• Welcome to AlpineZone, the largest online community of skiers and snowboarders in the Northeast!

    You may have to REGISTER before you can post. Registering is FREE, gets rid of the majority of advertisements, and lets you participate in giveaways and other AlpineZone events!

Saddleback Maine for Sale!

tomcat

New member
Joined
Nov 12, 2010
Messages
258
Points
0
Location
Dover Foxcroft ME
Website
tomcatoutdoors.blogspot.com
That's interesting. I know the Berrys have done lots of improvements and had plans for lift expansion. Hopefully a new owner could keep the price attractive still. You can't beat their current lift tickets for the quality of the mountain.
 

riverc0il

New member
Joined
Jul 10, 2001
Messages
13,039
Points
0
Location
Ashland, NH
Website
www.thesnowway.com
Wow. So much investment already, so many plans, and now a sale? Surely they incurred a ton of debt improving the mountain and that is going to be included with the purchase. I wonder why they would invest so much and then try to sell it. They surely can't get enough to cover their costs and make a profit as a fixer upper.

The Berry family will keep 7,600 of the 8,000 acres it bought 10 years ago and hopes to remain involved with the ski area in some capacity.
That suggests to me that the planned expansive expansion would be significantly reduced in size, if it ever happens.

I think the article says they'd be happy to see the mountain go non-profit. But if they really liked the idea, they'd set that up right now. They are probably more interested in cutting their losses and selling to the highest bigger.

So who can do this? Boyne is already saturated in that part of Maine but they could preempt competition by bring Saddleback on board and offer the ultimate and best multi-mountain season pass in New England bar none but I dont' see that happening. Jay just tapped Burke, I can't imagine they'd want another so soon. Peak Resorts might be able to benefit but they don't seem like they are in a good enough financial position to do it. Triple Peaks? They would be the first to have areas in VT, NH, and ME since ASC if they did it, Saddleback could benefit from the Triple Peaks treatment of a HSQ double replacement, lots of snow making, and the condo build up thing. Private investors not already involved with another resort?

Saddleback is a tough sell due to location but the mountain has momentum, good stats, improving visibility, and a great variety of terrain. I can't see it not going the distance at this point but I don't think the Berry family is going to have offers thrown at them either.
 

Angus

Member
Joined
Feb 18, 2005
Messages
961
Points
16
Not super shocking, in the last 12-18 months, hasn't there been talk about how the family was scaling back their investment which was creating some question about their future plans. The article is lacking in details about any assumption of debt by new buyer, etc. Interesting, the family is keeping the bulk of acreage. Rangeley is a special place but it is so hard to get there! Skied there last spring for first time and literally saw mountain melt out in front of my eyes but you can see how fun it would be when they have snow.
 

Mildcat

New member
Joined
Aug 27, 2007
Messages
1,440
Points
0
Location
Wistah
Wow. So much investment already, so many plans, and now a sale? Surely they incurred a ton of debt improving the mountain and that is going to be included with the purchase. I wonder why they would invest so much and then try to sell it. They surely can't get enough to cover their costs and make a profit as a fixer upper.


That suggests to me that the planned expansive expansion would be significantly reduced in size, if it ever happens.

I think the article says they'd be happy to see the mountain go non-profit. But if they really liked the idea, they'd set that up right now. They are probably more interested in cutting their losses and selling to the highest bigger.

So who can do this? Boyne is already saturated in that part of Maine but they could preempt competition by bring Saddleback on board and offer the ultimate and best multi-mountain season pass in New England bar none but I dont' see that happening. Jay just tapped Burke, I can't imagine they'd want another so soon. Peak Resorts might be able to benefit but they don't seem like they are in a good enough financial position to do it. Triple Peaks? They would be the first to have areas in VT, NH, and ME since ASC if they did it, Saddleback could benefit from the Triple Peaks treatment of a HSQ double replacement, lots of snow making, and the condo build up thing. Private investors not already involved with another resort?

Saddleback is a tough sell due to location but the mountain has momentum, good stats, improving visibility, and a great variety of terrain. I can't see it not going the distance at this point but I don't think the Berry family is going to have offers thrown at them either.

How much would the ability to be a "four season resort" appeal to potential buyers?
 

riverc0il

New member
Joined
Jul 10, 2001
Messages
13,039
Points
0
Location
Ashland, NH
Website
www.thesnowway.com
How much would the ability to be a "four season resort" appeal to potential buyers?
Tenney and Ascutney sit dormant while Burke gets bought and continues to go the multi-season resort route. I can't think of many areas that have been bought recently without the intent of trying to milk the resort year round. Even MRG is stepping up its use of its facilities in the off season for functions. I don't think modern areas can survive without four season appeal.
 

