Industry News
Saddleback Mountain, Maine is under new ownership as an Australian real estate developer, Majella Group has bought the resort. No sale price or other details of the agreement have come out yet. There was hope that the Saddleback Mountain Foundation would buy the resort, but ultimately they could not match the Majella Group’s bid. The Saddleback Mountain Foundation is a group of local business owners and season pass owners who have raised money to try to buy the resort. There is still a lot of Happiness and excitement around Rangeley
“I am very excited about a new owner even if it’s not the Saddleback Mountain Foundation” – Jamie Wright, Owner of Gorham Bike and Ski in Rangeley
The resort has not opened each of the last two years. The Berry Family, the previous owners, announced in the summer of 2015 that if they could not secure $3 million in financing, they would be forced to sell. They did not receive the financing and the resort has been closed ever since.
The sale includes the lodge, ski lifts, and surrounding land; in total 6,337 acres. The owners envision a premier four-season resort on the East coast. The new ownerships first priority is to replace two chairlifts and prepare the resort to open this winter.
“When completed, Saddleback will feature one of the newest lift systems in all of New England” – Fred LaMontagne, CEO of Majella’s Western Region
The new ownership is approaching the project “not too over promise, but to move expeditiously and communicate transparently”. While some are disappointed that the mountain will not be under local ownership, there is optimism for the local economy and ski resort.
