Stowe for sale!

[ski diva]

Well, we saw this coming. Any takers?

New York, NY - Vermont's Stowe Mountain Resort has been officially placed on the market by its parent company, American International Group, Inc., better known by its acronym AIG from media reports following the U.S. government's investment in the failing insurance company.

The Burlington (Vt.) Free Press is reporting today that the potential sale of the ski resort, rumored since last fall, is now official. AIG has been divesting itself of non-core assets in an effort to repay $182.5 billion in financial support received from the U.S. government since September. The company reported a first quarter 2009 loss of $4.35 billion just last week.

The Free Press quoted an AIG spokesperson who confirmed the ski area's sale, but declined to comment on an asking price or identify who has been behind a "surprising number" of unsolicited bids to purchase the ski resort that have been received by AIG over the past few months.

Stowe's assets to be sold include undeveloped real estate that forms part of a master plan crafted over the past eight years. The Spruce Peak at Stowe base-area residential and commercial village complex currently under development is part of that master plan.

 

[SnowHot]

Not surprised, but I'm a bit curious how it will effect events that I help administrate there.