Berkshire Bank of Massachusetts initiated foreclosure proceedings on the Hermitage Club and related properties last Friday, claiming three loans worth $17 million are in default with $16.3 million in principal still outstanding. The private club, located next to and once part of Mt. Snow, is open and spinning lifts this weekend but it’s not clear how long that will continue. While the marketing department feverishly posts pictures of fresh snow and smiling children on social media, what happens next will probably be decided in a court room. No one knows the eventual outcome but recent ski resort foreclosures and bankruptcies offer some insights.
Seventy percent of the 1,277 T-Bars, J-Bars and platter (sometimes called Poma) lifts built in North America to date are no longer in service. That would suggest the traditional surface lift is a dying breed in the age of beginner-friendly carpets, which go in by the dozen every year of late. But over the last two seasons, a bit of a renaissance has emerged, with more mountain resorts adding brand new T-Bars and platters. Four T-Bars being completed right now represent the highest number in North America since 1987. Even more resorts are considering building these classic surface lifts, although the reasons why have little to do with learning to ski.
Yesterday I visited both Burke Mountain, Vermont and Cannon Mountain, New Hampshire, where local ski clubs recently partnered to build dedicated surface lifts on terrain used for racing. In some cases, these types of lifts are open to the public but other times not. New T-Bars are relatively cheap with costs typically covered by donors and/or program fees. Another reason for this application is speed; every T-Bar built since 2011 can move at least 550 feet per minute, significantly faster than most fixed-grip chairlifts. The Franconia Notch Ski Club’s new T was built by LST Ropeways and goes up to 690 fpm; Burke Mountain Academy’s nearly-finished one is a Leitner, shown below.