Boyne Resorts Completes Purchase of Leased Ski Areas
Loon, Sugarloaf, and Sunday River are now owned and operated by the company.
Wednesday, May 9, 2018, NewEnglandSkiIndustry.com
After over a decade of operating the ski areas, Boyne Resorts has purchased its six leased areas from Ski Resort Holdings, LLC. The purchase price has not been announced.
Boyne has operated Loon, Sugarloaf, Sunday River since entering into a lease agreement with CNL Lifestyle Properties in 2007. Sugarloaf and Sunday River were acquired for $77 million in August 2007, while the Loon lease was transferred in October 2007, as the American Skiing Company and Booth Creek unloaded their New England holdings.
CNL's ski resort holdings were acquired by Ski Resort Holdings, an affiliate of Oz Real Estate/Och-Ziff Capital Management, in the spring of 2017.
Boyne CFO Roland Andreasson stated the company looks forward to with Oz Real Estate on new opportunities in the future.
When the transaction was first announced in March, Boyne referenced plans to "accelerate and fine tune" investment in the resorts.
According to Boyne Resorts President and CEO Stephen Kircher at the time, "Our intention all along has been to regain and acquire ownership of these resorts."
The transaction also includes Brighton, Cypress Mountain, Gatlinburg Sky Lift, and The Summit at Snoqualmie.