Monday, December 28, 2015, NewEnglandSkiIndustry.com
CNL's planned divestiture of its ski area holdings will not be completed in 2015, according to an Associated Press report. Shareholders will be provided with an update on the situation in the first quarter of 2016. The real estate investment trust completed its final sale of shares on April 9, 2011 and began divesting assets in 2014.
The announcement comes on the heels of CNL's $90.5 million sale of Bretton Woods and related Mount Washington Resort properties to Omni Hotels & Resorts on December 1.
Background
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.
There are rumors that some of the other ski area operators may purchase their resorts back from CNL.
