Peek’n Peak Owner Denies Bankruptcy Reports

By Dennis Phillips, dphillips@post-journal.com 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.'' For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com