NZ investor plans to upgrade US ski resort

An Auckland-based entrepreneur who first used a loan from his father to develop a major internet network now plans to spend millions of dollars on a United States ski resort.

Rich Lister Nick Wood, of Silverdale, has paid just under $US300,000 for the Teton Pass Ski Resort, west of Choteau, in Montana, and said he would spend over $NZ4 million during the next two years to improve the ski area. The resort is about 160km north of the state capital, Helena.

Mr Wood said he plans to build two new skilifts to add over 100 hectares of extra skiing and an additional 121m of altitude for the skifield, the Missoulian newspaper reported.

The New Zealander -- who with his brother Tim founded Ihug and sold it for $80 million in 2003 -- told the newspaper he also planned to repair existing lifts and renovate all the buildings.

Mr Wood has previously invested heavily in luxury overseas holiday accommodation, initially through his Octopus resort in Fiji, then through his California-based company Distinctive Holiday Homes (DHH), which owns luxury homes in Australia, New Zealand, the US, France and Italy and two yachts in the Mediterranean.

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