The owner of New Hampshire’s Ragged Mountain Resort has won the Jay Peak sweepstakes.
Pacific Group Resorts, Inc. (PGRI) made the highest and best final bid to buy Vermont’s Jay Peak Resort following an auction Wednesday with multiple bidders. The prevailing bid remains subject to approval by the U.S. District Court in Florida during a final hearing tentatively scheduled for Sept. 16.
According to Ski Area Management magazine, the winning bid was $76 million. PGRI made an initial offer of $58 million for the four-season resort last month.
“We couldn’t be happier that an organization like PGRI had the winning bid,” Jay Peak president and general manager Steve Wright said. “They calibrate well to the size and frequency of a place like Jay Peak, and we have nothing but upside in front of us as a result.”