Haystack / Hermitage news

[sull1102]

Yes, it is open to the public midweek, or was rather.

 

[drjeff]

Yup, Monday - Thursday it was open to the public, with members being able to reserve tee times about a week or so before the public could as I recall (not that one really needed a tee time there with the volume, or more likely lack of volume, of play there) and then it functioned as a full, members and their guests only, private course Friday-Sunday.

Even then, when you'd drive by the course on a Saturday, mid morning (typically a courses busiest time) you'd rarely see more than a couple of foursomes out there.

If that course did more than 10,000 rounds a year, which is a low number by golf course standards, I'd be surprised based on what I've seen and experienced there....

 

[thetrailboss]

Update: no skiing next year?!

http://www.reformer.com/stories/bank-pitches-receivers-role-at-hermitage-properties,540854

Glynn said Tantleff should not be responsible for preparing the ski resort to open this coming winter unless the court orders him to do so. The bank wants Tantleff to change passwords and signatures on bank accounts; secure the liquor inventory and computer data; clean refrigerators and food; inspect the property and create an inventory; change locks; keep track of personal property left by members and returned; and prepare a budget for the receivership operation.

The Club objects: http://www.reformer.com/stories/hermitage-objects-to-receivers-scope,540971

 

[sull1102]

So this is the real showdown about whether or not the Hermitage comes back under new owners or if something totally different comes in. If the bank gets its way then the club is gone, NELSAP as of March 2018.

Sent from my Pixel using AlpineZone mobile app

 

[thetrailboss]

So this is the real showdown about whether or not the Hermitage comes back under new owners or if something totally different comes in. If the bank gets its way then the club is gone, NELSAP as of March 2018.

Sent from my Pixel using AlpineZone mobile app

First NELSAP area with a six-pack!


Sent from my iPhone using AlpineZone

 

[Killingtime]

Hahaha good one Trail Boss but I wouldn't count it out yet. For the right price someone will step in and take it over. Berkshire Bank and other creditors will have to take a haircut on it though. How do you make a small fortune? Take a large fortune and buy a ski resort that has no chance of being a Killington, Stratton or Stowe. But seriously, this thing has mismanagement written all over it. With the right operator I have to believe it could work.

 

[icecoast1]

So this is the real showdown about whether or not the Hermitage comes back under new owners or if something totally different comes in. If the bank gets its way then the club is gone, NELSAP as of March 2018.

Sent from my Pixel using AlpineZone mobile app

I wouldn't be shocked to see the members that were trying to buy it from Barnes bid on it at auction. I'd be shocked to see it end up on NELSAP, theres a lot of people with a lot of money that want to see the place operate, real money too not the phoney monopoly money Barnes was playing with

 

[Glenn]

I would hope an agreement could be found. I don't think it benefits anyone for the area to go into NELSAP mode.

 

[Smellytele]

I would hope an agreement could be found. I don't think it benefits anyone for the area to go into NELSAP mode.

If the owners of the homes no longer have to pay yearly dues to run the ski area/golf course/ clubhouse it may cut into the homes worth but they still own these homes. Throwing good money after bad will not benefit them either and if they have to throw more money at it. Is it worth it just to keep the homes worth more? As an example if you had to throw in 1m just to make your property worth 200k more.

 

[sull1102]

Don't forget Mount Snow is booming so those home values are going to go up regardless. They might take a small dip, but the private homes will rebound quickly. Same with the Chamonix townhouses. If some developer could separate that operation and build it out then you have a good option for townhouses with a luxurious entry road.

Does anyone else feel like this all hinges on the six pack and it's value? My feeling is if that lift off removed the mountain does not have a bright future, or any future because no one is paying to replace it someday and the triples can only do so much. Then the question becomes how much is the six pack worth as is right now? I wouldn't be shocked if the bank has asked around a little to see who is willing to pay what for it just to get an idea. Of the numbers were low, like $5 million fine, but if someone was feeling crazy and said $8-9 million would it be worth it to get back half the loan in one quick shot? How much is the club really going to sell for? It's not getting up to $15-20 million, no chance in hell.

Sent from my Pixel using AlpineZone mobile app

 

[bdfreetuna]

Would love for Haystack to once again be a less crowded alternative to Mount Snow. TBH I think the conditions would be right for Mount Snow to buy it again, and they might want to if there is another bidder in line.

