REPORT: CNL Lifestyle Properties Looking to Sell Ski Holdings
REIT is largest owner of New England ski areas, including Loon, Okemo, and Sunday River.
Saturday, March 14, 2015, NewEnglandSkiIndustry.com
According to the Portland Press Herald, CNL Lifestyle Properties is making plans to sell its massive ski area portfolio in the near future. The real estate investment trust divested over $1 billion in golf course and nursing home holdings in 2014 and is expected to sell additional assets in 2015.
CNL Lifestyle Properties was established as CNL Income Properties in 2004, purchasing large assets and then leasing them to operating companies. It first entered the New England ski industry in 2006 when it acquired Bretton Woods and the Mount Washington Grand Hotel.
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.
