FOR SALE: Crested Butte CO, Northstar CA, Brighton UT, Sunday River ME & 12 More Ski Resorts

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Crested Butte, CO
Crested Butte, CO

CNL Lifetime Properties owns 16 ski resorts in the USA and Canada.  Since March, they’ve been attempting to sell off all of them.  These resorts are worth hundreds of millions of dollars.  Like Vail Resorts, CNL is one of the biggest players in the ski resort industry.

Now, CNL is looking to get out of the ski resort business.  They own some heavy hitting ski resorts like Crested Butte, Northstar, Brighton, and Sunday River.

“We’re taking a studied and careful approach.” – Steve Rice, senior managing director of CNL Financial Group

This leaves some company an opportunity to buy an enormous amount of great ski resorts.  Could you image if Vail bought all these?  They already own 11 ski resorts…

CNL was valued at $3 billion in 2012.  They own over 100 water parks, ski resorts, marinas, golf courses, and senior housing developments.

Sunday River, ME night skiing.
Sunday River, ME night skiing.


Sunday River in Maine (operated by Boyne Resorts)
Sugarloaf in Maine (operated by Boyne Resorts)
Bretton Woods in New Hampshire (operated by National Resort Management Group)
Loon Mountain in New Hampshire (operated by Boyne Resorts)
Mount Sunapee in New Hampshire (operated by Triple Peaks)
Jiminy Peak in Massachusetts (operated by Jiminy Peak Mountain Resort)
Okemo Mountain in Vermont (operated by Triple Peaks)
Crested Butte in Colorado (operated by Triple Peaks)
Brighton in Utah (operated by Boyne Resorts)
Northstar-at-Tahoe in California (operated by Vail Resorts)
Sierra-at-Tahoe in California (operated by Booth Creek Resorts)
Mountain High in California (operated by Mountain High Associates)
Cypress Mountain in BC, Canada (operated by Boyne Resorts)
Stevens Pass in Washington (operated by Stevens Pass Mountain Resort)
Summit-at-Snoqualmie in Washington (operated by Boyne Resorts)


The Village at Northstar Lake Tahoe, CA
Village of Baytowne Wharf* Destin, FL
Village at Blue Mountain* Collingwood, ON, Canada
Village at Copper Mountain* Copper Mountain, CO
Village at Mammoth Mountain* Mammoth Lakes, CA
Village at Stratton* Stratton, VT
Village of Snowshoe Mountain* Snowshoe, WV
Whistler Creekside* Vancouver, BC, Canada

(*Where CNL Lifestyle Properties holds majority ownership, its partners have equal voting rights and share in key decision making.)

Brighton ski resort, UT. photo: jim kenney
Brighton ski resort, UT. photo: jim kenney

If these ski resorts sell, there most likely will be no impact to skiers and riders since the companies that operate these ski resorts have long term leases that will remain in place despite the resorts changing owners.

CNL is currently evaluating its properties while considering selling them as a whole or offering a public buyout or even going public.

Just last year, CNL sold the golf courses it owns for $320 million and it’s senior housing divisions for $790 million.  Now, they’re hoping to get out of the ski industry by December 31st, 2015 and that date is coming up fast.

Northstar, CA trail map
Northstar, CA trail map

What’s really crazy is that one company might buy all of these ski resorts…  Consolidation is the theme in ski industry right now.  Vail now owns 11 ski resorts and just connected Park City & The Canyons to make the largest ski resort in the USA, Mammoth just bought Big Bear and Snow Summit in SoCal, Deer Valley just bought Solitude

Vail very likely has the capital to buy all 16 of CNL’s ski resorts…  More likely, Vail would be interested in the resort they already operate, Northstar.  The companies that operate the other resorts will likely be interested in purchasing their respective resorts.

So, here we go again…


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12 thoughts on “FOR SALE: Crested Butte CO, Northstar CA, Brighton UT, Sunday River ME & 12 More Ski Resorts

  1. When “Resorts get new landlords” generally they update/improve the resort in hopes of raising the rent or profiting from real estate opportunities in the area. There not making many more beaches, lakes or ski resorts these days. Putting a shine on existing properties would seem opportunistic.

  2. This is a flawed story. If the writer would do a bit of research, they would find that CNL Lifestyle is a Real Estate Investment Trust, which must dissolve after 10 years of existence. It’s not that they are trying to get out of the ski industry, they legally have to sell off the assets.

    As the writer points out, there are management contracts in place and nothing is changing at an operational level. These management companies lease the use of the assets from the holding company. Essentially, this should read: “Resorts to get new landlords”.

    1. So, what would the price tag be?

      And, where can someone
      get more information on the sale of these assets?

      Thank you,

    2. They don’t have to get out of the ski business. They have the option to form a new REIT around their properties. They WANT to get out.

  3. Isn’t there some anti trust law that Vail can not own over a certain percentage of ski resorts in a given state ?

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