Toggenburg Mountain Sold

[Emily]

Between loan relief and an the insurance claims sounds like GP has gotten quite a few dollars for pennies. Any guess how much they were able to collect?

That’s a really good question, but I don’t believe that information was ever made public.

The base area flood alone was extremely significant as it impacted nearly all of their buildings and equipment. Even the dam in the creek was replaced.

My guess is that it was many millions of dollars, but that’s a very open ended response on my part.

 

[Campgottagopee]

Why the negativity towards the prior owners?

Al is great man, a true visionary and we certainly wouldn't have GP with out him and all of his hard work. For me I didn't care for some of his business practices, and I'll leave it at that.

They kept the resort afloat for more than 50 years.

Yeah, it floated ---- more like beat it into the ground

They turned the place into a four seasons resort by adding the lake, hotel, and adventure center.

LOL, sure did.

You seem to really think highly of the current owners

I do. John is a great guy, pays the taxes on the place, doesn't borrow over his head, and he's in it for the future not his pocket. He doesn't take a penny out of the place as any and all monies generated go directly back into the hill.

I know John well enough to yuck it up with him at the bar over a couple beers. My connection with him is we have friends in common, really good friends of whom I love like brothers. Mess with one of us you'll get us all type of thing.

but they couldn’t keep Toggenburg open for six years

It was open, for all 6 years they owned it. Just sayin'. They were approached with an offer to unload it so they did.

 

[Brownski]

It was open, for all 6 years they owned it. Just sayin'. They were approached with an offer to unload it so they did.

If the 750k they got for it gets #4 fixed and the lift from Windham installed it’ll be hard to criticize in the long run.

 

[Campgottagopee]

If the 750k they got for it gets #4 fixed and the lift from Windham installed it’ll be hard to criticize in the long run.

I'm certain it will get done but I don't know of the timetable. Obviously the sooner the better as #4 is my favorite chair on the entire hill. We all want it replaced!!

 

[tirolski]

If the 750k they got for it ... it’ll be hard to criticize in the long run.

$750k seems like Peter got it cheap if it’s including land, equipment, Foggy Google and the covenant.
Folks are paying more for ski condos outwest.

 

[x10003q]

$750k seems like Peter got it cheap if it’s including land, equipment, Foggy Google and the covenant.
Folks are paying more for ski condos outwest.

What about the nuns?

 

[tirolski]

What about the nuns?

Don’t know nothing about no nuns other than the ones who’er related to me.

 

[Emily]

Campgottagopee: I appreciate your candidness and openness. It definitely lets me see where you are coming from.

I don’t disagree that business decisions have been interesting over the years, but as you said, Al certainly was a dreamer and not afraid to take risks,

Do you remember the dude ranch and the bisons? That was interesting. Then there was the swimming pool in the middle of nowhere.

 

[Emily]

$750k seems like Peter got it cheap if it’s including land, equipment, Foggy Google and the covenant.
Folks are paying more for ski condos outwest.

I would have to agree with that, and as I said previously, just the snow cats and snow making equipment likely exceeded that amount of money. Of course, now the hard part is to dispose of the ski area land. It’s not exactly located in a prime real estate area.

If it’s true that the Meiers were losing money on Toggenburg, maybe they were happy to dump it and take a loss on the sale.

I wonder what the Hickey’s think about all of this. Might they have bought it back for $750k if given the option???

 

[Emily]

If the 750k they got for it gets #4 fixed and the lift from Windham installed it’ll be hard to criticize in the long run.

Replacing lifts will be tough, as these are big ticket items that makes snow making pipe replacement and snow gun purchases look like chump change.

The challenge is that their newest Hall lift is chair five, and short of a complete overhaul, that lift is nearly shot.

I wish they would not have purchased the Windham lift. We saw what happened the last time they purchased a used lift. Bite the bullet, buy new lifts, and be done with it.