Balsams GM in potential purchase group

Monday, January 10, 2011

The general manager of The Balsams Grand Resort in Dixville Notch is part of a group of North Country investors looking to purchase the historic property.

Jeff McIver, president and general manager since June 2009, and three other individuals are currently putting together a deal to buy and manage The Balsams. He declined to name the others involved in the effort.

McIver, a native of Maine, served as general manager of The Balsams from 2002 to 2005, when Delaware North Companies Parks & Resorts, a hotel management and investment firm, took over the property. Delaware North ended its management contract in 2009.

"When I was hired back in 2009, it was with the understanding that the property was already up for sale and that I wanted to be a part of an ownership group," said McIver.

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 expecting to turn over all of the trust's assets -- including The Balsams – to charity or to be sold off by the end of the year.

The Balsams has been on the market for the better part of three years as part of the wind-down of assets, but so far no offers have been accepted.

McIver said business is actually booming for the North Country resort.

"Business is up 20 percent overall from last year," said McIver. "This August is up 30 percent."

The Balsams is one of the area’s largest employers, which has been hit hard in recent years by the closure of paper and lumber mills and mass layoffs at other businesses, such as the Ethan Allen furniture factory on the northern border with Vermont.

"This is the first year we have not hired any foreign students to work at The Balsams," said McIver. "We have all local staff."

No purchase price or other details about the McIver group’s deal were disclosed, although McIver did say the group would not be looking for another management company to run the Balsams.

"The manager needs to be in the store," he said.

McIver said that there were a number of other groups looking at the property but did not have any other details. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

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