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Search for investors for resort continues

The search continues for new investors for the Searchmont Resort, located 40 kilometres northeast of Sault Ste. Marie. Although officials with BDO Dunwoody Ltd.

The search continues for new investors for the Searchmont Resort, located 40 kilometres northeast of Sault Ste. Marie.

Although officials with BDO Dunwoody Ltd., receivers acting on behalf of the Canadian Imperial Bank of Commerce, say there has been plenty of interest in the downhill skiing and snowboarding centre, a formal offer has not yet been extended.

Searchmont, with 125 full- and part-time staff, was forced into receivership in July 2000. Last year's ski season was salvaged when the bank allowed operations to continue. But officials say the same arrangement may not be possible this winter if a buyer isn't found.

The resort has 18 downhill trails and 30 kilometres of forested cross-country skiing trails. It injects between $8 million and $10 million into the local economy and also has a 20,000-square-foot base lodge, 12 villas and fours chalets as slope-side accommodation.

Out-of-town consultants last year conducted an eight-month assessment of market and development potential for the resort, and found that a $24.1-million investment into expanding the resort and turning it into a year-round facility could be its salvation.