Timberline is now officially for sale, o’clock-stoc ad barrel, as per an announcement by the owners, all assets included, everything!!!! FRED HERZ BIDS FAREWELL. From Ski Area Management magazine:
SAM Magazine””Davis, W.Va., July 24, 2019 ”””Timberline Four Seasons Resort is initiating the sale process for substantially all of the resort’s assets. Timberline commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania on April 30, 2019, and expects to sell the company’s assets pursuant to Section 363 of the Bankruptcy Code.
See SAM’s recent report for background on what led to Timberline Four Seasons’ status.
Fred Herz, Timberline president, said: “We are incredibly grateful to have had the opportunity to purchase a raw mountain in Tucker County, West Virginia, over 30 years ago and grow it into the premier destination for mid-Atlantic and southeast skiers.”He continued, “After some challenging seasons, our family has chosen to exit its investment in West Virginia in cooperation and consultation with Griffin Financial Group,” which is serving as investment banker for the sale. “We believe it is the right time to pass Timberline on to new ownership.”
Assets included in the sale process and available to potential buyers include:
- the full ski resort operations
- all equipment and facilities associated with the ski resort””lifts, snowmaking equipment, 24,000-square-foot lodge, 20-room hotel, rental inventory, etc.
- real estate assets of more than 430 acres, including ski terrain, the base area and hotel, approximately 222 acres of development land adjacent to the mountain, and ski-in/-out residential property plots.
Ciardi Ciardi & Astin and Bielli & Klauder are serving as legal counsel.Interested buyers should contact Griffin Financial Group at zlc@griffinfingroup.com.”
Interesting”¦
MorganB aka The Colonel
Well. OK. It's way past tiem for this to happen.
Sure hope this will work out well for the mountain, the valley, those who live in the area, and for all of us who would enjoy a modern, well-run ski area on this great WV mountain.
Thanks, Colonel, for the update.
Woody
I know it would take a massive miracle to open the resort this year for skiing (in any fashion), but is there any hope of someone coming in to buy the whole operation, invest some much needed money into improvements and open next year or the year after? As has been discussed so often on this forum (and many others) it is has the potential to be a great ski resort with great terrain, a beautiful location, lots of reasonable housing options (esp for larger groups/families), easy access, etc.. Had so many great times with our kids on family trips and trips with their church youth groups that I hope we can have similar ones with our grandchildren at Timberline.
I predict.....that the current owner is asking WAY too much money for a rundown ski resort. No one buys it, the creditors get tired of waiting for their money, and the place gets auctioned off. Someone with cash swoops in and gets the whole mess for a song. Just a matter of time.
Your prediction is correct as the currect asking price for Timber...try to line my pockets...line Ski Resort is $32,000,000.00...that's right folks, thirty-two million doll hairs. I am going out on a limb and predicting that there is some room for negotiation on the asking price. Hope everyone is having a great summer and looking forward to an even better winter sports season.
Your prediction is correct as the currect asking price for Timber...try to line my pockets...line Ski Resort is $32,000,000.00...that's right folks, thirty-two million doll hairs. I am going out on a limb and predicting that there is some room for negotiation on the asking price. Hope everyone is having a great summer and looking forward to an even better winter sports season.
It doesn't matter about them listing it for sale. Too late. The chapter 11 bankrupcy was just converted to chapter 7 on friday by the bankrupcy court due to the owners inability to file timely reports and pay the required fees. It will now go to the highest bidder on the courthouse steps in Parsons. I understand that there are several, with deep pockets, interested in getting it as a ski area.
I heard last night it was bought by a company that starts with the letter "V"
chaga wrote:
I heard last night it was bought by a company that starts with the letter "V"
One can hope!
Any more details on the sale of the resort. I recently looked at the area on Zillow and noticed a huge number of homes for sale.
chaga wrote:
I heard last night it was bought by a company that starts with the letter "V"
I bet it'll serve the absolute best french fries, too.
johnfmh wrote:
bob wrote:
chaga wrote:
I heard last night it was bought by a company that starts with the letter "V"
Val-d'Isère???
I bet it'll serve the absolute best french fries, too.
Non. Val Gardena. Let them eat pasta.
Oooooh, I hope they install some camel humps. Absent that, a clone of the dantercepis chair would be nice.
