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Monday, October 13, 2008

Peek’n Peak Owner Denies Bankruptcy Reports

By Dennis Phillips,
POSTED: October 13, 2008
FINDLEY LAKE - Despite public knowledge of having trouble paying debts and rumors swirling that the resort has declared bankruptcy, Peek'n Peak Resort and Spa is financially stable, according to facility owner Paul Kiebler IV.
Kiebler said he suspects a few recently laid-off employees are ''creating a stir'' with the rumors of the resort's potential finacial demise.
''(The bankruptcy rumor) is the farthest thing from the truth,'' he said. ''We've remolded some of the hotel, done a lot of improvements. We're excited about the winter season coming.''
Less than a year after purchasing Peek'n Peak Resort and Spa in 2006, Kiebler, president of Kiebler Recreation LLC and Kiebler Properties LLC, announced that $280 million would be invested in the facility during a 10-year period.
However, a year after Kiebler's statement, a number of factors led to speculation that Peek'n Peak's development plan was unachievable and that the resort itself was in financial jeopardy. At least five lawsuits were filed against Kiebler and Peek'n Peak within a year for nonpayment of services and materials rendered.
Another issue with the resort included National Grid sutting off power to the facility last spring. The resort began running its own on-site power generation plant for about a month until a financial agreement was reached with National Grid to reconnect power.
Kiebler said the facility is still working on some of its issues, but is looking forward to the resort's winter season.
''We're up when it comes to advance deposits for rooms and preseason ski pass sales are real strong,'' he said. ''We had a good summer, with golf numbers up 12 percent. Revenues are up, which is surprising with this economy.''
Even though Kiebler says the resort is stable, he admits plans for a 72-unit condominimum Camelot II and a 42-unit townhouse facility titled Stoney Creek have been put on hold.
''We put the idea on hold until we know what is going on with the bailout situation in Washington,'' he said. ''A prudent business person puts construction ideas on hold until the economy comes back. With the residential market the way it is, it's hard to get excted about building new homes.''
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Anonymous said...

Wouldn't it make sense that someone else would come along and buy the Peek if they did declare bankruptcy? It seems to be too big of an assest to the area to simply not exist.

PkNPkFan said...

Yes, I guess it WOULD make sense. This Kiebler guy is a deadbeat and 100% dishonorable. He doesn't pay his contractors and has broken more than a few small backs and ruined lives - deliberately. What a sad day when he bought this fabulous little resort. If I owned one of his condos and knew what he was doing to PREVENT people from purchasing seasons passes, I would be #6 on his lawsuit list.

Anonymous said...

Thanks for your comment. I am actually looking to buy some land in the area. My family loves the Peek and we'd love to build a log cabin up there. Now I am worried reading this about the resort. Do you think it will stay in business under somebody?

rickandjuliarealtors said...

Yes it will stay in business.