Is the Stowe Ski Resorts in Vermont sold?
Famous ski resort gets sold Stowe ski resort, one of the best the East Coast skiers get to tackle has finally been sold ending 18 months of speculation as to the future of the storied ski and snowboard nexus. The Mount Mansfield spectacular had been owned by troubled bailout recipient AIG who announced shortly after taking 22 Bazillion dollars (actually $182 Billion) of mine and yours tax dollars, better yet our childrens future tax dollars… that they would be divesting themselves of all non-core assets. I guess they will have to now pay for their boondoggles. Details are light on the transaction and the purchaser although it has been confirmed that it is a subsidary named Chartis that was formed last summer by AIG. More on that as it becomes available. According to officials, consumers will experience no change whatsoever and there has been no mention of the impact to the some odd 1200 staffers at the resort. “I don’t think they will be cutting any labor since they don’t own any oth
STOWE — Troubled insurance giant American International Group has sold Stowe Mountain Resort to a subsidiary, ending more than a year of uncertainty about the future of the Vermont ski area. Chartis, formed last summer by AIG, acquired the resort Dec. 31. Terms weren’t disclosed. AIG, which received about $182 billion in federal bailout money last year after nearly collapsing, said in May that it was taking offers on Stowe in a bid to divest itself of non-core assets. Two months later, AIG spun off its property casualty and general insurance business to the new subsidiary. “We believe this investment is beneficial to the resort’s employees and the Stowe community at large, as it provides stability and clarity on the ownership of one of the finest resorts in the U.S.,” Chartis said in a prepared statement, referring to the ski resort as “an attractive investment.” Stowe Mountain Resort spokesman Michael Colbourn said Thursday that skiers, riders and other customers won’t see any differe
