Big Burke announcement

[steamboat1]

I don't have a clue what it's worth. I was just pointing out that the investment into your example of Hunter likely greatly exceeded its sale price. The cost of the hotel, new six pack and moving the quad to the west side probably exceeded the sale price alone especially when factoring inflation.

That's kind of the way these things work. The value of the asset creation often doesn't add up to what it would sell for on the open market. So, the hope for the developers is that they recoup their investment with operating profits over time.

Take a look at a place like Stratton and their village. They probably have spent 100s of millions on that resort over the years. It wouldn't sell for that, but maybe they made it back over the years through operating profits.

Don't forget the Japanese firm that owned Stratton before Intrawest lost their shirts. Intrawest in not on the best footing either with their debt load. In fact Intrawest isn't even Intrawest anymore. Intrawest sold to Fortress Investments in 2006.

 

[deadheadskier]

Yup, remember the Japanese company. My father met with them while he was with bank of Boston and turned them down on a financing deal recognizing the risks were just too large with ski resorts.

Tough business. When I was with Intrawest 2002-2003 they were the envy of the ski industry and then it all came crashing down. It's impressive that Vail Resorts has become so sustainable over the years when so many other companies have failed. Intrawest as you mentioned, ASC and Booth Creek, which is still hanging on, but is a shadow of its former self.

Booth Creek and George Gillette is an interesting story. He was a great businessman, one time owner of Vail too and he couldn't make it work in the industry. This article is dated, but an interesting read on Booth and George.

http://www.fundinguniverse.com/company-histories/booth-creek-ski-holdings-inc-history/

 

[Edd]

Wintry Mix podcast: http://www.wintrymixcast.com/single...-Back-Vermont-Community-Embraces-Life-After-Q

It's 30 minutes long and interviews some relevant players and employees. Also, it has coverage of the Burke is Back party.

 

[thetrailboss]

Wintry Mix podcast: http://www.wintrymixcast.com/single...-Back-Vermont-Community-Embraces-Life-After-Q

It's 30 minutes long and interviews some relevant players and employees. Also, it has coverage of the Burke is Back party.

Listened to it last night. Very well done.

 

[fbrissette]

So what do you estimate Burke is worth? Don't forget contractors are still owed close to $5m.

When Burke goes for sale, it will be free of all creditors. Whether or not these people get paid depends on the receiver.

 

[thetrailboss]

Bump.

There was a soft opening at the Hotel this weekend. Posts online have been positive. Anyone go? I heard that, despite the weather, they had an average turnout at the Bike Park. If it was a beautiful weekend it would have been a bigger turnout. They had some folks stay overnight. No issues.

Things are in the works for a Passholder Meeting with the passholders and community during the Fall Festival. They are working on having it accessible for folks via internet and phone.

 

[River19]

Bump.

There was a soft opening at the Hotel this weekend. Posts online have been positive. Anyone go? I heard that, despite the weather, they had an average turnout at the Bike Park. If it was a beautiful weekend it would have been a bigger turnout. They had some folks stay overnight. No issues.

Things are in the works for a Passholder Meeting with the passholders and community during the Fall Festival. They are working on having it accessible for folks via internet and phone.

We would have headed up the hill to the BnB to show support but we were out of town riding Pisgah in NC instead.

I heard it was decent but not like the turnouts back in the day.

 

[thetrailboss]

We would have headed up the hill to the BnB to show support but we were out of town riding Pisgah in NC instead.

I heard it was decent but not like the turnouts back in the day.

Yes, they were not happy with the weather.

They are booking rooms this weekend. I hear that the place is POSH to say the least. Including a $450,000 ski tuning machine.

 

[doublediamond]

IIRC the Fortress purchase of Intrawest was a leveraged buyout. That's why debt is so high now.

 

[steamboat1]

IIRC the Fortress purchase of Intrawest was a leveraged buyout. That's why debt is so high now.

Fortress payed $1.8b cash but did assume $1b in Intrawest debt.

 

[River19]

My wife and I decided to take a spin up to the soft opening and hit the Gap Pub and see what the deal was....and also a chance to check out the new hotel.

As others have reported the hotel has damn good build quality and materials from a touch perspective.

We went up and grabbed a drink at the bar and had an appetizer and decided to stay for dinner. The menu was obviously in flux and had a combo of things from their higher end dining venue as well as "pub" far that will most likely remain in the Gap. Wings were good, entrees were decent but a few execution issues which is to be expected.

Beer selection is the same as everywhere in town for the most part; wine prices by bottle are very reasonable. View from the Gap is obviously fantastic but when you are at the bar itself you stare at a stone wall. Tables and window front have the view.

We walked around the 2nd floor a bit and checked out what looks to be the "ski-in" cafe where the magic carpet ends and it was typical new hotel as far as feel. The place needs some interior decorating to make it a little more homey......the place overall felt pretty antiseptic and commercial. Which is understandable at this stage.

The bike storage room on the first floor is impressive, lots of $ went into that.

I wish them luck.

 

[from_the_NEK]

We walked around the 2nd floor a bit and checked out what looks to be the "ski-in" cafe where the magic carpet ends and it was typical new hotel as far as feel. The place needs some interior decorating to make it a little more homey......the place overall felt pretty antiseptic and commercial. Which is understandable at this stage.

Look for the walls in the cafe area to have some "decorating" done later this week.

 

[River19]

Sweet !! I was wondering if that was the original location/plan for your work. It certainly needs it

What wasn't entirely clear to me was the parking situation.....since it was lightly filled we parked right out front by the bike storage room just feet from the main entrance. Where is the lot going to be for all the guests?

 

[from_the_NEK]

Sweet !! I was wondering if that was the original location/plan for your work. It certainly needs it

What wasn't entirely clear to me was the parking situation.....since it was lightly filled we parked right out front by the bike storage room just feet from the main entrance. Where is the lot going to be for all the guests?

Some guest parking will be in the basement. The rest will be in the lot across the foot bridge. I'm wondering if they will have some sort of Valet service. Especially during peak times.

 

[thetrailboss]

I thought that SKIING held back no punches from Junior in their latest edition. Wow. So glad he is gone. The folks running things are trying their best to clean up the huge pile of sh^* left behind.

 

[from_the_NEK]

Look for the walls in the cafe area to have some "decorating" done later this week.

Decorating complete...

 

[from_the_NEK]

Decorating complete...

The the large photo in the middle of the second picture is the same image as the one in the current Autumn issue of Vermont Life (pages 2 and 3).

 

[thetrailboss]

Coming soon to a trail near you:

 

[from_the_NEK]

Coming soon to a trail near you:

This is the Burke thread. Not the Cannon/Mittersill thread. :wink:

 

[doublediamond]

This is the Burke thread. Not the Cannon/Mittersill thread. :wink:

Well Burke is getting a T-Bar to replace the poma for next year. So Warren's Way will look a lot like this.