Nick

Administrator
Staff member
Administrator
Joined
Nov 12, 2010
Messages
13,135
Points
48
Location
Bradenton, FL
Website
www.alpinezone.com
The asking price is $12 million for 400 acres of property that includes the ski trails and lifts, the base lodge and most of the surrounding 121 condominium units.

That seems like a pretty good price actually. I mean 120 condo units alone at $100k is $12m. Plus all the lifts and equipment and base lodge?
 

drjeff

Well-known member
Joined
Jan 18, 2006
Messages
17,341
Points
63
Location
Brooklyn, CT
Location, location, location!

Saddleback suffers from the perception of the "masses" (whom they need more of to pay the bills) that they're so far out of the way that it's probably not worth the extra drive time with other GOOD choices available "closer"

Right or wrong, many folks won't even bother to deal with the perceived hassle of getting there for the 1st time to check it out- i'm also guessing that the $$ that Boyne is spending on Sugarloaf (and also promoting it) isn't helping out Saddleback at drawing new folks
 

deadheadskier

Moderator
Staff member
Moderator
Joined
Mar 6, 2005
Messages
25,809
Points
63
Location
Southeast NH
The timing of this is certainly interesting considering didn't Saddleback just receive approval for EB-5 investment?

I personally don't think it will sell if the Berry's intend on keeping 7600 of the 8000 acres. That sounds to me like they want to rid themselves of the greatest cost liability (the ski area operation), yet retain Saddleback's greatest potential asset; land for real estate development.

If they were willing to part with all of the property, I could see a company like CNL potentially being interested in purchasing it and leasing out the resort operations.
 

billski

Active member
Joined
Feb 22, 2005
Messages
16,203
Points
38
Location
Lexington, Mass.
Website
ski.iabsi.com
It's actually a very smart move on the part of the Berrys from an investment point of view. Sell high. The asset value is high right now. They have really made a lot of investments beyond capital. The ski school alone has had a ten-fold enrollment increase in the last five years.

The debt is not the buyers problem, though it will certainly play into how low Berrys will go. A these days buyers are investment buyers. They look for payback over NN years depending on the type of investment. That certainly means 4 season investments a-la Jay. If you've already got people making a hoof up to Sugarloaf and Bethel Maine, it's not that big a stretch. If you look at summer time, lots of people are making the hoof, for a week at a time.

At this point in the industry's lifecycle, It would not surprise me if some wall street entity buys it and subs the operation out to a third party.

It would not surprise me if they lease back some of the land to the buyer.
 

skiNEwhere

New member
Joined
Oct 29, 2006
Messages
4,139
Points
0
So 12,000,000......divided by the 5,088 members of AZ is 2,358.49 per person. Let's buy it as a co-op!
 

wa-loaf

Active member
Joined
Jan 7, 2007
Messages
15,062
Points
36
Location
Mordor
Too bad I didn't win the Powerball last week. 12 mill would have been chump change ...
 

steamboat1

New member
Joined
Aug 15, 2011
Messages
6,613
Points
0
Location
Brooklyn,NY/Pittsford,VT.
Rangely already is a 4 season destination. The lake is huge & is very popular in the summer. Contrary to what some might think skiing & Saddleback play a minor role in the local economy. The Rangeley area is arguably the snow mobile capital of the east. In winter the local hotels/motels are not filled with skiers they're filled with snow mobilers.

Still I'm surprised to hear that Saddleback is up for sale after reading all the plans they had for the mountain. Quite a few of the plans have already been constructed & installed. If you've never been there it really is a great mountain.
 

skiNEwhere

New member
Joined
Oct 29, 2006
Messages
4,139
Points
0
Too bad I didn't win the Powerball last week. 12 mill would have been chump change ...

I was thinking the same thing, except I would try to pry the Big Squaw area from their incompetent owner califone
 

salsgang

Member
Joined
Jan 10, 2007
Messages
817
Points
16
Location
Southern Coastal Maine
I saw Mr. and Mrs. Berry at Saddleback today as we were skiing up there today for opening day. I don't know them at all so I didn't speak to them... and anything I say about any reasons why they are selling would just be guessing.

The Berry's have been awesome for Saddleback over their 10 year ownership. The first 5 years of their ownership were pretty active from a capital perspective. New lodge, 2 new chairlifts. The last 5 years have been pretty stagnant capital wise, but they have always aimed at keeping Saddleback affordable and accessible. I am hopeful new owner(s) will revive the capital improvement plan while keeping the same Saddleback vibe.
 

speden

Member
Joined
Nov 18, 2008
Messages
895
Points
18
Saddleback has always been intriguing to me, but the drive from Mass is pretty brutal, with somewhat lousy roads. I've always found Sugarloaf to be much easier to get to. It must be tough to attract a lot of skier visits to Saddleback.
 
Top