In a press release yesterday, Boyne Resorts announced an agreement with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, to acquire six mountain resorts and a scenic chairlift attraction currently leased by the resort company. As operator of the assets and owner of additional resorts, Boyne Resorts has a 70-year history of ski industry innovations and is the third largest mountain resort company in North America.
Included in the transaction are:
- Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah
- Cypress Mountain in Vancouver, B.C.
- Gatlinburg Sky Lift in Gatlinburg, Tennessee
- Loon Mountain in New Hampshire
- Sugarloaf and Sunday River resorts in Maine
- The Summit at Snoqualmie near Seattle, Washington
The transaction is expected to close later this year and well ahead of the 2018/19 ski season, once regulatory approvals are granted.
“Our intention all along has been to regain and acquire ownership of these resorts,” said Stephen Kircher, president and chief executive officer of Boyne Resorts. “We are pleased to see this come to fruition and also really proud of our long-term achievements and diligence that primed us for this acquisition. Boyne Resorts has been a long-term operator of these assets—some for decades. This transaction therefore poses no business interruption or integration risk. This opportunity now at hand will enable us to accelerate and fine tune the execution of our reinvestment plans for these spectacular properties, which will boost our competitive advantages and support our focus on continuous enhancement of the guest experience.”
“Boyne Resorts is a world-class owner and operator of ski resorts and attractions,” said Steven E. Orbuch, founder and president of Oz Real Estate. “We have enjoyed our association with them during our ownership of these properties and wish them continued success in the future. We look forward to the consummation of this mutually beneficial transaction as it allows for Boyne Resorts to again fully control these resorts while resulting in a positive outcome for our investors.”
Boyne Resorts and its eleven resorts and attractions are ideally positioned for continued and notable growth within the ski, outdoor recreation and resort industries. Founded in 1947, Boyne Resorts has maintained a heritage of innovation, highlighted by its recent unveiling of plans to install an eight-seat, high-speed chairlift at its Big Sky Resort in Montana—the first in North America. Development of patented and proprietary snowmaking systems, installation of the world’s first triple and quad, America’s first high-speed six-place chairlifts, and being the first to transform ski resorts into four-season operations are just a few examples of a lengthy list of additional innovative launches exemplifying the pioneering spirit that has been celebrated throughout the company’s history.
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