Saddleback ski area might get back in business with another new prospective buyer

Saddleback ski area might get back in business with another new prospective buyer

The purchase price was not disclosed. The ski area has been closed since 2015.

From the Portland Press Herald

An investment firm from Boston has made an offer to buy Saddleback Mountain, stating that they’ll invest between $25 million to $30 million after the sale to help restart the Rageley ski resort, now closed for four years.

Saddleback ski area
Saddleback ski area might get back in business with another new prospective buyer.

The property is owned by the Berry family. The details of what Arctaris Impact Fund is offering to the Berry family has been disclosed in an email to the owners of Saddleback condos. The email was sent by Andy Shepard, CEO of the Outdoors Sports Institute and Tom Federle, a Portland attorney who have been working with Arctaris trying to purchase the ski area.

Saddleback was Maine’s third largest ski resort offering lots of local jobs and drawing thousands of tourists each winter while it was opened.

Shepard would not confirm the terms and conditions of the purchase – only that the $500 million investment group wants to buy the ski mountain and can afford it. The purchase price was not disclosed.

“Tom Federle and I have been quietly trying to find a buyer for the mountain for the last four years and connected with Arctaris last fall. We have been very impressed with their commitment and capacity to not only buy the mountain but doing so with a long-term view to make the mountain successful,” said Shepard, the former CEO of the Maine Winter Sports Center, in an email Friday. “Arctaris is the real deal and I’m hopeful for the Berry family and for the people of western Maine that we can get a deal done.”

Saddleback ski area might get back in business with another new prospective buyer.
Saddleback ski area might get back in business with another new prospective buyer.

Federle owns a condo in Saddleback. Shepard said his interest in the deal is in “preserving one of Maine’s most remarkable ski mountains and the role it plays in the economy of the region, an interest shared by Tom.”

Saddleback, owned by Irene and Bill Berry of Farmington, has been on the market since July 2015. The ski mountain – one of the largest in Maine with an elevation of 4,120 feet – has not been open since the 2014-2015 season.

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Jay Peak is officially for sale.

Jay Peak is officially for sale – will it be able to get the $250M to pay back investors?

Jay Peak is officially for sale – will it be able to get the $250M to pay back investors?

News from Burlington Free Press and WCAX

After years of turmoil due to one of the biggest frauds to ever have hit the federal EB-5 program, Jay Peak Resort is now for sale.

Ariel Quiros, former owner of the resort and his partner Bill Stenger, allegedly as per the U.S. Securities and Exchange Commission misused $200 million in foreign investor funds, with Quiros pocketing personally some $50 million.

The investors have put down $500,000 each in order to receive a green card for themselves and their families. The Miami-based federal receiver Michael Goldberg said that of the 540 investors in Jay Peak, only six have received conditional residency and moved to the United States. About 160 are waiting for their permanent residencies to be approved.

Investors have not received their money back but will they? The answer depends on whether Jay Peak could be sold for $250 million.

Michael Goldberg pointed out that investors from China and other Asian countries, Latin America and Europe were never guaranteed their money back, but the 35 investors in Jay Peak’s Tram Haus Lodge have been repaid in full.

Goldberg said “This was not a loan, it was an investment, and it’s quite possible that these individuals made a bad investment. Basically, the resort will be worth what it’s worth. The fact is, even if there was no fraud, they may not have gotten their whole money back.”

New York’s investment banker Jeffrey Altman of Houlihan Lokey was hired by Goldberg to help sell Jay Peak. Altmann declined to comment the price in which he things the resort can be sold. He was involved in the recent sale of Stowe to Vail Resorts, advising the seller which was the insurance giant AIG.

Mike Krongel of Mirus Resort Advisors, located in Burlington, Massachusetts, explained that a ski resort’s value is estimated as some multiple of its EBITDA (earnings before interest, taxes, depreciation and amortisation).

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Resort Industry Veterans get together to acquire Idaho’s Tamarack Resort.

Tamarack Resort. Resort Industry Veterans get together to acquire Idaho’s Tamarack Resort.

A group of Resort Industry Veterans are to get together to acquire Idaho’s Tamarack Resort. Tamarack Resort Holdings to invest immediately to complete Village Plaza.

Tamarack Resort Holdings (“TRH”), a partnership of investors and managers with decades of development and operations experience at premier resort properties across North America, has entered into an agreement to purchase all of the Tamarack Resort operations and key assets in Donnelly, Idaho.

The announcement follows the State Board of Land Commissioners’ approval this morning to transfer the state lands lease to TRH for continued mountain operations. TRH is purchasing all key assets necessary to operate the resort now and accommodate future expansion plans, including property on mountain, ski lifts and operations equipment, lodge amenities, lodging operations, the telecommunications utility, declarant rights, lake front equipment, sewer and water bonds, a portion of the golf course and the unfinished Village Plaza.

Resort Industry Veterans get together to acquire Idaho’s Tamarack Resort.
Resort Industry Veterans get together to acquire Idaho’s Tamarack Resort.

TRH is also purchasing other private real estate assets and parcels and is taking over the lease to operate The Arling Center event venue. The transactions will close Nov. 30, 2018. “We have been evaluating and working on this agreement for nearly two years to truly understand the history and complexities of the resort. The partnership strongly believes Tamarack has a tremendous opportunity to thrive as a four-season destination of choice for Idahoans and visitors from across North America,” said TRH President Jon Reveal. “Our team looks forward to proving our commitment to Tamarack, Valley County residents, Idahoans and all our guests through investment, completion of unfinished projects and improved resort amenities and offerings.”

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Alyeska Resort and Hotel Alyeska in Girdwood to be sold to a Canadian hospitality company.

Alyeska Resort - Courtesy: Alyeska Resort - Alyeska Resort and Hotel Alyeska in Girdwood to be sold to a Canadian hospitality company.

Alyeska Resort and Hotel Alyeska in Girdwood to be sold to a Canadian hospitality company.

More on CTV News.

A ski resort near Anchorage (Alyeska Ski Resort) has agreed to sell its properties to a Canada-based hospitality company.

Heliskiing from Alyeska.  Courtesy: Alyeska Resort - Alyeska Resort and Hotel Alyeska in Girdwood to be sold to a Canadian hospitality company.
Heliskiing from Alyeska. Courtesy: Alyeska Resort – Alyeska Resort and Hotel Alyeska in Girdwood to be sold to a Canadian hospitality company.

Pomeroy Lodging has entered a contract to buy Alyeska Resort and Hotel Alyeska in Girdwood, the Anchorage Daily News reported Tuesday.

Alyeska said it will “sell substantially all of its resort assets,” including the 300-room hotel and the popular Girdwood ski area. The resort is about 40 miles southeast (64 kilometres) of Anchorage.

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Own your own cat-skiing operation. Silverton Powdercats is for sale for USD 159,000

Silverton Powdercats is out for sale! Photo Silverton Powdercats

Have you ever fancied of owning a cat-skiing operation? Well, the idea is not that difficult if you can get yourself with USD 159,000. Silverton Powdercats, a guiding business that operates in the backcountry of the San Juan Mountains in Southwest Colorado, near Silverton, Telluride and Durango is up for sale for that amount.



Booking.com

Cat skiing in Silverton opens the terrain to all advanced and expert skiers with backcountry equipment and guides. Own a snowcat operation in Silverton.
Cat skiing in Silverton opens the terrain to all advanced and expert skiers with backcountry equipment and guides.

 Note that Silverton Mountain is NOT for sale, only Silverton Powdercats that is one of the snowcat operations in the area. There are other snowcat operations that are not on sale and will keep on operating as usual.  

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