The Balsams Resort, a historic grand hotel in Dixville Notch, is for sale. The developers working to restore the hotel have been struggling to find funding, and estimate that phase one of the redevelopment project will cost 173 million dollars.
For the past few years, the team has been seeking funding through public bonds and traditional bank financing.
Scott Tranchemontagne is a spokesperson for The Balsams project. He says the developers, including lead developer Les Otten, are now selling equity as a way to find additional investors willing to support their vision.
“Les Otten and his team strongly desire the ability to retain control over the project and build it, expand it, renovate the existing structures just as we have laid out.”
The Balsams is also working with Coos County to secure a bond as another source of capital.
