Crested Butte Sold Again
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Not much to say about it right now until we know more, but here is the press release:
(Orlando, FL, Crested Butte, CO) Dec. 5, 2008 – CNL Lifestyle Properties, Inc., a real estate investment trust (REIT) focused on lifestyle properties, announced today its acquisition of the privately held assets of three ski and mountain lifestyle properties: Vermont’s Okemo, Colorado’s Crested Butte and New Hampshire’s Mount Sunapee. CNL Lifestyle Properties is purchasing the resorts from family-owned Triple Peaks, LLC and leasing the properties back to Triple Peaks to manage the ski, golf, hospitality, and conference operations under a long-term lease.
“This transaction provides Triple Peaks the opportunity for immediate enhancement to these popular mountain destinations that will improve the overall skier experience and extend the resorts’ offerings for all four seasons,” said Byron Carlock, president and CEO of CNL Lifestyle Properties. “Tim and Diane Mueller have positioned the properties of Triple Peaks for ongoing success. We are proud to establish a relationship with such seasoned and respected operating partners and enable them to carry out their vision for these properties over the long-term.”
“In this time of economic instability, for CNL to commit sizable dollars to our resorts is a testament to their confidence in us and our entire Team.” said Tim Mueller. “Triple Peaks’ resorts are recognized for operational excellence and success within the ski industry. In today’s environment, there are not a lot of companies able to complete transactions of this nature. This is also indicative of CNL’s financial strength and confidence in our management team and in the ski industry. They are a well capitalized, stable company and we are pleased to be associated with them.” Mueller continued.
“Our focus has been delivering outstanding service and a positive skier experience since we entered this industry with the purchase of Okemo in 1982,” Mueller continues. “We anticipate that this new relationship with CNL Lifestyle Properties will enable us to continue to do what we do best — create a unique and memorable experience at our mountains for our visitors. With the stable capital and long-term focus of this relationship, we are in a stronger position than ever to enhance our resort operations to ensure our long term popularity.”
The new financial structure provides stable long term capital without the short term risk of refinancing every few years. It is referred to as a sale – leaseback. That is, the assets are sold but are leased back to the Muellers for 40 years. The net effect of it is that the Muellers will still be the owners of the operating company, while CNL owns the underlying resort assets, excluding certain primary real estate interests.
Crested Butte, Colorado
Consistently recognized as one of North America’s marquee ski mountains, Crested Butte ranked 20th in the 2008 SKI Magazine readers’ poll of the best North American resorts, based on factors such as snow, grooming and variety of terrain. The resort averages 300 inches of snowfall each season: last season’s total topped 400 inches. Crested Butte is also home to the Adaptive Sports Center, a non-profit organization that provides life-enhancing year-round recreation activities for people with disabilities and their families.
Crested Butte offers 1,167 acres of terrain served by 16 lifts from 121 trails. The mountain is a two-time host of the Winter X Games, the legendary U.S. Extreme Freeskiing Championships, the U. S. Extreme Freeskiing Telemark Championships, a Randonnee Rally and the Elk Mountain Grand Traverse.
Overall, CNL Lifestyle Properties owns 21 ski and mountain lifestyle properties comprising 13 ski areas and eight village-centered retail developments, along with four additional loans for ski-related enhancements. CNL Lifestyle Properties’ ski and mountain lifestyle portfolio also includes Bretton Woods Mountain Resort (Bretton Woods, N.H.), Mountain High Resort (Wrightwood, Calif.), Northstar-at-Tahoe™ Resort (Lake Tahoe, Calif.) and Sierra-at-Tahoe® Resort (South Lake Tahoe, Calif.).
About CNL Lifestyle Properties, Inc.
CNL Lifestyle Properties, Inc., formerly CNL Income Properties, Inc., is a real estate investment trust that owns a portfolio of 115 properties in the United States and Canada in the lifestyle and recreation sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf and other lifestyle assets. For more information, visit www.CNLLifestyleREIT.com
About Triple Peaks, LLC
Triple Peaks, LLC is one of the leading mountain destination resort companies in the United States. Over the past 25 years Triple Peaks has invested in infrastructure and people while expanding into businesses which complement Resort activities and diversify revenues. Each of three Resorts has maintained their own sense of character and charm while offering a fully integrated spectrum of facilities and services. Triple Peaks is dedicated to creating “The Triple Peaks Difference” for our guests by providing the finest quality resort experiences and friendly guest service in the resort industry at each property.
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