Greek Peak---SOLD

And this:

"They set no timetable and intend to make improvements conservatively, but they said they want to improve snowmaking and general maintenance, and add terrain and some more gladed areas."

They are certainly saying all the right things to get skiers excited.

It seems we may have the BOSS of CNY back on their feet


Press conf this morning at 11----gonna try and make it up to see what the scoop is.

good news ! Dayum ifn this puppy gets goin may hafta make me a roadtrip next season to meet some o da boyz in da hood !

warp daddy wrote

good news ! Dayum ifn this puppy gets goin may hafta make me a roadtrip next season to meet some o da boyz in da hood !

Dooooooooo it!!!!

Funny thing Camp , Me and da Queen were headed to GP earlier last month to meet up with my son from Manhattan but at the last minute he had to cancel due to scheduling difficulty .  

never skied Greek so need to have the experience and meeting all u guys would be a hoot ! cept u gotta remember  460 yr old knees aint doin trees dude

But this is a definite possibiliy  

hell may need me a new OB Ltd. by then too , nah  we are lovin this one and it still low mileage  its my road tripper ,

So if a press conference falls in the woods and nobody's there to hear it, did it fall?

Havent' seen anything reported anywhere about the press conf that was supposed to happen - anyone?

New owners were introduced by Al Kryger.   They confirmed most of what was reported in the news the last few days.   Season ticket prices will be $299 until April 21, with a new family option (discounts for additional skiers in same family).    They reinforced their commitment to make improvements to the ski hill.    They said they will own all parcels in the auction, with the exception of 102 at the top of the hill opposite the ski hill (i.e. on the hill where the lodge is located).    They've both skied at GP for many years, and children of Mr. Meier are in the ski program here.  Fox 40 showed late, other reporters were present ahead of time including WBNG TV.   Should be info with video on this evening's newscasts.   Hope this helps.

Thanks Vin - any idea when the season passes will go on sale? Friends of mine would like to pick some up for the first time - and use them for the end of this year.

This statement was on the GP website:

"2013-2014 Season Pass Prices are coming soon. Greek Peak anticipates that Season Passes will go on sale in late March."

I understand a Quad was mentioned at the news conference.   Was there any timeframe mentioned?

Season passes went on sale this afternoon for $299.  My guess is that this means that there will not be any improvements to speak of for next year.

I'm a little disheartened that the new owners had to finance the final purchase price of $7.5M. This may indicate that their pockets are not very deep at all.  If they had to finance that small of an amount, what will they encounter when they experience a bad ski season?  Their statement that improvements will occur gradually further predicts that there is little money for improvements, other than a new coat of paint on chair 1's bull wheel.  Not a single bidder was currently in the ski business, which is telling.

On the bright side, at least the new owners aren't saddled with the $50M in debt.  That was one hefty monthly payment.  As predicted, the Krygers are still basically running the show, although without the controlling equity interest I previously mentioned.

"What will they experience after a bad ski season"

Just get Senator Shummer to help get some low interest financing so that the 1,000 jobs are protected.

Rj1972 wrote

  If they had to finance that small of an amount

how come you didn't crack the piggy bank

There are a lot of reasons wny financing makes sense, even if you could pay outright.  Allows for much better cash management for one thing.  

And making improvements conservatively also makes lots of sense...they need to build their customer base, and that doesn't occur overnight.  A new lift won't magically make the place profitable.  If they increase snowmaking, open some new terrain, fix up existing lifts, clean up the place, do better at marketing, etc...then they start to make a small profit and after that go for the major capital improvements like lifts.

You nailed it Billy.......snow and terrain will make them money

Not sure what to think of the decision to keep current management, including the krygers. If it's for transition, and not for long term that's fine...otherwise it seems like a bad idea.  They have a history of making bad decisions with OPM.

Skimore, It's funny you mentioned that.  We assumed it was going to sell in the $20-25M range per estimates given to us.  With an additional $20M-$30M needed for on-mountain improvements, the numbers just didn't make sense regardless of the time required to sensibly implement the improvements.  That also doesn't include a golf course at about $50K per hole.  Positioning the hotel is also troublesome, as about 50% of the fractional ownership units are already sold.  After all is said and done, would the folks from New York and Philadelphia return, or would it still take Groupon to bring them back?  We never imagined it would sell for $6.8M. We also assumed that the FDIC would not accept a low-ball deal, and in turn, work a plan out with Peak Resorts and HLL.  Obviously we were wrong.

Building a golf course for 50k per hole is laughable. If you expect to be a golf destination you need a recognized architect like Nicklaus, Dye, Fazio, etc. That alone will cost a million bucks...

How do you make a small fortune in the ski industry these days?




Start out with a large fortune.

Yes, the $50K is at the low end.  Although not golfers ourselves, we have friends who own a Greg Norman designed course, and you are correct, their cost was astronomical.