Jay, VT – Groundbreaking on Jay Peak’s new Hotel Jay today marked the beginning of the next phase of the Vermont ski resort’s $125 million redevelopment.nFollowing the completion of the Tram Haus Lodge last winter, crews demolished the original Hotel Jay, built in 1973, to make room for its 275,000 square-foot replacement. The resort’s redevelopment has also included a new ice arena, golf course clubhouse, and the Northeast’s largest indoor water park.

The project is being funded by 250 foreign investors from 43 countries, who under a EB-5 Foreign Investor Visa program promoted by U.S. Senator Patrick Leahy (D-VT) will receive U.S. residency in exchange for an investment of $500,000 or more each.

The new Hotel Jay is expected to open in 2012.