Sad Balsams update

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I had a pretty bad feeling about the whole thing after the sale. I just don't think the draw exists in today's world without completely changing the character of the Balsams. This ship has sailed.
 
There were a few sort of success's at this game in the region, but they were built on a couple of prior bankruptcies. Mountain View Grands redeveloper picked up the place on the verge of ruin and scored some major tax credits and spent his life's savings. The end result was a successful rehab but unfortunately he cut some corners and got jailed for deliberately burying asbestos on the site. The subsequent owners bought it at foreclosure and they seem to break even. Mt Washington Hotel was also in deteriorated condition about 20 years ago and needed major upgrades. During a major real estate boom (S&L?), a speculator bought it and started winterizing it. They ran it until the bubble burst and then another firm bought it and continued the renovations until they went bust where it was then picked up by some of the investors in the cog for pennies on the dollar and they also bought the ski area back. They stabilized it and eventually sold both to Omni the current owner (who incidentally has been planning the development a major high end project at the hotel in the hundreds of millions before getting caught in the latest housing bust). In general these large mountain developments seem to resemble Castle Swamp in the Holy Grail. Unfortunately, the Balsams has always been too far north to attract much interest and barring some tech billionaire buying it for private lair or the discovery of natural gas underneath it I expect that at some point it will suffer the fate of many grand hotels ending up in pile of ashes.

About the only apparently outright successful attempt seems to be Waterville Valley. Jay peak is going for broke with Chinese visa money and given the Canadian dollar, they may pull it off but it more likely it will tank at some point. Killington also seems to have bucked the trend.
 
Since green squares have gone the way of grand hotels and Adirondack 'great camps,' I'll offer that this is some really great reportage and analysis: concise, informative, easy to read and most helpful in rebuilding the Holy Grail lexicon ("Castle Swamp," excellent). Thanks!

Sorry about venture failures, it's always heartbreaking, but being in the mountains requires no less than total efficiency: Make it work or get out before you die.
 
While expensive, I always considered the Balsams a special treat for my family and actually not a bad value when you consider that gourmet breakfasts and dinners were included as well as unlimited use of downhill and groomed xc ski trails, immediate access to some terrific hiking/snowshoe trails, free use of equipment etc. I don't play golf but was impressed with the location, scenery etc. The place has a special character and grace that I hope is not lost in the eventual scheme to "re-position" the hotel for new markets. The hospitality and food service experience and draw of the mountains attracted enthusiastic and friendly staff from around the world.

On my handful of visits, the occupancy rate certainly seemed consistent with financial feasibility but "off season" is a long time up there and that is when carrying costs kill you. I'm just hoping the facility is adequately "mothballed" to preserve it for the the time that it will rehab and reopen.

Meanwhile, there are plenty of alternatives available for those who seek such accomodations, each with their own unique natural draw. Enjoyment of such places is a welcome respite from the typical mediocre service, boring food and nickle and dime amenities found in so many places. This ship is not gone or lost, it is just standing by in the fog of a lousy world economy shifting gears in a rapidly changing world and muddling through the notion that an entitlement driven economy can substitute for one based upon private initiative and industriousness.
 
My wife and I got to stay there once, we also visited for the day another time. It was crowded and lively when we were there. Closing it will be a great loss.

It wasn't a place we could go to often, but it was so enjoyable and comparatively such a good deal that we hoped to return.

Other resorts on a similar scale have managed to stay open. It would be great if something can be worked out.
 
Sounds a bit fishy, with nobody wanting to even comment and very sad. My sister used to work there chambermaiding as a teen. We used to visit her periodically since she lived up there for the summer. She skied there every winter through her teen years. I remember her sitting on the couch, skis in hand in the dark, waiting for her ride to go skiing for the day.
 
With things stripped out of there, I wonder if it will have the same fate as the Crawford House.
 
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