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Below is the article printed in the December 7, issue of the Colebrook News Sentinel...See Original article at the papers website...colbsent.com 
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Dagesse & Herbert Purchase :clapping:Balsams Resort Property
By Karen Ladd
Nine months after their initial offer was rejected, two longtime suitors of The Balsams have finally sealed the deal.
Colebrook natives Dan Dagesse and Daniel Hebert completed their purchase of the 7,700-acre, 150-year-old Dixville Notch resort yesterday afternoon for an undisclosed amount from the Tillotson Corporation, which had owned the property since 1954.
It has been a long road to this point for the two men, who as part of Cold Spring Management Company were among more than 90 bidders for the resort when Ocean Properties was selected as a buyer in March. That sale fell through in August, and in October Maine-based A&M Partners likewise dropped out of their purchase agreement.
Twice bitten, the Tillotson Corporation in recent weeks has shied away from questions about any potential buyers, but word soon leaked that Mr. Dagesse and Mr. Hebert were back in the game. The rumor gained footing as truth when employees were told two weeks ago that the hotel would be put into deep-freeze for the winter.
Former Berlin City Dealerships owner Dan Dagesse has homes in New Hampshire and Florida, and made headlines locally in recent years when he donated $1 million to the North Country Community Recreation Center in Colebrook. A successful general contractor, Dan Hebert's widespread projects include the Colebrook Elementary School and the renovation of the historic Littleton Opera House.
"The reason we're buying it is all about jobs in the North Country," Mr. Dagesse said by phone on Monday night. "Our focus is just that when we do this, we want to do it right." He outlined the partners' hopes for the resort, saying, "We want to create a village out there...and turn The Balsams into a year-round resort."
For the short-term, however, the resort will close while they develop their plans and explore the potential for bringing in outside investors. Specifically, he said, they hope to find success with the federal EB-5 Foreign Investment Program, under which foreign citizens receive a green card for investing a minimum of $500,000 in a qualifying U.S. enterprise.
He also described the major renovations at Stowe Mountain Resort over the past two and a half years, including the addition of guest rooms, meeting space and condominiums. He also said they want to expand the ski area dramatically, by incorporating the adjacent mountain ridge, adding another ski lift and introducing glade skiing.
"Today if you look at a ski area like The Wilderness, the trails are hundreds of feet wide," he explained. "Glade skiing is on trails that are much narrower you're essentially skiing between the trees. We have an agreement in our deal to expand to the mountain ridge right behind the ski area and actually put another lift in, quadrupling the size with a much higher mountain and much better skiing."
This part of the plan was "a big thing for me and Danny, because we'd like to open up with a ski mountain that's equivalent to the bigger ski areas in our area, and open to a whole new group of clientele."
Mr. Dagesse said he and Mr. Hebert hope to sell a select number of homes on the golf course, and perhaps build condominiums adjacent to the ski slopes. He also talked about condo units whose owners essentially sub-let them back to the hotel, generating revenue for themselves and the resort.
"You buy a unit and when you're not there, we get to re-rent it for you and give you a percentage of the take," he said. "That way we're not faced with a half-full hotel, and our expenses are shared. Our broad plans are to develop the whole property, to include seeing how we can do this."
He declined to name a purchase price for the property, but did say, "There will be no mortgage on the hotel and 2,000 acres." He said the partners worked with First Colebrook Bank to secure a mortgage on the remaining woodlands. "We didn't want someone to come in and butcher that."
Mr. Dagesse said he's sensitive to concerns that Northern Pass might approach the new owners for an easement to build its power line across the property. "It's certainly nothing that Dan and I want to get involved in," he said. "If there's any offer, we're not privy to it."
He also said he's not necessarily in favor of a casino at the hotel, but realized that the next New Hampshire governor may pave the way for one, regardless. "If it was the last chance, and someone can show me it would provide 1,000 or 1,500 jobs, and they're $40,000- to $50,000-a-year jobs, would we sell it to an operator who could do it?" he asked. "In a heartbeat. That's a lot more than the average person makes in the North Country."
The Balsams employed around 300 people, most of whom were released from employment in October when the hotel closed for the season. Mr. Dagesse expressed regret that the hotel will remain closed but said it was preferable to the risk of opening on short notice.
"With what happened with Ocean Properties making a statement that they were closing the hotel, and all the reservations and press and publicity, to try and open up in the middle of December would be worse for us," he said. "Our goal is to do this right. What Dan and I want to do is take the winter and part of the summer and look into these things."
Aside from hiring security and winterizing the resorts buildings, vehicles and equipment, he does not anticipate any hires until the plans are completed for renovation and reopening. As of 4 p.m. yesterday, no official announcement of the sale had come from Tillotson Corporation; however, the closing meeting was at 1 p.m. and was anticipated to extend beyond press time.
(Editor's Note: Just after we went to press last evening, Mr. Dagesse confirmed that the sale had been completed and the deeds would be recorded today. More details will be reported in next week's issue.)
(Issue of December 7, 2011)
