known member
New information from VTDigger:
http://vtdigger.org/2015/07/21/stat...pproval-to-solicit-new-investors-for-q-burke/
http://vtdigger.org/2015/07/21/stat...pproval-to-solicit-new-investors-for-q-burke/
dlague
Active member
Interesting!
The developers will not have control of the distribution of funds; instead, the money will be released by a third party construction project consultant that has been hired by the Department of Financial Regulation.
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