Federal receiver fields questions in Jay

copyright the Chronicle March 8, 2017

 

by Joseph Gresser

 

JAY — Residents here heard from the effective owner of Jay Peak Resort before they began their Town Meeting Tuesday morning. Michael Goldberg, the receiver appointed by U.S. District Judge Darrin Gayles to oversee the businesses owned by Ariel Quiros, answered questions from voters about the ski area’s future.

The big news was that construction will soon begin on the remaining portion of what is known as the Stateside project. Mr. Quiros, who is facing civil charges of investment fraud in state and federal court, raised money from foreign investors to build a hotel, a recreation center, a medical center, and around 84 homes at the resort.

Mr. Goldberg said work will begin in the next few months on the medical and recreation centers as well as the homes. The hotel was completed and opened in 2013.

The receiver said it is important to finish all construction at the resort so as to get the best price when it goes on the market. The sale, he said, will probably take place in a year or two.

Mr. Goldberg said the area had a record winter, and has already booked 60 weddings for the coming summer.

“To book a wedding a year out, you have to have faith the place is going to be there,” Mr. Goldberg said.

A year or two more of profitable operation should make sure the resort fetches top dollar when it goes on the block, he said.

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