Investor Group to Purchase Montage

354 view(s)

Publish Date

07/11/2006

SAM Magazine-Scranton, Pa., July 11, 2006-Snow Mountain LLC, a consortium of Philadelphia investment bankers, developers, and accountants, has agreed to purchase Montage Mountain Ski Resort from Lackawanna County.

Sno Mountain LLC will pay a reported $5.1 million for the resort. Last month the group offered $4.1 million, but increased its offer to match a bid from Snow Time Inc.

Over the next five years, Sno Mountain proposes to inject a minimum of $14 million into Montage. It will spend $6 million to upgrade the lodge, snowmaking plant and other ski-area facilities. The upgrades include a planned addition of 180 new SMI snowguns to the resort's 26 currently functioning guns. Sno Mountain is also committed to building an $8 million water park in an effort to transform the area into a year-round resort. Sno Mountain will pay off Montage's $3.3 million debt as well.

The new owners hope to begin work on several projects late this summer. Tentative plan is to operate the ski area this winter and open the water park in 2007. The new team will retain the resort's 20 full-time staff and 450 seasonal and part-time employees, and hire an additional 150 to staff the water park.

Comments

montage sale

I think that its great for someone or group to buy montage and make the improvements that are truly needed there,the water park is going to be great for the area also,the county never wanted to invest in capital improvements to keep up with the times,most of the snow guns are at least 20 years old if not older.and the corect number is 56 not counting tower guns,although I do feel that snow time inc could have done a good job also but they didnt seem to interested in a water park anytime soon,granted they do run a sucsesful operation 2 hours south of montage snow mountain has more to offer,they plan on upgrading the current lodge and also adding another lodge also that will be near the relocated tubing hill that will make it much more accesible to those that are there for tubing only. I wish them the best and hope the are able to get montage back on its feet and not be a burden to the tax payers of lackawanna county like it has been in the past

Post new comment

The content of this field is kept private and will not be shown publicly.

More information about formatting options

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.