Bailed-out insurance giant American International Group (AIG) has plans to sell Stowe Mountain Resort in Vermont (see “A Place for All Seasons,” C&RB, February 2009). AIG spokesman Peter Tulupman confirmed in an article in The Boston Globe that the resort went up for sale on May 13th, but gave few other details.
AIG has received a surprising number of unsolicited bids from qualified buyers, Tulupman said. He declined to state who the potential buyers are, or if any are from Vermont.
In addition to the mountain operation, which includes 1,800 acres of privately owned land and a lease on 1,400 acres of Mount Mansfield State Forest, the resort’s sale would include the Spruce Camp Base Lodge, the Stowe Mountain Lodge and Spa (currently managed by Destination Hotels and Resorts), two 18-hole golf courses, an auto toll road, alpine slide, climbing wall, Stowe Country Club (which includes one of the golf courses), and 10 restaurants and grills.
The resort remains in the process of completing the second phase of Stowe Mountain Lodge and a performing arts center. Both projects are slated to be completed next year, said Mike Colbourn, the resort’s Marketing Director.
AIG, the subject of a bailout from the U.S. federal government last year, said last fall that it would sell off assets that were not part of its core insurance business, as part of the plan for its recovery from the brink of financial collapse.
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