Delay granted in Balsams sale

Ocean Properties Ltd. Hotels and Resorts of Portsmouth has asked for an extension before completing its acquisition of the landmark Balsams Grand Resort in Dixville Notch.Surprising many back in March, Balsams owner the Tillotson Corp. announced the sale of The Balsams, with all its assets and approximately 7,700 acres of land, to Ocean Properties, with an estimated completion date for the transaction as early as the end of May.Sources have confirmed to NHBR, however, that Ocean Properties has been granted more time to decide whether it wants the property or not after all.”Ocean Properties has been given an extension on due diligence for another 30 days,” said Tom Varley, spokesperson for Ocean Properties. “We should have more information to release in June.”Varley said the extension was needed because “the property is complicated and has taken more time” to review.He said there were “a lot of components” to the hotel, including land and a biomass-fuel electricity generator.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.A press release by the Balsams in March said some 90 investors bid on the 150-year-old landmark resort.No official 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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