October 2, 2007
Sunday River seeing $4.8M in upgrades
Newry ski resort Sunday River recently said it would plow $4.8 million into improving its snow making capacity and upgrading lodging options.
The investment -- the resort's largest in a decade -- will be used to purchase snow making equipment, new groomers and to refurbish a number of hotels and condos on the mountain.
The news comes a week after Sugarloaf/USA in Carrabassett Valley said it would invest $4 million in its mountain resort.
Michigan-based Boyne USA Resorts acquired the two ski resorts for $77 million in August and then immediately sold them to CNL Income Properties, an Orlando, Fla.-based real estate investment trust. Boyne then signed a 40-year agreement to operate the resorts, saying it would use the financial backing of CNL to invest in the resorts.
The investment -- the resort's largest in a decade -- will be used to purchase snow making equipment, new groomers and to refurbish a number of hotels and condos on the mountain.
The news comes a week after Sugarloaf/USA in Carrabassett Valley said it would invest $4 million in its mountain resort.
Michigan-based Boyne USA Resorts acquired the two ski resorts for $77 million in August and then immediately sold them to CNL Income Properties, an Orlando, Fla.-based real estate investment trust. Boyne then signed a 40-year agreement to operate the resorts, saying it would use the financial backing of CNL to invest in the resorts.
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