15 ski resorts are being sold in a large group sale by CNL Lifestyle Properties, Inc.  CNL has entered into a purchase and sale agreement for its large portfolio of waterparks, amusement parks, and its 15 ski resorts.

Some of these ski resorts are absolutely legendary like:  

• Crested Butte, CO
• Brighton, UT
• Stevens Pass, WA
• Sunday River, ME
• Okemo, VT

CNL has been trying to sell these resorts off for the the past 2 years.

The details of the deal are complex:

“In the deal, EPR Properties of Kansas City, Mo., will purchase Northstar-at-Tahoe and CNL’s attraction properties for $456 million. An affiliate of Och-Ziff Real Estate (OZRE), Ski Resort Holdings LLC, is purchasing the 14 other ski resorts from CNL for a total of $374 million, with EPR providing $244 million of five-year secured debt financing to OZRE.

CNL’s compensation from EPR for the portfolio of properties includes $647 million in EPR common stock, and $53 million in cash. Ski Resort Holdings will pay CNL $130 million in cash. In all, CNL’s recreational assets are being sold for $830 million. Once the transaction is finalized, current CNL stakeholders have the option of selling their shares of EPR, or holding onto them.” – Ski Area Management magazine, yesterday

Supposedly, nothing is going to change at these 15 ski resorts.

“It’s similar to a home mortgage being sold to another bank. Nothing really changes accept who you write the check to.” – Karl Kapuscinski, president and CEO of Mountain High and Stevens Pass

“It’s not an event from a skier’s perspective.” – Steve Kircher from Michigan-based Boyne Resorts, which has leases to operate seven of the ski resorts in this deal

CNL was valued at $3 billion in 2012 when they owned over 100 waterparks, ski resorts, marinas, and senior housing developments.

SKI RESORTS BEING SOLD:

• Brighton Ski Resort, Utah

• Crested Butte Mountain Resort, Colorado

• Northstar-at-Tahoe Resort, California

• Okemo Mountain Resort, Vermont

• Sierra-at-Tahoe Resort, California

• Stevens Pass, Washington

• Sugarloaf Mountain Resort, Maine

• Summit-at-Snoqualmie Resort, Washington

• Sunday River Resort, Maine

• Loon Mountain Resort, New Hampshire

• Cypress Mountain, B.C., Canada

• Gatlinburg Sky Lift, Tennessee

• Jiminy Peak Mountain Resort, Massachusetts

• Mount Sunapee Mountain Resort, New Hampshire

• Mountain High Resort, California