Thursday, December 3, 2015, NewEnglandSkiIndustry.com
Omni Hotels & Resorts has purchased the Omni Mount Washington Resort from Real Estate Investment Trust CNL Lifestyle Properties, according to a December 2 press release. The purchase price was not disclosed.
The sale includes Bretton Woods ski area, the Mt. Washington Hotel, the Bretton Arms Inn, the Lodge at Bretton Woods, the Mount Washington and Mount Pleasant golf courses, and 500 acres of land for future expansion and development.
The Growth and Winding Down of CNL
CNL purchased the Mount Washington Hotel, the Bretton Arms Country Inn, The Lodge at Bretton Woods, and the Bretton Woods Ski Area for $45 million on June 28, 2006 and spent an additional $40 million for the golf course and development rights. Omni Hotels and Resorts started operating the properties in September 2009.
CNL Lifestyle Properties was established as CNL Income Properties in 2004, purchasing large assets and then leasing them to operating companies. Bretton Woods and the Mount Washington Grand Hotel was its first New England ski industry investment. In subsequent years, CNL Lifestyle Properties acquired some of the largest ski areas in New England, including Jiminy Peak, Loon, Okemo, Sugarloaf, the privately owned assets at Mt. Sunapee, and Sunday River. The majority of its New England ski areas are managed under long term leases by Boyne USA Resorts and Triple Peaks, LLC.
CNL divested over $1 billion in golf course and nursing home holdings in 2014 and is expected to sell additional assets in 2015. CNL is reportedly making plans to sell the rest of its massive ski area portfolio in the near future. There are rumors that some of the other ski area operators may purchase their resorts back from CNL.