The Balsams Resort
Dixville, New Hampshire
Investment Highlights
Area Invested In
Rural
I-526E Processing
Priority
Investment Amount
$800,000
Administrative Fee
$80,000
I-956F Project Application
Filed
Total EB-5 Raise
$180,800,000
Total Project Cost
$366,800,000
Repayment Term
3 years, with two 1-year extensions
Required Jobs
2,260
Estimated Jobs
3,219
Investment Type
Subordinated Loan
Preferred Return
5% paid annually
Project Description
The Balsams is a redevelopment and expansion of a historic resort in northern New Hampshire. The plan includes restoring the landmark hotel, expanding ski terrain, and adding new luxury residences, dining, spa, and recreation amenities. The resort is also home to a championship golf course designed by Donald Ross, one of the most respected golf architects in history. At full build-out, The Balsams will feature over 2,200 acres of skiable terrain, making it the largest ski resort in the eastern United States. Its location in New Hampshire’s White Mountains positions it to serve both regional visitors and destination travelers.
The offering aims to return investor capital through a refinance or sale after 3-5 years, but repayment cannot be guaranteed. All investments carry risk, including potential loss of capital.
Why Invest
The Balsams qualifies as a rural TEA project, offering set-aside visas and priority processing for EB-5 investors. More than 2,000 jobs are projected, providing a large cushion above USCIS requirements and supporting immigration outcomes. Repayment is anticipated through refinancing and operations, though it depends on the successful completion and stabilization of the project. The redevelopment has received strong backing from state and local leaders, adding public support to its execution. For investors, the combination of rural designation, projected job creation, and government support highlights the project’s immigration and repayment strengths.
Restoration of a Landmark Hotel
The Balsams’ historic hotel, operating for nearly 150 years, will be restored as the centerpiece of the resort. This blends the charm of a grand New England destination with modern amenities and luxury finishes.
Largest Ski Resort in Eastern U.S.
At full build-out, The Balsams will offer over 2,200 acres of skiable terrain, making it the largest ski resort in the eastern U.S. Planned infrastructure includes new lifts, trails, and advanced snowmaking systems.
Donald Ross Course
The Balsams includes a championship golf course designed by Donald Ross, regarded as one of the most influential golf architects of the 20th century. With scenic fairways and mountain views, the course enhances the resort’s year-round appeal and reinforces its position as a premier four-season destination.
Rural TEA Designation
As a rural TEA project, The Balsams qualifies for set-aside visas and priority USCIS processing, offering an immigration advantage for EB-5 investors.
Projected Job Creation Through Expenditures
Economic analysis projects more than 2,000 EB-5 eligible jobs, well above the requirement for 20 investors. Job creation is tied to construction and operational expenditures in line with USCIS methodology.
Backed by State and Local Leaders
The project has been endorsed by state and local officials who view The Balsams redevelopment as critical to economic growth in northern New Hampshire.
Team
Les Otten
Founder & Visionary Leader
For over four decades, Les has been a leader and entrepreneur in a wide range of pursuits including business, tourism, alternative energy, community development, and philanthropy. Creating business in the ski industry and sports world remains a steady passion for him even today. As influential as Les has been as a businessman, he has done even more for charities including founding two non-profit entities that focus on individuals with disabilities.
Alex Ritchie
Project Development & Financing
Bringing over a decade of experience in large-scale project development, Alex Ritchie specializes in project execution, financial structuring, and maintaining relationships with state and local officials. His expertise ensures a well-managed and strategically executed redevelopment of The Balsams.
Burt Mills
Mountain Planning & Operations
A veteran of ski resort design and construction, Burt Mills has played a key role in developing ski resorts across the U.S., including New England, Utah, California, and Montana. His intimate understanding of the ski industry is invaluable to The Balsams' expansion plans.
Ed Brisson
Real Estate & Resort Development
With more than 20 years of experience in real estate development, Ed Brisson has led projects including high-rise developments in San Diego and The Village at Mammoth Lakes. He now applies his expertise to The Balsams, ensuring a world-class resort experience.
