Hermitage Club Claims to Have Restructuring Deal Pending
The former owner of ski areas across New England will reportedly provide financing.
Saturday, July 28, 2018, NewEnglandSkiIndustry.com
Two months after entering receivership due to foreclosure by Berkshire Bank, Hermitage Club founder Jim Barnes claims a new financing agreement is pending, which would "settle claims and disputes that have arisen." Barnes also announced Harper Sibley will be the new Hermitage Club President.
According to the Brattleboro Reformer, Oz Real Estate would provide capital for the restructuring. Oz Real Estate is part of Oz Management.
On February 16, 1994, Daniel Och established Och-Ziff Capital Management, reportedly with $100 million from the Ziff brothers, heirs to the Ziff Davis empire. The Ziff Davis magazine empire reportedly dates back to 1927, when William Ziff Sr. established a publishing company. The company grew over time, publishing many well known magazines, including Skiing Magazine. A New Jersey native, Daniel Och began a tenure at Goldman Sachs after graduating from the Wharton School at the University of Pennsylvania.
Och-Ziff Real Estate was established in July of 2003.
Oz Management subsidiary Ski Resort Holdings was formed for the 2017 acquisition of CNL Lifestyle Properties' remaining ski areas, including Jiminy Peak, Loon, Okemo, Sugarloaf, Sunapee, and Sunday River. Following the completion of the sale of Okemo and Sunapee to Vail Resorts, Ski Resorts Holdings' only remaining New England area would be Jiminy Peak.
Located in the Deerfield Valley near Mount Snow, the Hermitage 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, whistleblower, malpractice, and conflict of interest complaints.