East Coast Roll Call 21-22 We have a hot date with Skadi, Pictures at 11

[jackstraw]

Well that stinks.

On a different note, another new glade at BMOM

Attachment 425833

Hell yeah Cat!!

In other news - The rock pile
https://newhampshirebulletin.com/202...medium=twitter

[MyNameIsAugustWest]

Yeah, don't know much about them, but seems good.

PRG owns Ragged. The turnaround there has been really nice. They seem to be hands-off owners, letting the local GMs run the resorts.


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[jackstraw]

PRG owns Ragged. The turnaround there has been really nice. They seem to be hands-off owners, letting the local GMs run the resorts.


Sent from my iPhone using TGR Forums

That's fantastic. I knew they bought them, but didn't really know how it was going.

[Doremite]

PRG owns Ragged. The turnaround there has been really nice. They seem to be hands-off owners, letting the local GMs run the resorts.


Sent from my iPhone using TGR Forums

Music to my ears.

[Core Shot]

Pay raise for Steve!!!!

The man has done so much the past few years.

[Boosh]

Pay raise for Steve!!!!

The man has done so much the past few years.

Best GM in the industry and it's not even close!

Very happy to see Jay in the hands of PGR and not one of the big guys.

[From_the_NEK]

Pacific Group Resorts…


https://liftblog.com/2022/09/08/paci...-peak-auction/

I'm glad the announcement wasn't a long drawn out process!. This sounds like a solid group.

[boltonoutlaw]

If I was the powerball winner I would purchase Plymouth Notch for my private invite only resort and avoid the headaches of 10 am openings at Jay whilst I did dawn patrol tram laps with my crew.
I would hire a zesty French chef named Aurélie who would ensure the correct ratio of gravy to cheese curds was used for the poutine. There would also be a curator for the freshest cans of ipa and collection of fine whiskies.
Not overly worried about tweakers in Plymouth, if any were found my Drogues would root them out and convince them to move along.

Hopefully they don't drag out the announcement of the winning bidder which Steve Wright said could be 4 [four] at this point.


In other news 1 3/4" of slow steady rain fell in my yard, some of which I hope seeped in deep to attempt a start at recharging the aquifer.

I rode that place in '00. I hope you win powerball

[From_the_NEK]

Rumor is the final bid was $76 million. I wonder who the other two bidders were that drove up the price?

[ex-powderbroker]

Rumor is the final bid was $76 million. I wonder who the other two bidders were that drove up the price?

shit, between me and jackstraw we were so close.

[Peruvian]

$76 Million seems cheap to me given all the infrastructure updates in the last decade.

[jackstraw]

shit, between me and jackstraw we were so close.

We'll get the next one!

$76 Million seems cheap to me given all the infrastructure updates in the last decade.

Yeah, I wonder what was included exactly. It would be interesting to see the P&L.

[cat in january]

I think all property and infrastructure was included

[MyNameIsAugustWest]

I think all property and infrastructure was included

That's what I heard also...unlike Stowe, the sale of Jay included all resort lodging, restaurants, etc.

[Peruvian]

We'll get the next one!



Yeah, I wonder what was included exactly. It would be interesting to see the P&L.

A finance bro I know said Jay has averaged $10mil annual profit over the past 5 years so the sales price is in line with other recent resort sales of 7.5 year payoff. He used a bunch of acronyms and shit I didn’t care about but that was the bottom line.

[Vt-Freeheel]

I rode that place in '00. I hope you win powerball

Thanks
You're on the list.



ANOTHER STOP ALONG THIS LONG, STRANGE TRIP.
Dear Jay Peaker,

I’m happy to announce that Pacific Group Resorts (PGRI) has secured the winning bid to purchase Jay Peak and will immediately begin the process of preparing for a closing that will take place heading into the fall. These are sentences nearly 7 years in the writing and I’m very happy to share them with you all. For those of us on this side of the operational fence, this has been a long time coming and it’s news that gives us great hope for our future.

But it is those of you on the other side—Season Passholders, Homeowners, Vacationers, Day Trippers and anyone organized in a way to consider themselves Raised Jay—that we really have to thank for getting this far. Those who stuck with us through the first days of Receivership. Those that, with our staff, navigated 6.5 years of Receivership, 2 years of Covid-impacted operating environments and those that believed experiences like what we offer at Jay Peak were worth staying connected to—despite those things trying to pull us apart.

During the past 6.5 years, our team has tried to focus on what the opportunity of Receivership presented to us. Refocusing on what was most important, building better relationships with our team members, our community, and stakeholders like those reading this, and trying to position the business in a way that would make responsible growth more manageable as we came under new ownership.

