The Sault Ste. Marie Economic Development Corp. (EDC) has sold Sault Ste. Marie’s downhill ski resort to an American buyer.
In a Nov. 2 news release, the EDC said it had finalized the deal with the Wisconsin Resorts Inc., owned by Michigan-based JFK Investment Company LLC, on Nov. 1.
The purchase agreement includes all the land, buildings and equipment currently owned by Searchmont Ski Resort, which is located about 48 kilometres north of the city. The hill has a 750-foot drop, 18 runs and four chair lifts.
“We are greatly excited to be taking on Searchmont ski hill,” said Joseph Kosik, president of Wisconsin Resorts Inc., in the release. “It is a fantastic mountain, and we look forward to working with all the local community to develop and expand this ski area.”
Wisconsin Resorts Inc. currently owns and manages four ski hills in the United States, including Pine Knob in Clarkston, Mich. Its parent corporation, JFK Investment Company LLC, is a privately owned and operated firm that deals in real estate development, asset management, leasing and consulting. The business also owns or manages 14 commercial properties in the Metro Detroit area.
Searchmont will be run by a newly formed affiliate company, Searchmont Holdings. The company said it would honour ticket, accommodation and other bookings already made for the 2018-2019.
The EDC said the sale is the culmination of a four-year process to upgrade and sell the resort.
EDC president and chair said the organization is pleased with the outcome.
“The company has extensive experience in operating resorts and other commercial properties, and we’re excited to see them bring their expertise to the Searchmont destination,” Rainone said.
Searchmont Ski Association, a non-profit organization struck a decade ago to manage the ski hill, will be dissolved as a result of the new ownership.
