American Insurance Group has transferred ownership of Stowe Mountain Resort to Chartis, a subsidiary the insurance giant created last summer.
AIG, which received $182 billion in federal aid last year, had announced in May that it would accept offers for Stowe.
"We believe this investment is beneficial to the resort's employees and the Stowe community at large, as it provides stability and clarity on the ownership of one of the finest resorts in the U.S.," Chartis said in a prepared statement. The statement said the transaction is "beneficial to the resort's employees and the Stowe community at large as it provides stability and clarity on the ownership of one of the finest resorts in the U.S."
The transfer of ownership happened Dec. 31. The value of the transaction was not disclosed.
Stowe had broken ground on the multi-year Spruce Peak Development when AIG was beset by financial troubles that led to the federal bailout. The Spruce Peak project will add $400 million in high-end real estate properties and related amenities to the resort.
Stowe, on Mt. Mansfield in Vermont's Green Mountains, is called the Ski Capital of the East. The resort has been at the forefront of the development of the sport of alpine skiing in the United States.