One of the four finalists will end up with the place for a really good price. Should know something by the end of October if not sooner.
Thanks for the update kwillg6 - any details on the four? Is there a news release?
kwillg6 wrote:
One of the four finalists will end up with the place for a really good price. Should know something by the end of October if not sooner.
I am one of the surprise finalists. I just bougth a Mega Millions ticket and have 192$million. #bucketlist
https://www.megamillions.com
kwillg6 - I have the same dream!!!
Everybody is wanting to know who, what, when, where... but the why is the major question. There are big names inthe background of this move and it would be enough to capitolize the best mountain in the mid-atlantic. Just hold your britches and be patient.
Wondering - IDKS - To bring Timberline up to standards what is the ball park? Lifts alone and snowmaking are expensive. Then a new lodge. Canaan put in 2 new pumps and 10 new fans. I do not see how late in fall if any real improvments can be ready for new season. Permits, funding, logistics. You can bring in rental fans and compressors. Can do lift maint and paint but hard to do anything for this season. A good 5 year plan is needed. Over the 20+ years some resorts have been and will be under capatilized. I know of 2.
auction N0v 19th, details on timberlies facebook page
I also understand that there is a deadline for selecting a winning bidder by December 31. I assume that the bids need to be high enough to satisfy creditors and the bidder's financials are sound. It was reported that they contacted many resort operators, hospitality companies, ski resort owners, wind turbine developers,etc and the end result was 3 potential bidders.
Looks like no skiing this winter at Timberline😪.
i checked TL's Facebook page and found nothing on this issue.
Here is an article from the Charleston Gazette-Mail from Sunday, Oct 19.
Let us hope something good takes root at Timberline and that is doesn't become another entry in the "lost resorts" list.
Tommo!
I thought you had joined the lost skier list. Good to hear from you.
Timberline shall rise again.
That is shocking that only 3 out of 119 companies contacted were interested. Just hoping someone purchases it that will want to put some investment into it and operate as a ski resort and not a wind farm or something else.
the article - 2.5 mill as is , but how much for the Utility $$$ it mentions not in the acuction. Electric , water and sewer.? anyone have an idea? of the outstanding utility items?
I read this very positive piece from another poster (not me) on PugSki about the TL's new owners, Perfect North:
I’m a season pass holder are Perfect North and have been one for a long time. This is the best scenario locals could ask for. He isn’t flipping it this is going to be something he upgrades over next year and likely continues to upgrade over a long term plan. If you look at Perfect North you will see he added a huge Patrol and lesson building basically adding 3-4,000 square foot for operations. Two years ago all new rental boots. This year all new rental skis. I’ve been a pass holder now for 7 years and each year there has been upgrades done. Visible major upgrades. He got open the same day as Vail this year which says something. They have great snowmaking and plenty of it.
He is a skier and his family are skiers. You will likely see them skiing at Timberline. They also have food priced in line with a budget friendly restaurant and that’s good for me. Maybe they can bring the Larosas pizza from Cincinnati that they serve.
This is the best possible buyer for Timberline. I’m excited to come back next year. Hopefully my season pass will be valid there.
Congrats to the WV locals. You will see a much better managed ski area.
From the other DCSki thread about the Timberline auction . . .
There is a full timeline with notes for every year since 1980 on the Perfect North website. Can easily get a sense of the steady improvements over the four decades. Definitely take full advantage of buying used lifts or groomers or whatever.
https://www.perfectnorth.com/Timeline/
Chip Perfect told SkiSE that he’s been interested in Timberline for 15-20 years. Perfect North and Tline has about the same acreage. Perfect North has 400 ft vertical, compared to 1000 ft vertical for Tline.
SkiSE got the first interview with Chris:
https://www.skisoutheast.com/its-official-timberline-resort-is-sold-to-perfect-north-slopes/
11/20/19 [press release text provided by Chris Perfect, CEO of Perfect North]
The land and assets of Timberline Four Seasons Resort were sold in Bankruptcy court today in Philadelphia. The top bidder was a group who has operated a successful Midwest ski area for 40 years.
Members of the Perfect North Slopes management team will be forming a new management group, with the intent to revitalize the Timberline Ski Area to its fullest potential.
