Saddleback aims to open

TomWhite

I agree that it's likely a replacement of Cupsuptic. The two articles I read simply say a new T-bar. But since they don't give a location, it's safe to assume replacement.
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From SAM magazine:
According to Shepard, Arctaris plans to replace the old Rangeley Double chairlift with a high-speed quad, install a new T-bar, modernize the base lodge, expand facilities, and upgrade the snowmaking infrastructure. The work will be done with an eye toward reopening Saddleback in about a year, sometime between Thanksgiving and Christmas of 2020.

loafasaur

Here's the BDN article from Nov 8 on plans, including a mountain coaster. The article also says "the sale is expected to close in mid-December for an undisclosed amount." Too soon to count chickens?
https://bangordailynews.com/2019/11/08/news/lewiston-auburn/here-are-the-plans-for-long-closed-saddleback-ski-area/

ski_it

Encouraging, so I am not going to push you to change the name of this thread again.....yet.
Feb 21, 2009. Sort of a 360 view of the base a few pics down

TomWhite

Peter runs Liftblog.com

Arctaris Impact Fund Agrees to Buy Saddleback
November 7, 2019 Peter Landsman

Four years after being shuttered by well-intentioned but frustrated owners, Maine’s Saddleback Mountain finally has new hope. Boston-based Arctaris Impact Fund agreed this week to buy the mountain and begin preparations to reopen what was once the state’s third largest resort. The 59 year-old mountain is one of New England’s best which has seen more than its fair share of setbacks having nothing to do with the quality of the skiing. “This beautiful mountain has so much potential and it looks like the buyer has a strong plan moving forward,” said Dawn Klein, real estate broker for the Berry Family. “We are excited for the acquisition to be complete for the Saddleback Resort community and the entire Rangeley area.”

In 2008, Saddleback’s trail map showed six planned new lifts.
Bill and Irene Berry purchased Saddleback back in 2003 and spent some $40 million to build a new base lodge, South Branch lift, Kennebago quad and more. By 2015, the family was unable to obtain financing for replacing the Rangeley double, without which the ski resort would go out of business.

The years since have been difficult for the Berrys, the Rangeley community and everyone who loves Saddleback. In June 2017, an Australian investor named Sebastian Monsour revealed plans to purchase the mountain at a base lodge press conference. His Majella Group intended to replace Rangeley with a fixed-grip quad and Cupsuptic with a T-Bar, both from Doppelmayr. Majella and the Berrys never closed and no new lifts were installed.

Arctaris came on the scene after two more years of closure, signing a non-binding letter of intent to purchase the resort. The fund specializes in providing capital to growth-oriented businesses in inner cities and under-served rural regions across the United States. This September, both sides issued statements lamenting that negotiations had stalled. So it’s fantastic news that the two sides have now reconciled and signed an agreement.

The calendar says November and significant work lies ahead, making a quick reopening unlikely. While the highest and lowest elevation lifts are modern fixed-grip quads that saw some maintenance work during the closure, three lifts loading near the main base lodge average 56 years old and may need to be replaced.

Here’s to a speedy closing and lifts spinning some time in 2020.

Update 11/8: Andy Shepard, who will be the new general manager, said in an interview that two new lifts are planned to be built next summer: a high speed quad version of Rangeley and a T-Bar replacement for Cupsuptic. Closing is scheduled for mid-December and reopening planned for between Thanksgiving and Christmas 2020.

joshua_segal

TomWhite;c-38488 wrotePeter runs Liftblog.com

Arctaris Impact Fund Agrees to Buy Saddleback
November 7, 2019 Peter Landsman

...

Update 11/8: Andy Shepard, who will be the new general manager, said in an interview that two new lifts are planned to be built next summer: a high speed quad version of Rangeley and a T-Bar replacement for Cupsuptic. Closing is scheduled for mid-December and reopening planned for between Thanksgiving and Christmas 2020.

I haven't heard of Andy Shepard. Anyone know what his credentials are?

sugarloaf

It would be nice to see Saddleback go into May, they could do it much easier than Sugarloaf. There's no need to keep a long run out to a lift.

Quietman

Andy Shepard's previous position President/CEO of the Maine Winter Sports Center://

TomWhite

Saddleback buyers seek $2 million before sale deadline

by David SingerSaturday, December 7th 2019
AA

The potential buys of Saddleback Mountain say they need to raise $2 Million in the next week in order to close on the resort. (WGME)

RANGELEY (WGME) -- It's been closed for nearly five years and if the buyers of Saddleback Mountain can't find close to $2 million by Dec. 16, for a Dec. 23 closing deadline, the shuttered ski resort may remain that way.
If all goes according to plan, a revamped ski resort would open between Thanksgiving and Christmas in 2020.
"I think it's probably going to happen; a good friend has been working with them--and so I'm guessing it's going to happen--we've have had some disappointments so we're all kind of reserved, so--we'll wait and see," said resident David Rodway of the Saturday morning presentation and pitch from Boston investment firm Arctaris and the resort's new GM, Andy Shepard.
Shepard said the buyers team has garnered commitments from investors from Vermont to Chicago, but still need more cash to officially purchase the mountain property before a full $38 million investment plan unfolds over the next few years. That would include upgraded chair lifts, snow machines; renovating the lodge to optimize views and locations; and transforming the resort into a four-season destination with hiking, mountain biking and a mountain coaster.

