Ragged Mountain up for sale; strong interest in keeping 'hometown' feel
The planned sale includes two components: the resort and ski operations, and 443 acres ripe for development, according to a listing by CBRE Golf & Resort Group. The land being offered for sale is owned by affiliated limited liability companies and can be purchased separately or together, according to the listing.
The ski operations include the four-story Meeting House, three-story Elmwood Lodge and other buildings. Development plans allow for up to 625 "equivalent residential units," according to the listing.
The second parcel includes the base parking area, two hotel pads and the rights to 245 units.
A dedicated website for the sale does not include a price.
Significant infrastructure already in place includes retention ponds, wells, water lines, electric lines, septic systems and graded roads, according to the listing.
The news of the sale comes as the Danbury resort celebrates its 60th anniversary as an independent ski area. The resort has seen more than 100,000 skiers and snowboarders so far this season.
The resort opened in January 1965 with a T-bar and a double chairlift. The conditions were less than ideal with no snowmaking equipment, according to its website, with some suggesting the name came from the "ragged" conditions.
Being less than 100 miles from Boston, the mountain is "considered one of the top local resorts in the Eastern U.S.," CBRE says.
Doug Anderson, co-founder of Utah-based Pacific Group Resorts, bought Ragged in 2007 with big plans in mind before the Great Recession hit. It was previously owned by Al and Walter Endriunas, who had proposed 850 seasonal housing units, a hotel and indoor water park.
Pacific Group Resorts Inc. manages the ski operations. It owns and operates several other resorts including Jay Peak in Vermont. Ragged is the only mountain it does not own.
"We study all our resorts. People love Ragged. People are passionate about this place. That's not going away," said Christian Knapp, vice-president/chief marketing officer for PGRI. "We might have an owner come in who wants PGRI to manage it."
A spokesman for Ragged Mountain did not return a request for comment Friday afternoon.
Brandon Schempp, first vice president of CBRE, said Anderson is stepping back from the ski industry and last year stepped down as chairman of Pacific Group. He remains the majority owner.
"He is getting to the age where he is doing some estate planning," Schempp said.
The Pacific Group formed in 2012 after Anderson bought Ragged, according to the company.
In 2023, PGRI expressed interest in "further acquisitions," according to a news release.
If the bids are not ideal, Pacific Group could choose to add the resort to its portfolio, Schempp said.
Future expansion
If the two listings aren't enough, there's also the potential to buy 604 acres of skiable land on a third slope known as "Pinnacle Peak" to expand the resort footprint, according to the listing.
"The current owners have made substantial capital improvements at the resort, including lifts, snowmaking, base lodge upgrades, parking lots and base area lodging," the listing said.
The listing agent, Schempp, said the interest in the resort is overwhelming. He suggested that the real estate development around the resort would be "slow and steady," which would rule out some larger ski resort operators.
Many are committed to trying to keep the "hometown ski area" feel to the resort, Schempp said
"The loyalty is there," he said.
jphelps@unionleader.com
Union Leader reporter Roberta Baker contributed to this report.
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