Burke Mountain sold to Jay Peak ownership group
The owners of Jay Peak Resort have bought Burke Mountain Resort from a Flordia development company. QBurke Mountain Resorts, LLC, is headed by businessman Ariel Quiros. In June 2008, Quiros, a significant land owner in the Northeast Kingdom, and Bill Stenger, President and co-owner of Jay Peak Resort, purchased the Jay Peak Resort from Mont Saint-Sauveur Valley resorts. They now add their NEK rival to their portfolio.
The ownership of QBurke Mountain Resorts, including Stenger, took possession of Burke on Tuesday, May 22, 2012. They bought Burke from a subsidiary of Florida-based real estate developer Ginn Company. Ginn had extensive expansion plans for the oft-bankrupt resort. Those plans called for a hotel and golf course, but the recession of 2008 delayed those plans indefinitely. Stenger said a new hotel is needed but did not commit to a golf course or anything else for the time being.
The selling price was not revealed, but Stenger did say it was a debt-free transaction.
“I’m delighted to be involved in the Burke Mountain Resort community,” Quiros said. “The mountain has been such an authentic part of the Vermont ski industry and to be able to guide it into the future is truly exciting for me and my ownership team. I believe so strongly in the environmental spirit of Vermont and want the Burke community to know how committed to environmental stewardship we are.”
Tim McGuire, General Manager of Burke Mountain Resort said, “We are all pleased to see such an experienced group taking ownership of our great resort. There is a great vision in place and the QBurke Team is eager to see this vision become reality.”
Stenger said, “Burke Mountain embodies what is best about Vermont skiing, a quality mountain experience, a group of employees that love the sport and a community that is full of authentic Vermont Character. Jay Peak and Burke Mountain have much in common and I look forward to seeing the resorts continue to prosper and grow. We expect some exciting promotional cooperation between the resorts this coming winter as we review the plans for Burke Mountain’s future.”
Employee and community meetings will be scheduled shortly to review Q-Burke’s future plans for the resort.
Source: Jay Peak Resort. 5.24.2012