In what will be one of the biggest investments ever seen by Sugarbush Ski Resort, a group of 20 foreign investors have donated $500,000 each to the ailing ski resort located just outside of Warren, VT, reports the vt.digger.org.
As a reuslt of their investment, the foreign investors are receiving residency in the United States per a program sponsored by the federal government that encourages foreign investment in distressed U.S.-based businesses. Hailing from Canada, Mexico, as well as 18 other countries across the globe, all the participants have received green cards.
As far as improvements are concerned, the Mad River Valley ski resort is seeing new snowmaking, lifts, and base lodges added to the resort’s already renowned terrain offerings. Ultimately, the investment has preserved over 400 year-round employee positions and will continue to protect the approximately 1,000 jobs that the resort offers the local economy during the winter months.
“The improvements allowed us to keep the skiers we had, and to regain the skiers we lost”- Sugarbush President, Win Smith
Currently, the federal program classified as the Eb-5, has come under critisim for being a way for rich foreigners to buy their way into the United States. However, in Sugarbush’s case, the foreign investment came as a godsend. Prior to the investment, the resort faced debt, deffered maitenence costs, and an inability to provide neccesarry upgrades that would turn the resort back into a profitable business.
- Total Acres: 4,000+
- On-Trail Acres: 484
- Trail Count: 111
- Terrain Parks: 3
- Wooded Area Acres: 97
- Length of Trails: 53 miles/85 km
- Wooded Areas: 28
- Summit Elevation: 4,083 ft.
- Base Elevation: 1,483 ft.
- Vertical Drop: 2,600 ft.
- Average Annual Snowfall: 269 inches
- High-Speed Quads: 5
- Fixed-Grip Quads: 3
- Triples: 2
- Double: 3
- Surface Lifts: 3
- Total: 16
You Can Read the Entire Vtdigger.org Article Here: FOREIGN INVESTORS HELP SUGARBUSH RESORT RETURN TO PROFITABILITY