Major Makeovers Taking Place in Stowe
STOWE, VT, April 16, 2006. As Stowe Mountain Resort begins to make headway on a proposed $400 million development in the shadow of the state's highest mountain, several high-profile properties in Stowe are sprucing up.
Topnotch Resort and Spa is embarking on the biggest makeover in its history with a price tag approaching $100 million. The Stowe Inn is being demolished and expanding. Stoweflake Mountain Resort and Spa has spent $30 million in the past five years and continues to grow.
Millions of dollars in renovations and expansions are on the books for hotels and resorts just down the mountain from Spruce Peak, where Mt. Mansfield Co. Inc., in partnership with AIG Global Real Estate Investment Corp., is in the midst of developing the resort's first true slopeside real estate including a hotel, duplexes, single-family homes and a golf course.
The project at Stowe Mountain Resort is expected to draw a more upscale clientele to the village, and local hotels and inns don't want to miss the ride. Development at the resort both eases the risk of investing in a major renovation and is a reminder that serious competition is coming to town.
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