Utah-based Pacific Group Resorts, Inc. has won the auction to buy Jay Peak Resort

Utah-based Pacific Group Resorts, Inc., which owns five ski resorts, has won the auction to buy Jay Peak Resort. The court-appointed receiver who has been overseeing Jay Peak for more than six years announced Thursday the results of Wednesday’s auction, with Pacific Group Resorts making the highest and best bid among the multiple bidders. The offer was not disclosed. A federal court must approve the bid and a hearing is tentatively scheduled for Sept. 16, according to Goldberg. The sale is expected to close before the upcoming ski season. Pacific Groups Resorts, which owns Ragged Mountain Resort in New Hampshire as well as properties in British Columbia, Virginia, Maryland and Colorado had originally offered to buy Jay Peak for $58 million. Vern Greco, PGRI’s president and CEO, said the company started pursuing the acquisition over three years ago. “Jay has a high quality team of dedicated employees who have weathered the uncertainty of the receivership for a long time,” he said in a statement. “We look forward to bringing renewed stability to the property and its staff, we’re enthusiastic about the prospects for the resort, and we are delighted to be in Vermont which is an important market for any mountain resort operator.”