skiahman
New member
I'll rethink my Boyne pass only for as long as it takes to decide to keep it...a far shorter time than I will spend in the dog-house for saying, "Oh look, honey, my Jay/Burke pass came in the mail today!"
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Burke Mtn sold to Jay Peak
- Thread starter noski
- Start date
I'll rethink my Boyne pass only for as long as it takes to decide to keep it...a far shorter time than I will spend in the dog-house for saying, "Oh look, honey, my Jay/Burke pass came in the mail today!"
Thanks for finding this article!!
Whenever I go up to Jay, I usually can't force myself to leave and try out Burke. The new passes (hopefully) at both Burke and Jay will make me want to get out and explore Burke, as I have heard that it is as awesome as Jay.
Message to Jay Peak: Please don't be too distracted by Burke this summer. Please follow through with your lift upgrades this year--then focus on Burke---Thanks.
Whenever I go up to Jay, I usually can't force myself to leave and try out Burke. The new passes (hopefully) at both Burke and Jay will make me want to get out and explore Burke, as I have heard that it is as awesome as Jay.
Message to Jay Peak: Please don't be too distracted by Burke this summer. Please follow through with your lift upgrades this year--then focus on Burke---Thanks.
skiahman
New member
I've had that same affliction, hopefully this partnership will cure that.
I think folks will see larger crowds at Burke this season...and even then it will still be quiet. I imagine that the JPR marketing crew will really be pushing Burke as well. Probably the biggest thing with Burke, next to not having the HSQ to the summit (now fixed), was the lack of notoriety. I think that will be cured as well.
halfpintvt
Member
I believe that Burke 2000 LLC financed the Mid-Burke Express.The secured debtor is Burke Lift, LLC; a company that happens to have a mailing address of c/o Graham Capital Co 1420 Sixth Ave in York, Pennsylvania. This is a company that should be familiar to people following Burke Mountains financial activities.
riverc0il
New member
I think it is a safe assumption. I don't recall hearing about any angel investors footing the bill hoping to make a "small fortune" by financining a big fortune. They sure didn't pay ten million in cash or whatever it costed to build those two lifts. I'm sure when the ownership transferred after Ginn bought the first one that the debt transferred too. Even if the first one was on the old house, that second and larger more expensive one still has to be on the books.
Rambo
Member
You are technically correct. The normal price is $500. But currently on the Burke mountain website, it has a 20% discount which amounts to $399.
Adult (age +16): $399.00/each (save 20%)
BUT, perhaps the info. on the website is very old and not current. It kind of forwards you to liftopia and there are no dates when the 20% off deal on the Burke seasons pass expires if ever.
I THINK THE SEASONS PASS INFORMATION AND PRICES ON BURKES WEBSITE IS FOR LAST YEARS PASS!!!
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Masskier
New member
Agreed, New HSQ last year, new Owner and substantial snow making improvements this year. These are certainly exciting times for Burke.
riverc0il
New member
And exciting times for the Masskier portfolio. :beer:
Masskier
New member
Thanks, After the last few years, it's nice to see things getting back on track.
Actually, I don't believe that the lifts were financed with debt. The REIT invested their funds to buy them outright. Banks just don't lend money to ski areas anymore, hence EB5 and REIT's.
Bingo. I've ridden up the quad with the man behind the curtain and you would never know that he was a millionaire and was the guy who pretty much (quietly) owned Burke Mountain.
I just saw this earlier today. Will be interesting to see what comes of this
riverc0il
New member
Wow, incredible. Without knowing the asking price, I bet this must have been a really sweet deal for Stenger and partner. If they got Burke with a recently built top to bottom HSQ without debt, that is quite a nice deal.
from_the_NEK
Active member
Lupert-Adler (the property investment company that backed Ginn and eventually took over control of the mtn when Ginn essentially went bankrupt) hired the Crave Group as property managers to, as their website says:
I don't think Lupret-Adler wanted to be owners of a ski resort. They did have an interest in fixing some glaring issues at the mountain to make it attractive to potential buyers. I'm not sure of the relationship between them and Graham Capital Co, but they are both based in PA. I'm sure keeping the mountain’s debt load to a minimum was something that they knew would make the mountain that much more attractive to a buyer and allow them to get a better return on their investment. Buying the new lift with cash probably made them more money in the end (e.g. spending $7,000 remodeling the kitchen so that the asking price for the house can be raised by $10,000).
The other major attraction for a potential buyer is the master plan is already Act 250 approved.
http://www.anr.state.vt.us/ANR/ACT250/Act250SearchResults.aspx
I'm sure there will be adjustments to this plan, but having this already through the thickest part of the red tape is huge for QBurke.
jimmywilson69
Well-known member
It sounds like this is a win for the NEK of VT. I mean from a PA boy's perspective if you want anyone to have a monoply on the ski industry on Northern VT, It appears that Stenger and Friends should be the one.
WWF-VT
Well-known member
More information here:
http://www.timesargus.com/article/20120525/BUSINESS03/705259875/1006/BUSINESS
Jay gets nearly half of its business from Canada — Montreal is 90 minutes away — and had about 4,000 season ticket holders this past season, spokesman J.J. Toland said. Burke has about half that number of season ticket holders and caters to a more local clientele.
Stenger said Burke’s role as a resort destination has been hampered by too few accommodations in the area for out-of-town visitors.
“The thing they need more than anything else is a bed base that guests who come to the area can go to,” Stenger said. “I think a hotel is definitely in the future” at Burke Mountain.
Burke has had a spotty history financially.
Before Ginn arrived on the scene, Burke had four owners in the previous 20 years and had gone bankrupt four times.
http://www.timesargus.com/article/20120525/BUSINESS03/705259875/1006/BUSINESS
Jay gets nearly half of its business from Canada — Montreal is 90 minutes away — and had about 4,000 season ticket holders this past season, spokesman J.J. Toland said. Burke has about half that number of season ticket holders and caters to a more local clientele.
Stenger said Burke’s role as a resort destination has been hampered by too few accommodations in the area for out-of-town visitors.
“The thing they need more than anything else is a bed base that guests who come to the area can go to,” Stenger said. “I think a hotel is definitely in the future” at Burke Mountain.
Burke has had a spotty history financially.
Before Ginn arrived on the scene, Burke had four owners in the previous 20 years and had gone bankrupt four times.
from_the_NEK
Active member
I think it was as FTNEK said--the REIT wanted to get their payout, so they invested last summer in the HSQ to up the value of the resort (tremendously I might add) and then put it on the market. Once the HSQ was in, Stenger and company realized they could make a go of it. Just think: Burke has more HSQ's then Jay does, and more room for handling folks.
