Construction companies in the Northeast Kingdom are searching for answers about the money they're owed. It's collateral damage from the EB-5 program involving developers Bill Stenger and Ariel Quiros at Jay Peak and Burke Mountain.
Construction company PeakCM is trying to recoup the money it's owed for being the general contractor on the new $50 million hotel at Burke Mountain. Until that company gets its money, the laborers that built the hotel can't get theirs either.
The new Burke Mountain Lodge is open with a view that's second to none. The $50 million hotel has studio rooms, plush suites, an arcade room, four wide-ranging dining options and close proximity to ski lifts. The marketing team hopes it could increase visits to the resort by as much as 33 percent.
"Now they have a place to come and stay if they weren't a local condo owner," said Jessica Sechler of Burke Mountain Marketing.
The hotel almost didn't get finished. The Securities and Exchange Commission is accusing the developers, Bill Stenger and Ariel Quiros, of misusing $200 million of investor funds.
General contractors like the Winooski company PeakCM could have walked away from the project when it became apparent project owners were out of money to pay them.
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