After a short but turbulent ownership, Stoweflake Mountain Resort was quietly sold off by MCR hotels at the end of last year for $19 million to Jamsan Management.
The sale occurred around the two-year anniversary of the Christmas transaction that saw the hotel pass out of a half-century of private ownership and into the hands of the fourth-largest hotel management company in the United States.
MCR management announced it was “bullish on Stowe” at the time of the acquisition and pledged to commit $5 million toward renovating the property which was in need of investment.
But by last summer, the hotel was back on the market with a reported asking price of $20 million, and its condition only seemed to have deteriorated since the acquisition.
There appeared to be few cosmetic updates to the hotel and its spa, but Charlie B’s Pub and Restaurant remained closed with a promised reopening continuously pushed back.
The Stoweflake remains one of the few hotels in Stowe capable of accommodating large gatherings.
Sheri Baraw, formerly the general manager at Stoweflake who now heads up Green Mountain Inn, said she was limited by what she could say by a separation agreement with MCR, but said that the “Baraw family continues to look forward to new ownership re-investing in property.”
New owner
The acquisition by Massachusetts-based Jamsan Management is just one in a series of recent additions to the company’s Vermont portfolio.
The company last year purchased the Montpelier’s Capitol Plaza Hotel, a conference-sized hotel popular with legislators, along with its J. Morgan’s Steakhouse, shortly before the town and the hotel were inundated in the devastating July flood.
Jamsan owns more than 60 hotels across the Northeast, including recent acquisitions in Cape Cod and Conway, Mass. The company owns the Delta Hotel and its Public House restaurant in South Burlington and a Fairfield Inn in Williston.
According to the Jamsan Management’s website, the company owns hotels across many major hospitality brands like Marriott and Hilton, among others.
It’s currently unclear what plans Jamsan has for Stoweflake — a spokesperson responded but did not provide comment prior to publication. Jamsan did retain the staff of the Capitol Plaza Hotel after acquiring it last year.
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