Hermitage properties marketed prior to sale
BURLINGTON — A group has been hired to help get "higher and better offers" for the bankrupt Hermitage Club companies' assets that are set to be auctioned off next month.
According to a court notice, Berkshire Bank retained Keen-Summit Capital Partners LLC to market the Dover and Wilmington properties considered to be collateral of the bank, which filed a foreclosure complaint against the Hermitage in February 2018. Hermitage entities filed for bankruptcy last year.
Those interested in purchasing the assets are encouraged to contact Keen-Summit, which describes itself as "a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships." The group set up a webpage at keen-summit.com/projects/bankruptcy-auction-the-hermitage-club-and-haystack-ski-mountain.
Bids for the March 20 auction must be submitted by March 16. The minimum bid for what had previously been run as a private ski resort at Haystack Mountain, a golf course, Hermitage Inn, Snow Goose Inn, Doveberry Inn, Horizon Inn and undeveloped parcels of land is $4,290,000. When including the six-chair Barnstormer Summit Chairlift, the minimum bid is $8,060,000.
Those figures are based on initial offers, which were made public last month and began the process of planning the auction. Rainmaker Mountain LLC offered $4 million for the assets excluding the Barnstormer. Boyne USA Inc., the owner of several ski resorts in North America, offered $3.5 million for the Barnstormer, which had been financed by former Hermitage Club members through a limited liability corporation formed just for that purpose.
The ski resort is said by Keen-Summit to include an approximately 80,000-square-foot lodge and clubhouse with a spa, an indoor pool, bowling area, retail space, and five chairlifts — one six-pack, two quads and two triples. The golf course spans about 5,400 yards and features a 7,000-square-foot clubhouse.
Reach staff writer Chris Mays at email@example.com, at @CMaysBR on Twitter and 802-254-2311, ext. 273.
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