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That suggests to me that the planned expansive expansion would be significantly reduced in size, if it ever happens.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.
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.
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.How much would the ability to be a "four season resort" appeal to potential buyers?
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.