While two reviews on TripAdvisor caution that the renovations have slowed things down, there are plenty of good reviews from the same time period that mention no hassles or disappointments. Norma's, the #1 restaurant in Stowe according to TripAdvisor, is still operating as usual. The spa is also fully open and providing 100% of its services.
The only differences in operations appear to be minor. Valet parking is mandatory (and included) due to the work being done on the self-parking lots, and the main check-in is now located at the spa counter. No official completion date has been announced by the hotel, however we would guess you'll be back to normal poolside lounging this summer at Topnotch in the beautiful Vermont valley.
We don't think you should be scared off if you had hopes of a stay this winter, although we would recommend calling prior to booking and asking the right questions (and that goes for all other renovating hotels as well). For example, if you plan to ski and then hit the spa, you'll want to be sure nothing has changed and that the shuttles and spa are still operating as usual. If so, enjoy the discount!
Have you stayed at Topnotch during the construction? Let us know how it was.
[Photos: Topnotch Resort]