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Crested Butte in Colorado, among 13 other properties, sold in massive ski deal

Posted: 4:00 PM, Nov 03, 2016
Updated: 2016-11-03 18:00:43-04
Crested Butte in Colorado, among 13 other properties, sold in massive ski deal

PORTLAND, Maine (AP) — A Florida-based real estate investment trust has reached an agreement to sell more than a dozen ski resorts and other properties from Maine to California.

A New York hedge fund would assume ownership of 14 properties currently held by CNL Lifestyle Properties, including Sunday River and Sugarloaf in Maine, Crested Butte in Colorado, Brighton in Utah, and Sierra-at-Tahoe in California.

Missouri-based EPR Properties would retain the rest of CNL's holdings, including a ski resort and 15 waterparks and amusement parks.

CNL would receive about $830 million in cash and stock.

If the deal closes, it would be the largest single ski resort transaction in the history of the sport. But skiers won't see any immediate changes. The resorts have long-term operating leases that remain in place for years to come.

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