Ski resort operator Peak Resorts, which owns the Hidden Valley Ski Area in Wildwood, announced it raised $52 million from EB-5 investors for upgrades to its Vermont resort.
Wednesday's announcement sent Wildwood-based Peak Resorts' stock up 27 percent Thursday, closing at $4.28 a share, compared with Wednesday's closing price of $3.37.
The United States Citizenship and Immigration Services (USCIS) approved Peak Resort's petition, which is the first step in the process for an immigrant who invests in an EB-5 program to become a permanent resident of the United States, Peak Resorts said in a regulatory filing.
"We are pleased that we received the EB-5 project approval, and look forward to the funds being released from escrow soon so that we can resume our Mount Snow development projects,” president and CEO Timothy Boyd said in a a statement.
Peak Resorts plans to bolster snowmaking capacity at its Mount Snow ski resort in West Dover, Vermont, and add a new three-story ski lodge.