4 replies to this topic

[Peter]

AIG: Stowe Mountain Resort for sale

By Dan McLean, Burlington Free Press staff • May 13, 2009

Stowe Mountain Resort, owned by AIG, is officially for sale.
AIG spokesman Peter Tulupman confirmed the ailing insurance giant is selling the iconic Vermont resort during an interview with The Burlington Free Press this morning.

Tulupman declined to comment on how much American International Group Inc. — which is mostly owned by the U.S. government after a sequence of federal bailouts in the wake of Wall Street’s collapse last fall— is seeking for Stowe which includes the lavish Stowe Mountain Lodge and the mountain’s operations.
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AIG has received a surprising number of unsolicited bids from qualified buyers, Tulupman said. He declined to say who the potential buyers are or if any are from Vermont.

Stowe’s worth was estimated to be at least as much as Killington, which sold in 2007 for $85 million, Doug Nedde, co-owner of Bolton Valley resort, said last fall. Stowe’s value is enhanced, he said, because of permits the resort holds for future real estate development.

The fact that Stowe Mountain Resort is for sale is not a surprise. AIG's CEO told investors in a conference call last fall that all but several of AIG’s core insurance businesses would be sold. Stowe, however, was not specially mentioned.

“Our hope is that our buyer will continue to develop Stowe in the environmentally respectful master plan that has been eight years in the making,” Tulupman said.

There is no estimate on when the sale will occur, he said.



Any guesses?

[Keymech]

I bet Vail is looking at it.

[xman]

Skier, on May 13 2009, 08:26 PM, said:

Any guesses?

Yellowstone Club???

[2milehi]

Keymech, on 14 May 2009 - 02:36 AM, said:

I bet Vail is looking at it.

Awww...you miss Vail Resorts

It was good seeing you and the wife last week.

This post has been edited by 2milehi: 04 July 2009 - 04:55 AM

[Keymech]

Too short but had a great time. Take care of Camilla.