Maryland’s Wisp Finds A Buyer; Asks Bankruptcy Judge To Approve
Saying an offer of $20.5 million by Entertainment Properties Trust, a Kansas City-based real estate investment firm, “will bring the highest and best return to creditors and parties in interest,” DC Development LLC, Wisp Resort owners, asked a bankruptcy judge for approval.
The next step is an approval hearing in U.S. Bankruptcy Court in Greenbelt Dec. 4. Wisp plans to open the season Nov. 23 with business as usual.
“Goal is to have a seamless transition with no interruptions or changes in guest services, season passes, or other reservations or commitments,” said Karen Myers, a Wisp owner told the Associated Press. “Along with my partners Gary Daum and Steve Richards, we believe this ownership change will be good for the employees, the resort, and the region.”
Myers and her partners bought the resort on Marsh Mountain in far western Maryland in 2001 for just under $12 million. The expanded skiable terrain and snowmaking, added a tubing park and mountain coaster and expanded the lodge,
The current owners filed for bankruptcy in October 2011 after defaulting on nearly $30 million in loans received from BB&T Corp. of Winston-Salem, N.C. to build a golf community near the ski hill, according to an AP report.
The proposed deal does not include the Lodestone golf club development, Myers said, but does include about 600 acres and long-term leases on another 250 acres.
Entertainment Properties is no stranger to the ski industry, owning 11 ski areas in Indiana (Paoli Peaks), Missouri (Snow Creek), New Hampshire (Attitash, Crotched), Ohio (Mad River, Snow Creek, Brandywine/Boston Mills) Pennsylvania (Jack Frost/Big Boulder, and Vermont (Mt. Snow). All of the company’s ski areas are operated on a long-term basis by Peak Resorts.
Photo: Wisp Resort (SnowForecast.com)