Jay Peak Resort is a popular ski destination located in the Northeastern United States. The resort has been the subject of much discussion in recent years due to its ownership structure.
Many people are unsure about who actually owns Jay Peak Resort and what this means for visitors. In this article, we will explore the history of Jay Peak Resort and try to answer the question – Who Owns Jay Peak Resort?
History of Jay Peak Resort
Jay Peak Resort was founded in 1956 by a group of local businessmen who were passionate about skiing. Over the years, the resort expanded, and by the 1980s, it had become a popular destination for skiers from all over the world. In 2008, Jay Peak Resort was purchased by Ariel Quiros, a wealthy businessman from Miami.
The EB-5 Scandal
In 2016, it was revealed that Quiros had been involved in an EB-5 scandal that affected both Jay Peak Resort and another Vermont ski resort called Burke Mountain. EB-5 is an immigrant investor program that allows foreign nationals to invest money in American businesses in exchange for green cards. It turned out that Quiros had misappropriated millions of dollars meant for construction projects at both resorts and used them for personal gain.
Who Owns Jay Peak Resort Now?
As a result of the EB-5 scandal, Quiros lost control of both Jay Peak and Burke Mountain resorts. In 2019, a new owner took over Jay Peak Resort – a group called TRG (The Related Group) based out of New York City.
What Does This Mean For Visitors?
For visitors to Jay Peak Resort, not much has changed with the change in ownership. The resort continues to operate as usual, offering skiing and snowboarding during the winter months and golfing during the summer months. However, the new owners have made it clear that they plan to invest in the resort’s infrastructure and improve the overall experience for visitors.
Conclusion
In conclusion, Jay Peak Resort has had a tumultuous ownership history in recent years. The resort was founded by locals but was later sold to a wealthy businessman who misappropriated funds meant for construction projects. The resort is now owned by TRG, and visitors can expect to see continued investment in the resort’s infrastructure.
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