Ski resort purchase

Auckland-based entrepreneur Nick Wood has bought the Teton Pass Ski Resort, west of Choteau, Montana for just under $41, and will spend a further $4 million upgrading the area over the next three years. Rich Lister Wood said he plans to build two new ski-lifts to add to over 1ha of additional ski terrain. The New Zealander – who with his brother Tim founded iHug and sold it for $8 million in 23 – has said he also planned to repair existing lifts and renovate all the buildings. Wood has previous experience working in the resort industry, as he developed several resort hotels in the South Pacific.