Korman, Bélanger ink deal for Owl’s Head resort sale

Magog businessman Gilles Bélanger has signed an agreement with Fred Korman to buy Owl’s Head. Korman has owned the mountain resort for more than 50 years.

Bélanger said in a brief interview Wednesday afternoon that the agreement was signed in July.

“We’re doing due diligence now,” he said. “We plan to close before Christmas.” He pointed out that there are 1,300 acres and a lot of details to work out.

Bélanger said he couldn’t discuss the specifics of the agreement because he and Korman signed a confidentiality agreement.

Bélanger already has several plans for the resort. He said he is considering building cabins like some other resorts have, and he plans to make large investments in equipment. He is also interested in sustainable energy like solar and wind, and has had discussions with Tesla regarding accumulating and storing energy that the resort would use to power the lift and the buildings on the mountain. He is also considering an electric shuttle between Owl’s Head and Mount Orford, with which he hopes to develop some king of partnership.

The resorts have been competing, he said, despite the fact that each one has some features that the other doesn’t. “We could complement each other’s activities,” he said, adding that the resorts could even share passes.

“This is a long-term project,” Bélanger said. “Fred will be part of that. We will be like partners. He knows the mountain so well, and he has strong, knowledgeable employees. I enjoy working with Fred.”

Korman was unavailable for comment Wednesday.