Sale of Montage Mountain Finalized

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Publish Date

05/14/2013

SAM Magazine--May 14, 2013--The sale of the beleaguered Snö Mountain, Pa., to a group of investors that will bring back the area's original name, Montage Mountain, was finalized last Friday. Montage first opened in 1983 and was run by Lackawanna County until 2006, when it was purchased by a group that renamed the ski area Snö Mountain. In October 2012, Snö Mountain declared bankruptcy, having racked up $24 million in debt thanks to huge infrastructure improvements. Earlier this year, the resort's largest creditor, National Penn Bank, bought the area out of bankruptcy for $4.6 million (the Snö Mountain owners owed the bank close to $9 million). A real estate group called Jefferson-Werner has purchased the area free and clear for $5.1 million from the bank. The buyers have already done a lot of work on the area's water park over the past two months under a transition agreement. The new owners are expecting to open its water park doors on May 25 and has said it will honor more than 1,800 water park season passes sold before the sale. As for winter operations, skiers and snowboarders can look forward to a full 2013/14 season.

Comments

Yayyyy!

One of our favorite places to ski getting new life! This place has always been a great place for family day trips; great ski school staff (lessons never crowded! a great bargain, practically private lessons at group rates!)and even though the indoor lodge facilities were pretty dreary and the bathrooms needing repair, the slopes were great, especially in the morning before the local teens become more numerous. Honestly, I hope the new owners don't make the place so cushy and successful that our great local secret gets around!;) Oh, and love the water park! Again, great arrangement for families... Big enough to keep my tweens entertained and can even venture off independently a bit too while thd parents sip margaritas poolside!

Good luck

Glad to see it has new a life and future!

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