N.Y. Businessmen Buy Greek Peak; ‘Focus On The Ski Experience’
Marc Stemerman and John Meier, two Elmira, N.Y. businessmen, purchased Greek Peak Resort out of bankruptcy this week for $6.76 million. The pair pledged to focus on the ski and snowboard experience.
Greek Peak’s owners had filed for reorganization last summer after Tennessee Commerce Bank, its primary lender, failed, and was taken over by the Federal Deposit Insurance Corp. early in 2012. The FDIC loaned Greek Peak cash to continue operations on two occasions, but was unable to find a lender to take on the loans, despite the intervention and support from U.S. Sen. Chuck Schumer.
The new owners told media after the sale hearing that with the “world class” Hope Lake Lodge (included in the purchase and across Route 392 from the lifts), and the water park and adventure center running, they will turn their attention to the ski resort itself.
They said they plan on making improvements conservatively and have offered no timetable, but snowmaking, general maintenance, additional terrain and more gladed areas are in their sights.
Four parties bid Tuesday for about 11 hours before Stemmerman and Meier submitted the winning bid. Judge Margaret Canfilos-Ruiz approved the sale. She said the outcome will keep the resort going, providing jobs and customers for local vendors. Greek Peak hires about 1,000 winter employees. Stemmerman’s and Meier’s businesses are not related to the recreation or hospitality industries.
Proceeds from the sale will help settle the case of Peak Resorts, the primary parent company of Greek Peak (not to be confused with Peak Resorts that owns a number of ski areas across the country).
Local media reports say the two men and their families are Greek Peak regulars, sharing a home at the resort. Meier’s daughters are in the Greek Peak Ski Club race program and that the two businessmen are lifelong friends.
Greek Peak is Central New York’s largest ski resort, located in Virgil, (about an hour from Elmira) with 32 trails and a variety of terrain. Discounted ski passes for the 2013-14 season are now on sale, including the new family passes and “Bring A Friend” incentives.
Top photo: Greek Peak Resort; Left photo: New owners Marc Stemmerman (left) and John Meier (Gannett)