CNL Properties Finalizes Sale Of Its 14 Ski Areas For A Whopping $374.5 Million

CNL Properties Finalizes Sale Of Its 14 Ski Areas For A Whopping $374.5 Million

Skiing

CNL Properties Finalizes Sale Of Its 14 Ski Areas For A Whopping $374.5 Million

Crested Butte, CO | Photo: Chris Segal | Cover Photo: Sierra-at-Tahoe

Following the bombshell that was KSL’s acquisition of Intrawest this morning, EPR Properties is following suit by adding CNL Properties to their portfolio. CNL’s ski holdings included Crested Butte, Brighton, Sugarloaf, and Okemo among others.

Related: Weighing The Pro’s And Con’s Of KSL’s Acquisition Of Intrawest

The move marks the end of a 3 year effort to sell off CNL assets to provide liquidity for its shareholders. The good news is that EPR is an REIT, which means their focus lies on the property itself and not mountain operations. Instead, mountain operators such as Vail Resorts pay entities like EPR to operate on their property. For that reason– mountain operations, lift tickets, and on mountain developments will likely continue as normal without any big shakeups.

CNL Lifestyle Properties’ former Ski Area holdings:

  • Brighton Ski Resort, Utah
  • Crested Butte Mountain Resort, Colorado
  • Cypress Mountain, B.C., Canada
  • Jiminy Peak Mountain Resort, Massachusetts
  • Loon Mountain Resort, New Hampshire
  • Mount Sunapee Mountain Resort, New Hampshire
  • Mountain High Resort, California
  • 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

Find the entire Commercial Property Executive article here: CNL Lifestyle Sells Ski Resorts, Recreation Assets for $830M

 

 

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