September 25, 2007
Sugarloaf/USA gets $4 million facelift
The new owner of Sugarloaf/USA is making the largest capital investment in over a decade in the Carrabassett Valley ski resort.
Sugarloaf officials on Monday said the $4 million investment will expand snowmaking capacity by 20%, create a new public transit system, improve trail grooming and upgrade and expand facilities, including the Sugarloaf Outdoor Center and Bullwinkle's, Sugarloaf's mid-mountain lodge, according to the Associated Press.
Boyne USA Resorts, based in Michigan, acquired the Sugarloaf and Sunday River 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.
Sugarloaf officials on Monday said the $4 million investment will expand snowmaking capacity by 20%, create a new public transit system, improve trail grooming and upgrade and expand facilities, including the Sugarloaf Outdoor Center and Bullwinkle's, Sugarloaf's mid-mountain lodge, according to the Associated Press.
Boyne USA Resorts, based in Michigan, acquired the Sugarloaf and Sunday River 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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