Current News

by Timothy McQuiston, Vermont Business Magazine RLJ Lodging Trust (NYSE:RLJ) revealed Wednesday that it has sold the 309-room DoubleTree by Hilton Burlington Vermont for $35.0 million. Based on the trailing 12 months ended August 2018, the sales price represents a 17.3x EBITDA multiple and 4.5 percent capitalization rate, inclusive of required capital expenditures. The buyer is AAM 15 Management, LLC based in Burlington, MA. AAM 15 is a real estate investment and hospitality management firm. Its portfolio includes Residence Inn Burlington in Colchester.

Vermont Business Magazine The Vermont Agency of Agriculture, Food & Markets (VAAFM) has awarded grants totaling $332,632.61 for 12 projects to benefit Vermont producers of fruits, vegetables, nursery stock, maple, wine grapes, and value-added products and to increase consumer access to locally produced food. These grants, funded through the USDA Agricultural Marketing Service’s Specialty Crop Block Grant Program (SCBGP), were awarded to nine agricultural organizations to undertake a range of research, technology development, education, marketing, and program-building projects. The grants will leverage over $183,000 in additional matching funds.

“Specialty Crop Block Grants are growing the agriculture economy in Vermont,” said Anson Tebbetts, Secretary of Agriculture, Food and Markets. “These investments are critical for the development of new crops, promoting Vermont brands and expanding markets for farmers and food companies.“

Fuse, Burlington It’s forecasted that in the next 20 years, more than one billion people will be Digital Nomads, a location-independent lifestyle made possible by the internet, cloud computing, and other advances in technology. The Digital Nomad trend is more than just a new way to work; it represents a way to live that’s connected, adventurous, creative, and collaborative.

Vermont Business Magazine Eight entrepreneurial start-up companies convened Tuesday at the Ben & Jerry’s headquarters in South Burlington for their first “sprint” of Accel-VT—a business accelerator providing support, mentorship, and access to capital for early stage companies committed to climate economy innovation. The businesses were competitively selected to participate in Accel-VT to help solve the challenges related to the rapidly evolving agriculture and food technology space and include Agrilab Technologies of Enosburg Falls, Ceres Greens of Barre, Meristem Farms of Morrisville and businesses from Michigan, North Carolina, Minnesota, Georgia, and Hawaii.

Vermont Business Magazine Vermont Council on Rural Development will launch the Climate Economy Model Communities Program in Swanton with a Kick-Off on October 10. The program, named the SWANTON ENERGY INITIATIVE by a local planning team, will begin with a series of forums and a free community dinner during the afternoon and evening. Full details of the schedule are below. This event launches a process for residents to identify and advance priorities that improve economic opportunity and affordability and strengthen the community in the face of climate change.

Swanton applied for the Climate Economy Model Communities Program in a competitive process last fall and was selected as one of two communities to participate in 2018. The application was submitted by the Swanton Enhancement Project with support from both the Swanton Village Trustees and the Town Select Board.

Vermont Business Magazine The EPA has confirmed that New Englanders experienced a slight increase in the number of unhealthy air quality days this year, compared to 2017. Based on preliminary data collected between March and September 2018, there were 28 days when ozone monitors in New England recorded ozone concentrations above levels considered healthy. By contrast, in 2017 there were 25 unhealthy ozone days in New England. But states felt it differently: Rhode Island doubled, Maine fell by half and Vermont was unchanged, with the fewest in the region with one.

Vermont Business Magazine Total Fitness Equipment (TFE) has opened their 7th New England store at 10 Dorset St, South Burlington, VT across from CVS. TFE acquired Personal Fitness Interiors prior to the opening and Nancy Condit the former PFI owner is now managing the Total Fitness Equipment location. Nancy has 29 years of fitness equipment experience and Gary Richter is working alongside Nancy in the new showroom as a fitness equipment consultant ready to help you with your needs.

Vermont Business Magazine The Agency of Education revealed on Monday that Thomas Payeur, a mathematics teacher at Winooski High School is the 2019 Vermont Teacher of the Year. Payeur will be honored at the 38^th Annual Outstanding Teacher Day Celebration at the University of Vermont’s Davis Center. Payeur will begin his tenure as Vermont Teacher of the Year on January 1, 2019.

Vermont Business Magazine Attorney General TJ Donovan is supporting efforts to combat the gender pay gap. AG Donovan joined an amicus brief in support of the City of Philadelphia in a lawsuit regarding a statute aimed at addressing the gender pay gap. The brief was filed with the U.S. Court of Appeals for the Third Circuit. The challenged ordinance prohibits employers from either asking a prospective employee about salary history (known as “the inquiry provision”) or relying on salary history in determining future salary (known as “the reliance provision”).

Vermont Business Magazine Vermont Public Radio and Vermont PBS have announced the VPR – Vermont PBS Debates, a new collaboration to broadcast four live candidate debates leading up to the General Election on November 6. The debates will be moderated by Bob Kinzel, Peter Hirschfeld and Jane Lindholm during VPR’s program Vermont Edition and broadcast by Vermont PBS. They will include the major candidates for governor, lieutenant governor US Senate and Congress.

Vermont Business Magazine Smugglers’ Notch Distillery has purchased a 14,000-square-foot facility on a 10-acre campus along the Lamoille River in the heart of Jeffersonville. A ribbon-cutting and cocktail party to launch site renovations will be on Thursday, October 4 from 2 -4 PM with Governor Phil Scott and US Representative Peter Welch to speak at the ribbon cutting ceremony at 3 PM.

State Senator Richard Westman said, “Vermont distilleries are expanding and thriving in Vermont! Smugglers’ Notch Distillery has been a leader in this movement and this latest expansion with their new building is exciting news! All of Vermont is benefiting from the expansion of these businesses. We in Jeffersonville and the Smugglers’ Notch area are thrilled with the success of Smugglers’ Notch Distillery.”

by Betsy Bishop Despite the reported rancor around the budget in the 2018 legislative session, the Vermont Chamber had a very successful year, proving that the Republican Administration and the Democratic leaders of the Legislature can work together for the betterment of Vermont’s economy. It’s important that our elected leaders continue to find progress in this area because according to the recent VPR/PBS poll, the economy is the top issue for Vermonters. That means they want better job opportunities with competitive wages and flexible benefits as well as a place they can afford to live, increasing their purchasing power. Our elected leaders joined forces this past session resulting in the following successes for business.

Economic Development & Workforce