 

[thetrailboss]

I wouldn't be shocked to see the members that were trying to buy it from Barnes bid on it at auction. I'd be shocked to see it end up on NELSAP, theres a lot of people with a lot of money that want to see the place operate, real money too not the phoney monopoly money Barnes was playing with

I also seriously think that it will probably resurface.

 

[cdskier]

Does anyone else feel like this all hinges on the six pack and it's value? My feeling is if that lift off removed the mountain does not have a bright future, or any future because no one is paying to replace it someday and the triples can only do so much. Then the question becomes how much is the six pack worth as is right now? I wouldn't be shocked if the bank has asked around a little to see who is willing to pay what for it just to get an idea. Of the numbers were low, like $5 million fine, but if someone was feeling crazy and said $8-9 million would it be worth it to get back half the loan in one quick shot?

Considering the lift was $7.3M brand new, if someone would be willing to pay 8-9M for it used they would be certifiably insane. You can argue it doesn't have a ton of hours on it, but it is still a used lift.

 

[thetrailboss]

Don't forget Mount Snow is booming so those home values are going to go up regardless. They might take a small dip, but the private homes will rebound quickly. Same with the Chamonix townhouses. If some developer could separate that operation and build it out then you have a good option for townhouses with a luxurious entry road.

Does anyone else feel like this all hinges on the six pack and it's value? My feeling is if that lift off removed the mountain does not have a bright future, or any future because no one is paying to replace it someday and the triples can only do so much. Then the question becomes how much is the six pack worth as is right now? I wouldn't be shocked if the bank has asked around a little to see who is willing to pay what for it just to get an idea. Of the numbers were low, like $5 million fine, but if someone was feeling crazy and said $8-9 million would it be worth it to get back half the loan in one quick shot? How much is the club really going to sell for? It's not getting up to $15-20 million, no chance in hell.

Sent from my Pixel using AlpineZone mobile app

Dumb question. What was the initial install price?

 

[cdskier]

Dumb question. What was the initial install price?

Hah! You posted that at the same time that I posted the answer in my previous post - $7.3M

 

[Jully]

Considering the lift was $7.3M brand new, if someone would be willing to pay 8-9M for it used they would be certifiably insane. You can argue it doesn't have a ton of hours on it, but it is still a used lift.

I would be floored if anyone paid more than $5.5 million. Still might be enough regardless to make the bank want to sell.

 

[thetrailboss]

Hah! You posted that at the same time that I posted the answer in my previous post - $7.3M

Great minds think alike! $7.3 m. So someone would want a hefty discount. I'd think that the price would be about $3.7-4 m or so.

Unfortunately a lot of lifts nowadays are custom engineered for their location and application. So a remove and replace proposition is not as easy as it might appear.

Maybe Magic is looking for a six-pack?

 

[crystalmountainskier]

Dumb question. What was the initial install price?

$6,902,632

 

[mbedle]

Keep in mind that the actually lift did not cost 6.9 million, I am sure that number includes all the engineering, design work, delivery and install costs.

 

[machski]

Don't forget Mount Snow is booming so those home values are going to go up regardless. They might take a small dip, but the private homes will rebound quickly. Same with the Chamonix townhouses. If some developer could separate that operation and build it out then you have a good option for townhouses with a luxurious entry road.

Does anyone else feel like this all hinges on the six pack and it's value? My feeling is if that lift off removed the mountain does not have a bright future, or any future because no one is paying to replace it someday and the triples can only do so much. Then the question becomes how much is the six pack worth as is right now? I wouldn't be shocked if the bank has asked around a little to see who is willing to pay what for it just to get an idea. Of the numbers were low, like $5 million fine, but if someone was feeling crazy and said $8-9 million would it be worth it to get back half the loan in one quick shot? How much is the club really going to sell for? It's not getting up to $15-20 million, no chance in hell.

Sent from my Pixel using AlpineZone mobile app

Well, for the time being, the lift is going no where. The bank asked to put it in receivership to keep the property in functional shape. That means maintaining lifts where they are and keeping them operational. Now, if the bank wants to buy Hermitage out of its own receivership, I guess they could then sell the lift. But given they opted for receivership, sounds like an auction to sell the entire resort off is the first option that needs to be taken. If that fails (as in no qualified bidders), I would think then the bank would terminate the receivership and liquidate assets.