Yesterday, the Caledonian reported that the Balsams was up for sale. You remember the ongoing saga of the Balsams, where failed Maine ‘entrepreneur’ Les Otten was demanding New Hampshire taxpayers back his multi-million $$ boondoggle through legislation sought by nitwitted legislators from both sides of the aisle?
Groksters wrote many articles about the adventures of Les Otten and his hand out to Granite State taxpayers:
- Another Twist in the Balsams’ Boondoggle: The Financing Scam
- Les Otten’s Balsams’ Boondoggle Still Can’t Find Enough Financing to Proceed
- Balsams Sits Idle while Otten Fishes Investors
- Balsams’ Boondoggle Continues with Hearing on Senate Bill 30
The latest news, according to the Caledonian:
The Balsams Grand Resort has been put on the market, and if it ultimately goes to a sale and finds a new owner with a new vision, its future direction might not be the redevelopment plan put forth five years ago.
The listing posted a month ago states, “Upon acquiring The Balsams, the new buyer will have complete access to the in-place development team, led by famed ski resort developer Les Otten, and the multi-phased plan to securely position The Balsams as one of the largest and most renowned resorts in the Northeast ..”
“Furthermore,” it reads, “the team has put together a detailed plan for Phase 1 with redevelopment strategies, cost breakdowns and renderings, making the renovation virtually ‘shovel-ready.’ With nearly $20 million already invested into the project, The Balsams development team is prepared to work hand-in-hand with new investors/buyers, whether that be moving forward with their approved plans or shifting gears to a new vision.”
This was probably very surprising news to the locals in Coos County who have been drinking Otten’s Kool aid for the past several years. No one blames them, they are desperate for jobs up in North Country. People were banking on the Balsams to re-open. The people of North Country were sold a bullsh*t bill of goods from carnival barker Les Otten and they actually believed that he was going to make the re-creation of the Balsam’s happen. They were hoodwinked.
What’s even more interesting is that Otten sent an email to the New Hampshire State House Coos County Delegation stating that the Balsams really wasn’t up for sale. This has done nothing but cause more confusion:
Dear Coos County Delegation,
I’m reaching out to you all as the Caledonian Record ran an article today which will likely result in you being asked questions about the status of the Balsams Redevelopment. The article can be viewed via the link below and the headline is “Balsams Grand Resort Put on the Market”.
To be very clear, we did engage with CBRE, which is the same group that completed the feasibility study/appraisal on the redevelopment plan, to market the investment opportunity in the Balsams Redevelopment. With the designation of an Opportunity Zone in Dixville, we wanted to maximize the reach to potential investors and felt that tying into CBRE’s network was a good way to do so.
But we want you to know that our primary goal and focus has been, and continues to be, identifying potential investors interested in bringing our plan to fruition. I wanted to share this with you directly as the headline unfortunately may give people the wrong impression.
Attached is the statement I prepared and provided to press inquiries on this, and I encourage any of you to call or email me if you have any questions or concerns.
Thank you as always for your time and support.
Best regards,
Les
Leslie B. Otten
The Balsams Resort
(207) 824-7402
Otten attached the following statement in regards to press inquiries in the same email:
Les Otten, Dan Hebert and the Balsams’ development team have every intention of renovating and expanding the Balsams Resort as has been contemplated for the past several years. A relatively recent development on the financing side is the designation of Dixville as an Opportunity Zone. We have already indicated publicly our desire to seek Opportunity Zone funding and have engaged CBRE to identify potential investors. CBRE is extraordinarily familiar with the Balsams, having completed the market feasibility study on the project in 2018, and based on CBRE’s hotel and resort experience and relationships, they have access to a broader investor pool to advance the Balsams efforts.
The CBRE engagement was made to enhance the ongoing efforts to execute on a financing plan to develop the Balsams as has been worked on for over the past 5 years. We are continuing with those efforts with renewed vigor with the passage of HB 540 in law, which allows for the creation of a tax assessment district without the New Hampshire Business Authority’s involvement.
Our on-going relationship with CBRE represents an opportunity to take advantage of their network of investors and opportunity partnerships, allowing us to cast the broadest net and being open to all possibilities when it comes to potential investment partners. Our desire remains to continue as the lead developer to bring the Balsams Redevelopment to fruition, as we have worked on for the past 5 years, in addition to an investment to date approaching $20 million.
Ultimately, our highest priority is making sure the Balsams project moves forward and succeeds, thereby creating several hundred new jobs and attracting hundreds of millions of dollars in investment in the North Country.
What exactly has Otten spent $20 million on? Marketing to get people to invest in his failed vision?
Is Otten saying that he’s pulling a scam on people by putting up the Balsams for sale when he really doesn’t mean it? Isn’t that some violation of fraud laws?
Otten’s intentions have been nothing but useless for Coos County. He couldn’t get enough backers for his grand scheme so he pushed for legislation that would put New Hampshire taxpayers on the hook for his ridiculous ideas. If his ideas were so great and investors thought they would actually make money and they trusted Otten, the cash would have flowed in.
Unfortunately, for the people of North Country, who relied on the wild ideas of Otten, no one was interested. The buildings have been left to further rot while Otten and his sidekick Dan Hebert (who should absolutely be ashamed of himself) have pushed their outrageous plans to anyone who would listen, including the New Hampshire Legislature. There is nothing left worth saving of the Balsams but a lesson to be learned about believing in something that sounds too good to be true.
