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Two Elmira businessmen acquire Greek Peak Mountain Resort at auction

By Eric Reinhardt

Date:

SYRACUSE — Two Elmira businessmen on Thursday acquired Greek Peak Mountain Resort and Hope Lake Lodge following a Chapter 11 bankruptcy auction held in federal Bankruptcy Court in Syracuse.

Greek Peak held a Friday morning news conference to introduce the new owners, Marc Stemerman and John Meier. A news release on the transaction did not include the acquisition price.

The closing of the sale is scheduled for April 19.

“Our plan is to focus anew on the skier and boarder experience beginning with specially discounted season passes on sale today for purchase before April 21 and much needed improvements to the mountain in the years ahead,” Stemerman and Meier said in a the news release.

Greek Peak Mountain Resort filed for voluntary bankruptcy Aug. 2 of last year. It had been unsuccessfully attempting to secure a new lender since federal regulators shut down Tennessee Commerce Bank of Nashville at the end of January 2012.

In 2008, Tennessee Commerce Bank provided Greek Peak with a $10 million loan for the construction of an indoor water park. It was part of a consortium of lenders that provided a $33 million package of loans to expand the resort.

Contact Reinhardt at ereinhardt@cnybj.com

 

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