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