Loon, Sugarloaf, and Sunday River will be owned and operated by the company, pending government approval.
Tuesday, March 13, 2018, NewEnglandSkiIndustry.com
After over a decade of operating the ski areas, Boyne Resorts has agreed to purchase its six leased areas from property owner Ski Resort Holdings, LLC. The transaction is expected to close later this year, pending government approval. 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 Och-Ziff Capital Management, in the spring of 2017.
Boyne plans to "accelerate and fine tune" investment in the resorts.
According to Boyne Resorts President and CEO Stephen Kircher, "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.
