Unofficial Networks has reported that 15 of North America’s biggest resorts have just been sold. The announcement was released after yesterday’s negotiations were finalized. According to the deal, CNL Lifestyle Properties has sold 15 resorts and five additional entertainment centers to EPR Properties, a real estate investment trust based in Kansas City, Missouri.
According to a press release on Business Wire, “the agreement provides for the Company's acquisition of Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at approximately $456 million. Additionally, the Company has agreed to provide approximately $244 million of five-year secured debt financing to OZRE for the purchase of 14 CNL Lifestyle ski properties valued at approximately $374 million.”
From Unofficial Networks, here is a complete list of resorts included in the sale:
- Brighton Ski Resort, Utah
- Crested Butte Mountain Resort, Colorado
- Cypress Mountain, B.C., Canada
- Gatlinburg Sky Lift, Tennessee
- 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
In the aftermath of this deal, skiers and snowboarders who ride these resorts shouldn’t expect to see any major changes in day-to-day operations. EPR Properties is a real estate investment trust, meaning their company now owns the resorts listed above, but rather than running daily operations, EPR leases the properties back to their original owners, who continue to run hands-on management of the properties.
You can read the full press release detailing the sale here.