CNL Lifestyle Properties, based in Florida, is selling more than a dozen ski resorts to EPR Properties, a real estate investment trust in Missouri, and Ski Resort Holdings LLC, a Delaware company owned by New York-based hedge fund Och-Ziff Real Estate. Among its properties are Loon Mountain in Lincoln and Mt. Sunapee in Newbury.
The Associated Press previously reported that if CNL Lifestyle Properties sold its ski resorts, which also include Sunday River and Sugarloaf in Maine, to one buyer, then it would be the largest single ski resort transaction in the history of the sport. Industry officials say the transaction won't have any significant impact on skiers because the resort operators' long-term contracts will remain in place even if the properties change hands.
The total deal is worth about $830 million, of which $183 million is in cash and an estimated $647 million is in stock, according to the filing with the U.S. Securities and Exchange Commission. CNL Lifestyle Properties previously sold its senior housing portfolio, a dozen marinas, four attractions, and the Mount Washington Hotel and Bretton Woods ski area in Bretton Woods.
Last year, CNL hired Jefferies LLC to evaluate alternatives as the trust neared the end of its projected lifespan.
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