Berkshire Bank is requesting to put the Hermitage in receivership.
Thursday, April 19, 2018, NewEnglandSkiIndustry.com
The Hermitage Club could go up for auction at the end of Berkshire Bank's foreclosure process, according to the Deerfield Valley News.
Berkshire Bank has requested to place the Hermitage in receivership with FTI Consulting, which acted as receiver for the Yellowstone Club ski resort in Montana. Hermitage's Haystack could become the third Vermont ski area operating in receivership, along with Burke and Jay Peak.
According to Deerfield Valley News, Berkshire Bank has been paying Hermitage's taxes, fuel, and electricity bills in order to avoid a tax sale and to keep the property in tact.
Prior to the payments, Hermitage reportedly owed Berkshire Bank $17.1 million. Headquartered in Boston, Berkshire Hills Bancorp, Inc. features 113 branches and claims $11.6 billion in assets and $420 million in net revenue. The company is listed on the New York Stock Exchange.
Located in the Deerfield Valley near Mount Snow, the club features the Haystack ski area, a golf course, and numerous inns and restaurants. Hermitage founder Jim Barnes acquired the defunct Haystack ski area in October 2011 and soon installed two new fixed grip quad chairlifts. An 80,000 square foot lodge was constructed for 2014-15 and a $7.3 million heated, high speed detachable six person chairlift for 2015-16.
Barnes stepped down from day to day management in February and is reportedly facing facing sex discrimination and whistleblower complaints.