“We are excited to bring our extensive ski area operation experience to the Timberline property” said Chip Perfect speaking for the group.
“The property has great potential, a stunning West Virginia setting and some fabulous terrain and ski runs.” “The property however is not without its challenges. It is going to take some time to overcome those obstacles”. The team’s current plan would be to reopen the ski area for the 20-21 season.
“Exceeding the expectations of our customers has been the key to our success in the Ski Industry. Our goal will be to do the same at Timberline in the future!”
Boyne Resorts and Peak Resorts began with one small hill in the midwest with an emphasis on snowmaking given the reality of limited vertical. Each succeeded following different paths. Hopefully the Perfect family can be as successful expanding away from Indiana.
What great news! I know it's one of the big players in the industry, but the fact that it was purchased with the intent to keep it a ski area and invest in it is the best news possible. As we all know the mountain has so much potential and so many of us have such great memories of skiing there over the last few decades. I can't wait for it's presumed opening next season.
mdr227 wrote:
What great news! I know it's one of the big players in the industry, but the fact that it was purchased with the intent to keep it a ski area and invest in it is the best news possible. As we all know the mountain has so much potential and so many of us have such great memories of skiing there over the last few decades. I can't wait for it's presumed opening next season.
What do you mean by "big players"? The Perfect family have owned and operated Perfect North Slopes for 40 years but that's the only resort they have. What's really good is that they have looked carefully at what remains at Timberline in terms of the ski area and clearly understand it's potential from a terrain standpoint. Since Chris Perfect, Pres/CEO, for Perfect North has been interested in Timberline for over 15 years, presumably he has no illusions about how hard the process will be to get things back on track.
I've been watching Tenney Mountain in NH ever since it was bought only for the land a few years, with no interest in the ski lifts and trails. In that case, the new owners fell in love with the community. They had the financial, business, and engineering experience to bring Tenney back. Once they got the lifts re-certified, they were stubborn enough to go all the way in bringing Tenney back to life as a ski area. But it took over three years for assorted reasons, including the fact that Mother Nature didn't help one winter. I've since skied at Tenney a couple days (day trip from Boston) and had a great time. So that's the basis for my optimism about what could happen at Timberline.
West Mountain in Queensbury, New York has similarly been
revived by a new owner over the last few years with new lifts, new snowmaking and new trails.
marzNC wrote:
mdr227 wrote:
What great news! I know it's one of the big players in the industry, but the fact that it was purchased with the intent to keep it a ski area and invest in it is the best news possible. As we all know the mountain has so much potential and so many of us have such great memories of skiing there over the last few decades. I can't wait for it's presumed opening next season.
What do you mean by "big players"? The Perfect family have owned and operated Perfect North Slopes for 40 years but that's the only resort they have. What's really good is that they have looked carefully at what remains at Timberline in terms of the ski area and clearly understand it's potential from a terrain standpoint. Since Chris Perfect, Pres/CEO, for Perfect North has been interested in Timberline for over 15 years, presumably he has no illusions about how hard the process will be to get things back on track.
I've been watching Tenney Mountain in NH ever since it was bought only for the land a few years, with no interest in the ski lifts and trails. In that case, the new owners fell in love with the community. They had the financial, business, and engineering experience to bring Tenney back. Once they got the lifts re-certified, they were stubborn enough to go all the way in bringing Tenney back to life as a ski area. But it took over three years for assorted reasons, including the fact that Mother Nature didn't help one winter. I've since skied at Tenney a couple days (day trip from Boston) and had a great time. So that's the basis for my optimism about what could happen at Timberline.
Oops, meant "not" one of the big players like the groups that own multiple resorts.
I wouldn't expect the new owner to honor "paid for" Tline passes still out there but maybe a 20% discount on a '21 season pass would be nice.
snapdragon wrote:
I wouldn't expect the new owner to honor "paid for" Tline passes still out there but maybe a 20% discount on a '21 season pass would be nice.
Hmm, wonder if they know what happened at Wildcat with the ownership change, I guess it was when Peak was the buyer. There were Lifetime passes sold at some point. After the buyout, the Lifetime passholders paid something like $200 for season passes for at least a few years. I met one of the during my first early season day a few years ago. He'd grown up skiing Wildcat and moved back after he retired.