Mark J. Miller
Financial Strategy & Operations
Mark Miller has held key financial leadership roles in major hospitality and gaming organizations, including American Skiing Company and multiple regional casino projects. His financial acumen and restructuring experience are pivotal to The Balsams' economic success.
Matt Young
Construction & Design Management
With over 30 years in construction and a strong background in building information modeling (BIM), Matt Young oversees project execution, ensuring cost-efficiency and best-value construction practices.
Rich McGarry
Ski Resort Business & Infrastructure
A ski industry veteran with over 35 years of experience, Rich McGarry has managed resort improvements at Killington, Sugarbush, and Bear Mountain. His expertise in lift systems, trail development, and snowmaking is crucial for The Balsams' ski expansion.
Michele Varuolo Cole
Resort Administration & Operations
Having spent over two decades in the resort industry, Michele Cole specializes in recreation management, golf training equipment, and alternative energy systems. Her knowledge ensures a well-structured and efficiently managed resort.
Hannah Campbell
Logistics & Community Engagement
A U.S. Air Force Academy graduate and former Logistics Readiness Officer, Hannah Campbell brings her organizational and marketing expertise to The Balsams. She is deeply involved in local nonprofits and community outreach initiatives.
Charlie Sullivan
Hospitality & Resort Operations
With 40 years of hospitality experience, including leadership roles at Sunday River Ski Resort, Charlie Sullivan is instrumental in managing The Balsams' renovation and operational strategy.
Philip Grant
Real Estate Sales & Marketing
Philip Grant has led luxury resort sales for The Four Seasons, The World Residences at Sea, and premier destinations in Aspen, Park City, and Quebec. His expertise ensures strong real estate sales performance for The Balsams.
Coralie Stepanian
Real Estate Sales Director
A licensed real estate professional with nearly 30 years of experience, Coralie Stepanian brings deep local knowledge and sales leadership to The Balsams' real estate program. Her lifelong connection to the property strengthens her role in community engagement.
Joe Casey
Real Estate Sales & Investor Relations
Joe Casey leverages his background in sales, relationship management, and outdoor recreation to promote The Balsams' vision to prospective real estate investors.
Christopher Howard, Esq.
Legal & Business Strategy
A partner at Pierce Atwood, LLP, and former COO of American Skiing Company, Christopher Howard specializes in resort development and capital market transactions. His legal expertise is instrumental in structuring The Balsams' redevelopment.
Project Features
Use of Funds
EB-5 investor capital will be used to fund hotel restoration, ski expansion, real estate development, and supporting infrastructure.
Job Creation
More than 2,000 jobs are projected, providing a large cushion above program requirements and supporting immigration outcomes for investors.
Market Demand
The project targets growing demand for four-season resorts, with lodging, dining, golf, and skiing supporting year-round operations.
Immigration Considerations
The project qualifies as a rural TEA, benefiting from set-aside visas and priority processing. Job creation projections provide a substantial cushion for investors.
Management
The development team has experience in large-scale resort projects and is supported by state and local government leaders.
Location
The project is located in northern New Hampshire’s White Mountains, within reach of major metropolitan areas in the Northeast while offering a remote mountain setting.
Exit Strategy
Repayment is anticipated through refinancing and future resort operations. As the project relies heavily on EB-5 funding, repayment depends on successful completion of construction and stabilization of operations.
Risk Factors
Key risks include reliance on EB-5 fundraising, construction delays, seasonality in resort demand, and weather conditions affecting ski operations. These are partially mitigated by the project’s historic brand recognition, strong government support, and planned four-season amenities.
Disclosure
This is not an offer to buy or sell securities, which is done by offering memorandum or prospectus only. All investments involve risk. You may lose part or all of your investment. This is not a recommendation, investment advice, or solicitation to sell or buy securities and is not provided in a fiduciary capacity. It does not account for specific investor objectives or circumstances or suggest a course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their advisors. This material may contain forward-looking statements that are not guarantees of future performance; actual results may differ from any forward-looking statements. This content is not tax advice; prospective investors should confer with a tax advisor for tax advice. Securities offered through Pinnacle Capital Securities, LLC, Broker-Dealer, member FINRA/SIPC. EB5 Marketplace and Pinnacle Capital Securities are separate, unaffiliated entities.