Burke Mountain Resort, located just outside Lyndon, VT in the northeastern part of the state, is for sale.
What’s included in the sale?
- Burke Mountain (Ski) Resort
- 116-room Burke Mountain Hotel and Conference Center
- 2 ski lodges
- 1,608 acres of land
The $18.7 million sale price was upheld by the Burke Board of Civil Authority. The appraised valuation was in question after lawyers for the ski area indicated the price was too high. Burke Mountain lawyers had argued that the resort has been running at a significant loss and is expected to lose money this year as well.
Why is the ski area being sold? After being bought by the owners of Jay Peak Ski Resort in 2012, the SEC started investigating the owner’s use of the EB-5 program for funding improvements to the resorts. The owners, Ariel Quiros, and Bill Stenger, used some of the funds for personal expenses and were indicted by a grand jury. The case is ongoing, but in the meantime, Burke Mountain, as well as Jay Peak, are in the hands of a federal-appointed receiver.
While it’s been rumored that a larger company like Alterra Mountain Company or Vail Resorts may step in and purchase Jay Peak, the future for Burke remains uncertain. Burke has two high-speed quad chairlifts that are less than 20 years old, and a brand new hotel, Q Burke, that is finished but hasn’t opened yet. With the list price finalized, I’m sure we’ll hear some rumors over the next year and maybe even a sale.