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Australian developer buys Saddleback Ski Resort
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Updated 26 days ago
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29 days ago

If you are interested in the new lifts that are planned for Saddleback, check out the Liftblog article.  Includes a link to video of the press conference where the sale was announced.

https://liftblog.com/2017/06/28/saddleback-is-back-getting-two-new-lifts/

28 days ago

The Majella Group that bought Saddleback really is a global company.  Offices in the United States, Australia, China, the Philippines, and setting up in Abu Dhabi, United Arab Emirates.  Founded over 30 years ago by a surgeon who also invested in land.  The CEO, Sebastian Monsour, is the founder’s son and has been in the business for a couple decades.  Apparently his mother really liked Maine when the visited in 2011 looking around for opportunities.  Monsour choked up thinking about that visit during the press conference because his mother died a few years ago.  The new CEO of Saddleback was a fire chief in Portland for his first career.  Fred Lamontagne is also CEO of Majella Group Western Region and head of Majella Global Technologies.  The Majella office will be in Portland.

MAJELLA GROUP CEO WESTERN REGION AND HEAD OF MAJELLA GLOBAL TECHNOLOGIES

http://majellagroup.com/about

https://www.theurbandeveloper.com/sebastian-monsour-majella-property/ - interview in 2016

28 days ago

The father who is the head of the family that owns the majority of Majella Group is not a typical Aussie.  Frank Monsour is of Lebanese descent, born and raised in Australia, got school scholarships that led to becoming a surgeon, married an Irish/German woman he met while studying in London, and also spent time working in the U.S. before deciding to return to Australia for good.  His son, Seb Monsour, who is CEO calls the company a “family company.”  Seb has five siblings and at least one sister is actively involved in Majella.

http://arabicpages.com.au/article/dr-frank-monsour-rfd.html

 

28 days ago

Just glad it will stay open!

 

27 days ago
How much did it sell for? The deal included the ski resort and all of the land totaling 6,337 acres. https://www.google.com/amp/amp.wmtw.com/article/major-announcement-expected-on-future-of-saddleback/10229973
27 days ago

As recently as 2016 a co-op group was trying to raise $20 million to purchase Saddleback.  The Berry family spent a total of $40 million to upgrade the resort (they bought the place in the early 2000’s).  It is a great place to ski; however, with skier visits at 100,000 per season and the remote location (one of the furthest resorts from Boston) it will be a challenge for the new owners.

 

SCWVA wrote:

How much did it sell for? The deal included the ski resort and all of the land totaling 6,337 acres. https://www.google.com/amp/amp.wmtw.com/article/major-announcement-expected-on-future-of-saddleback/10229973

 

26 days ago

Pretty clear that what Majella wants to do is build a 4-season resort.  There is no way that any ski resort can survive for long as a winter-only destination.  Even out in the Rockies, most of the mid-size and smaller ski areas are working hard to add summer activities that bring in money.  The destination resorts started investing in summer time activities quite a while ago.  I have doubt that the reason Massanutten has been able to put major money into upgrades for snowsports is because of all the other activities on the resort, most of which are busiest from Memorial Day through Labor Day.  Of course, whether or not Maine can attract more people who don’t already go there during the summer is hard to know.

It’s encouraging that Majella is keeping on people with experience running Saddleback ski operations under the Berry ownership.

26 days ago

According to a Maine TV news report, the Saddleback Mountain Foundation raised $5 million and has 1300 members.  All money will be returned.

http://www.wcsh6.com/news/local/australian-group-buys-saddleback-with-plans-of-becoming-premiere-ski-resort-in-n-america/452530305

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