And now with PGRI, an industry leader in running resorts that calibrate well to our particular size and frequency, we are moving forward with a partner that believes, as we do, that people come first, recognize Jay Peak’s reputation within the local community and more broadly in the ski industry, and are as enthusiastic about the future as we are.

Offering written thanks to those of you that helped get us here feels underwhelming-especially to our Canadian core that’s spent the better part of two years away from us, to Vermonters and weekenders that navigated onerous Covid operating protocols to spend time here, and season passholders and homeowners that have consistently made investments in experiences that align with sports that they love and the things they believe in.

Internally, back in 2016, we talked about a new line of before and after being drawn for us. Today, I’m happy to say there’s another one being drawn, a decidedly more hopeful one, and I’m very grateful, as the whole team here is, to be on the other side of it with you.

Thanks again so much.

-Steve

Steve Wright
President & General Manager
Jay Peak

[skinipenem]

Got the email today. Good stuff.

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[jackstraw]

That's what I heard also...unlike Stowe, the sale of Jay included all resort lodging, restaurants, etc.

They own the golf also?

A finance bro I know said Jay has averaged $10mil annual profit over the past 5 years so the sales price is in line with other recent resort sales of 7.5 year payoff. He used a bunch of acronyms and shit I didn’t care about but that was the bottom line.

Assume gross. 76 is a steal if net.

[Core Shot]

7.5 times EBITDA isn’t cheap. But there’s a lot of hard assets involved so it makes sense long term. But there’s still the need to pay debt or investors.
$76 million doesn’t grow on trees. There’s some big money behind that deal.

It has to include golf and all assets. Everything was in receivership.

Next up is Burke. That is separate.

[Boosh]

definitely includes the golf course, the new athletic fields down the road, the employee housing, the ice rink, the lodges/land/condos, etc... and oh let's not forget about the waterpark!!

I think a while back the target sale price from the receiver was $85-95M so at $76M that's a little less than they were hoping for; but in one of the interviews I saw Steve said they know what they're getting and aren't going to spend bad dollars when they know upgrades will be required. Based on that letter/email he wrote it seems like he'll be staying on as the GM which is awesome for everyone

[jhyatt]

7.5x isn't cheap. I love skiing Jay and my main concern is that paying that price means they need to make $$. I wonder if prices will increase. Also, if things happen and we turn to recession which can totally happen right now and people ski a little less in VT, then the investment starts to look not so smart and they "make changes"...

7.5x + recession can make investors walk away from something.

But it could have been MUCH worse.

Are any of PGRI holdings on Ikon?

7.5 times EBITDA isn’t cheap. But there’s a lot of hard assets involved so it makes sense long term. But there’s still the need to pay debt or investors.
$76 million doesn’t grow on trees. There’s some big money behind that deal.

It has to include golf and all assets. Everything was in receivership.

Next up is Burke. That is separate.

[Boosh]

Are any of PGRI holdings on Ikon?

Negative; PGR has their own multi resort pass called the Mission: Affordable Pass.. also, Jay will be the only resort owned by PGR this year that will be on the Indy Pass, none of their other mountains are on that one either so while they're honoring it this coming season I would expect that to change in the future

edit to add: I'm not sure if Jay will be added to the Mission: Affordable pass for this coming season, I would assume probably not but will be interesting to see what happens there too

[Core Shot]

4x ebita is normal. 5 is generous.

But that’s for biz ops.
Once you add back the hard assets it’s a lot more.
Until there’s a recession. Or Canada can’t come visit. That Covid border must have changed things.

But the queen is gone and once we take over Quebec and the eastern Ontario it will be all good.

The poutine must flow. #Dune

[jackstraw]

4x ebita is normal. 5 is generous.

But that’s for biz ops.
Once you add back the hard assets it’s a lot more.
Until there’s a recession. Or Canada can’t come visit. That Covid border must have changed things.

But the queen is gone and once we take over Quebec and the eastern Ontario it will be all good.

The poutine must flow. #Dune

Every industry is different and I don't know shit about the ski industry. Those numbers are not normal in mine, but mostly because the purchases usually take out a direct competitor.

[Brownski]

Speaking of mountains being sold, has anybody heard anything about Brodie? It was announced it was for sale and maybe the Fairbanks’ no-skiing covenant was expiring (maybe not). Then they announced that they had accepted an offer and then nothing. Any updates and/or rumors since then? Wild speculation?