Balsams transaction delayed again



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Closing on the sale of The Balsams Grand Resort in Dixville Notch to Ocean Properties has been extended a second time, through June 6.The prospective buyer, Ocean Properties, has asked for a continuation of the due-diligence period. A previous extension was set to expire at the end of May.The Tillotson Corp., which owns The Balsams as part of the Neil Tillotson Trust, announced the sale of the historic property on March 10 to Ocean Properties, with the expectation that the transaction might be wrapped up in early May.Tom Varley of Ocean Properties confirmed the June 6 extension, but had no further comment about the deal and did not give a reason for the second extension.NHBR has learned that Ocean is looking to dispose of some parcels of Balsams land to the towns of Colebrook and Dixville Notch, an unincorporated village.Kevin McKinnon, chair of the Colebrook Planning Board and director of the town's Public Works Department, confirmed that Ocean, at a recent planning board meeting, presented a subdivision application for a small parcel of Balsams acreage.According to McKinnon, Ocean Properties didn't present a reason for the application request."The parcel has some small landfills on it," said McKinnon, speculating that Ocean Properties "didn't want the liability associated with it."Tillotson Corp.'s defunct latex rubber manufacturing facility sits within the Balsam's 7,700-acre holdings, but there was no mention by Varley or McKinnon as to whether this was on the parcel in question.The Colebrook Planning Board asked for more information to be presented at a future meeting."Because the land is on the town line with Dixville, we have to hold a joint meeting with the county, since Dixville in unincorporated," he said.A date has not been set for the joint meeting, but McKinnon expected it to be held in about a month.Tillotson Corp., a diversified holding company based in Lexington, Mass., holds the deed to The Balsams and has daily management of the Neil and Louise Tillotson Charitable Trust. The corporation, itself an asset of the trust, is in the process of liquidating all of the trust's assets -- including The Balsams - to charity or to be sold off.No purchase price for the resort has been disclosed.Ocean Properties owns and operates more than 100 hotels across North America. - CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

 

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