No Bigfoot here: East Glacier businessman says 100-room motel won’t include Bigfoot museum
EAST GLACIER — Bigfoot and Elvis are no longer part of an East Glacier Park businessman’s plans for a new seven-story, 100-room motel near the gateway into Glacier National Park.
Last Friday, Bigfoot Project Investments terminated a binding letter of intent to purchase several properties from Bill Stewart’s East Glacier Park Enterprises through the transfer of $6 million in stock in the Bigfoot company.
“That partnership didn’t work out for various reasons,” Stewart said Wednesday from his Browning-area home. “The motel project is still moving forward. It just won’t include the Bigfoot museum. We have a different group of investors now.”
Bigfoot Project Investments’ CEO Tom Biscardi — described in a company press release said as the “Godfather of Bigfoot hunters” — had proposed a year-round “Bigfoot Hotel” that would include the largest Bigfoot museum in the world and a theater that would feature the company’s Las Vegas-style Elvis Presley and Michael Jackson musical shows.
The company signed the letter of intent in December to acquire three motels, a restaurant, a souvenir shop, an apartment house, a rental home, nine vacant lots and a bait-and-tackle shop from East Glacier Enterprises.
The report said the company’s future as a “going concern” was in doubt.
“The acquisition of East Glacier Park Enterprises is another big step in our pursuit of the truth,” Biscardi said in a press release at the time of the signing of the letter of intent. “The museum’s primary purpose is to educate the public about what has been discovered about the creature, its habits and its patterns. It is my life’s ambition to prove to the world that this creature exists.”
The company had planned to use its East Glacier holdings as a base for guided excursions into the mountains to collect evidence of the creature’s existence along the “Bigfoot highway.” Biscardi claims the mountains around the East Glacier area are a significant migration route for the mythical creatures.
Bigfoot Project Investment Chief Financial Officer Sara Reynolds said the company is considering projects elsewhere in Montana, including the East Glacier area.
“We still think that’s a prime area for a project,” Reynolds said.
Reynolds said negotiations between Bigfoot Project Investments and Bill and Carol Stewart ended after the two “couldn’t reach a mutually beneficial arrangement.”
According to a report filed to U.S. Securities and Exchange Commission on Dec. 19, Bigfork Project Investments ended October 2017 with $292 in cash and uncertainty about its future.
“There is significant uncertainty projecting future profitability due to our history of losses and lack of revenues,” the company’s report stated. “In our current state we have no recurring or guaranteed source of revenues and cannot predict when, if ever, we will become profitable. There is significant uncertainty projecting future profitability due to our minimal operating history and lack of guaranteed ongoing revenue streams.”
Since its inception, the Biscardi-signed report said the company had financed its cash flow requirements through issuance of common stock and debt financing. It expected to continue negative cash flows as it expanded its operations, the report said.
Despite the setback with Bigfoot Project Investments, Stewart plans to move forward with building a modern motel on the south end of East Glacier Park, which he hopes will open in 2019.
While his company still needs to acquire the necessary tribal and state permits, Stewart said he’s not concerned about that slowing the process down.
“We are a little disappointed that the Bigfoot deal fell through,” Stewart said. “We think that would have been a good combination for attracting additional business.”
But with the continuing growth in visitation to Glacier National Park, he’s certain that his new venture will stay busy. Stewart’s company owns two motels in East Glacier, including the Dancing Bears Inn and Suites where the new facility will be located.
“The park has broken records over the last four years,” Stewart said. “By the amount of reservations that we’re taking, I expect that to happen again this summer. It looks like we will have all our rooms booked by the end of May.”
Stewart said he’s heard from people concerned that his new motel will change the character of the gateway community.
“I thought to myself that’s really the whole idea,” he said. “East Glacier needs a change in character. It has to come out of the dark ages. Not much has changed here since 1910.”
When the new motel opens, Stewart said it will be the largest privately owned motel adjacent to one of the park’s gateways. All of its rooms on the side facing the national park will include balconies where visitors can enjoy the view.
Stewart said today’s tourists aren’t excited about staying in old motels without modern conveniences.
“We hear that complaint all summer long,” he said. “We own two more properties in East Glacier that could be developed. I do see some future development coming to this community.”