Peak Resorts said Tuesday that the United States Citizenship and Immigration Services approved the first I-526 petition submitted by an investor in an EB-5 offering of Mount Snow, a company-owned resort.
The EB-5 program is a visa program for foreign nationals who invest money in the United States. The approval will allow the funds raised in the offering to be released from escrowy.
The company said it plans to use the proceeds to fund two development projects at the resort, the West Lake Water Project and the Carinthia Ski Lodge Project.
“As we noted, we will be immediately reimbursed for the more than $15 million that we invested in project construction since February 2015. This reimbursement will help further strengthen our balance sheet and bolster the long-term liquidity of the company,” said CFO Steve Mueller.
By Caroline Williams