If you go down to Bretton Woods

The birthplace of the post-war economic system is being turned in a billion-dollar resort, finds Justin Keay

Most business people would be fazed about investing two-thirds of a billion euros in New Hampshire's White Mountain region, a two-and-a-half-hour drive from Boston and a good 40 minutes from the nearest town of any size. The fact that the local landmark, Mount Washington, has recorded the fastest winds on earth, and that temperatures in winter routinely fall some 15 degrees below zero – challenging all but the most enthusiastic of skiers – might also prompt hesitation, as would the fact that most visitors are from within New Hampshire. Even Patrick Corso, the man driving the investment, admits it is "highly unusual to spend this sort of cash in the north-east US", but feels the payback will make it worthwhile.

"The heart of this project is contemporising an old but much loved and revered property and turning it into a year-round resort, rather than one dependent on summer visitors. I'm sure the market is there: call it a leap of faith," he says.

The property he is referring to is the Mount Washington Hotel, in Bretton Woods, best known for hosting the famous 1944 conference which established the IMF and World Bank and laid the foundations of the post-war global economy; the room where John Keynes and other delegates stayed is something of a shrine, although movie fans will be more impressed with the vast lobby which inspired The Shining.

In the year and a half since Celebration Associates and CNL Income Properties bought this long-neglected landmark for €27m, renovations have proceeded apace. The 18-hole golf course is being restored according to original plans and will eventually be transformed into a 36-hole course; the panoramic veranda – at 275m, the longest in the US – has been renovated along with the historic dining rooms; four new tennis courts are being constructed to complement the one that in its heyday saw Jimmy Connors and others play televised matches; while work is proceeding on a state-of-the-art spa and conference centre. Rooms are being upgraded carefully so none of the historic ambience is lost.

Although the Mount Washington hotel is central to Corso's strategy, the bulk of the money will be spent constructing new real estate. At present, Bretton Woods has a handful of holiday homes – albeit highly priced ones. Corso, however, plans no fewer than 1,000 new residential units, everything from time-share to three- and four-bedroom homes aimed at the mega-wealthy who appreciate Bretton Woods' isolated charm.

Particular attention will be paid to the human side: Corso is at pains to stress the cobble-stoned streets and traditional-looking buildings will evoke a traditional New Hampshire village atmosphere. Residents will be less ordinary – although time-share properties start at €20,000, larger condos will sell for up to €1.7m. However those taking the plunge can be reassured by the fact Corso has overseen the restoration of such legendary properties as Pinehurst in North Carolina, constructing quality real estate at both locations that has since substantially appreciated in value.