New buyer for grand hotel in Great North Woods - The Union Leader

The board, which oversees the resort, announced Monday the directors accepted a proposal from a group of Maine-based investors to purchase the assets of the resort. A purchase and sales agreement was signed over the weekend, and the deal will be finalized this fall.

The Balsams was slated to be closed starting Sept. 15 under the previous buyers, Ocean Properties. That deal fell through, but employees already were notified they could be out of work for up to a year during renovations. It appears the new investor group has a similar time line for renovations.

"The new ownership will invest a significant amount in the restoration and renovation of the property over the winter, with the objective of a grand reopening for the summer 2012 season. The investment group was selected based on their financial resources, dedication to the future of the BALSAMS and its employees, as well as their commitment to the environment and economy of the North Country. More details will follow as they are available," according to the press release sent out by the board.

12 Sep, 2011

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