Most of those who attended the packed meeting in the lodge were optimistic that the team can seal the deal.
"I do think it's going to happen. I don't think we'd back here again like this, dragging the community up here if they didn't think they had something serious in place, " said Ryan Wilford, of Farmington.
"I'm very excited, I'm hopeful and I don't see any reason it should derail at this point," said Carolyn Smith, a local realtor.
"I am very confident that what they said today is going to happen. I think the players involved are absolutely prepared to do what it takes," said Ted Rioux, a property owner.
Forms for donating to the Saddleback Mountain Foundation, a non-profit, were at the meeting, and the members said if the sale doesn't go through, their donations would be refundable.
"Looks like it's going to take the whole community so we're all excited about it and I hope they can close on the 23rd and we go from there," said Rodway.

https://wgme.com/news/local/saddleback-buyers-seek-2-million-before-sale-deadline?fbclid=IwAR2Trt5rzQyirpXkhkZbPLQKl4lUXvzWxtAqqvhLKI2-RLde34FrvGyJG0Q

loafasaur

This from K2Trav, one of the mainstays on the unofficial Sugarloaf chat page:

I was there, it all sounded great till the end, then it was GIVE US MONEY, sounded like Maine Huts and trails. They were very open about everything except for how much they had raised so far, they need 2 mill by the 16th then another 2 mill by the end of january

They did say that the deal was for about 6000 acres

lotsoskiing

Eeek

sugarloaf

Color me sceptical.

riverc0il

lotsoskiing;c-38973 wroteEeek

sugarloaf;c-38975 wroteColor me sceptical.

Yea, I agree. I read the Family Skiing in Maine blog and it seems that Arctaris needs to "generate above-market returns for its investors" according to the blog post. So they are begging for money to buy and open the mountain and then siphoning profits out of the area after it is operational? Seems odd to donate to support a private sale with profits going to faceless shareholders.

newpylong

Above market returns? Sounds like someone didn't do their homework prior to deciding to get into the ski industry. How do you turn a profit? Operate anything but a ski area!

z1000307470

What a surprise. The buyers do not have money. How are they going to get $38 million when they cannot get $2 million and they need another 2 million by the end of January?????

By the way - Saddleback isn't worth a dollar today if you want a return on your investment. You need to replace a main lift just to get the ball rolling. It appears the buyers missed this fact.

sugarloaf

A new Rangely Chair is just one part of the puzzle. Another key part is slopeside lodging. This place won't be profitable from day trips alone. Sugarloaf has 8,000 slopeside beds, Saddleback has 700. Right now the only thing slopeside is condo's.

z1000307470

sugarloaf;c-38986 wroteA new Rangely Chair is just one part of the puzzle. Another key part is slopeside lodging. This place won't be profitable from day trips alone. Sugarloaf has 8,000 slopeside beds, Saddleback has 700. Right now the only thing slopeside is condo's.

This group cannot even get the first $2 million to close the deal. There are zero RE developers who will be signing up for this mess and zero people taking the risk of buying a place on a mountain that might never open or might close even if it gets open.

Realistically - replacing the Rangeley double with a FGQ, replacing the Cupsuptic t-bar, and getting the place in working order is going to cost $3-5 million depending on luck. The 31 year old Stratton Snow Bowl FGQ moved only 13 miles and Magic claims it is costing $1 million. There will be no such luck for Saddleback.

sugarloaf

You've also got to believe that in the five years of non operations, it's been thoroughly looked over by all the big players in the industry. The fact that a major resort has been abandoned for such a long time, speaks volumes about it's potential profitability.

joshua_segal

sugarloaf;c-38990 wroteYou've also got to believe that in the five years of non operations, it's been thoroughly looked over by all the big players in the industry. The fact that a major resort has been abandoned for such a long time, speaks volumes about it's potential profitability.

SMF (Saddleback Mountain Foundation) did a financial projection and came up with a workable plan, but the mountain had to be run as a community not-for-profit (like Camden and Squaw).

Sugarloaf's comment is absolutely correct

NewEnglandSkier13

joshua_segal;c-38490 wrote
TomWhite;c-38488 wrotePeter runs Liftblog.com

Arctaris Impact Fund Agrees to Buy Saddleback
November 7, 2019 Peter Landsman

...

Update 11/8: Andy Shepard, who will be the new general manager, said in an interview that two new lifts are planned to be built next summer: a high speed quad version of Rangeley and a T-Bar replacement for Cupsuptic. Closing is scheduled for mid-December and reopening planned for between Thanksgiving and Christmas 2020.
I haven't heard of Andy Shepard. Anyone know what his credentials are?

He did good things for Black Mountain when there was money, but when the money ran out he and the Maine Winter Sports Center vanished. Luckily Black was saved by the Chisholm Ski Club and the community.

sugarloaf

If this deal falls through, I wonder what the Berry's will do.

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