Saddleback Mountain, Maine Hotel Development JV Opportunity

The Saddleback Mountain development project presents a unique investment opportunity to create a year-round resort experience at one of Maine’s premier ski destinations.

Saddleback Mountain, located in Rangeley, Maine, is poised for a significant transformation with the proposed development of a ski-in ski-out hotel/resort. CBRE Hotels, acting as the exclusive advisor, is facilitating a co-investment opportunity with Arctaris Impact Fund.

This initiative aims to capitalize on the mountain’s existing popularity and natural beauty to create a year-round destination. The development is set on fee-simple land at the base village of Saddleback, one of Maine’s largest ski resorts, which attracts nearly 100,000 skiers annually. The project envisions a range of accommodation types, including suites and fractional units, to cater to the diverse needs of visitors.

Saddleback Mountain’s Current Standing

Saddleback Mountain is renowned for its challenging terrain and scenic vistas, having been named the “Best Ski Mountain” in Maine by Down East Magazine readers for three consecutive years. It ranks highly in various categories, including No. 1 in Overall Satisfaction by New England Ski Journal and No. 4 in North America by SKI Magazine. The resort features over 600 skiable acres, including 88 acres of glades and 55 kilometers of groomed cross-country skiing trails. Additionally, it offers lift-serviced mountain biking, making it a versatile playground for outdoor enthusiasts.

Investment Highlights and Potential

The development opportunity at Saddleback Mountain is significant, with the potential to establish a hotel/resort on land currently designated as a Planned Development Subdistrict. This allows for large-scale, well-planned developments. The project aims to enhance Saddleback’s reputation as a top-tier ski resort, with high rankings in SKI Magazine’s 2025 “Top 10 in the East” guides, highlighting its diverse terrain and fast lifts.

The resort’s holdings include alpine skiing, Nordic skiing, hiking trails, and lakefrontage on Saddleback Lake, providing year-round demand for the proposed hotel/resort. The existing hospitality options in Rangeley are predominantly lake-oriented and experience higher visitation during the summer months. This presents an opportunity for the new development to capture year-round demand, especially given the mountain’s substantial lakefrontage.

Financing and Partnership Opportunities

Arctaris has successfully raised advantageous debt financing for the overall project and may assist in securing development debt financing for the hotel. The preferred deal structure is a joint venture with a lodging development partner, which would align the mountain and lodging operations. The scope of development includes potential expansions in residential and additional lodging products.

Year-Round Appeal of the Rangeley Lakes Region

The Rangeley Lakes Region, often referred to as the Jewel of the Maine Mountains, offers a diverse array of year-round outdoor activities. In the warmer months, visitors can enjoy hiking, birding, ATV trails, boating, fly fishing, and golf. The vibrant local community provides access to numerous restaurants and recreational opportunities, including some of the largest lakes in the northeast.

During the winter, Saddleback Mountain attracts approximately 90,000 skiers, making it Maine’s third-largest ski and snowboard area. The extensive trails in Rangeley offer a dream destination for alpine skiing, snowboarding, Nordic skiing, snowmobiling, fat tire biking, and snowshoeing enthusiasts.

Inquire at CBRE.