Good day from snowy Crested Butte Colorado!
Crested Butte Mountain Resort was acquired last year by a very big real estate investment trust (REIT) based in Florida – CNL Lifestyle Properties Inc. (CNL). CNL bought out all three ski resorts owned by the Mueller family including Okemo and Mt. Sunapee in Vermont.
CNL is back in the news with more big time investments. Their next round of acquisitions occurred this month. This time, CNL Lifestyle Properties Inc. bought four marinas in California from the existing operator for $55 million, expanding the REIT’s marina portfolio to 19. Orlando-based CNL Lifestyle Properties leased the four marinas, which have a total of 1,984 boat slips, to former owner Almar Management Inc., which will continue to operate them under long-term, triple-net leases.
The Muellers operate Crested Butte Mountain Resort in a similar “lease-back” arrangement. CNL owns it, the Muellers operate it…for the next 40 years.
Recently, CNL completed more than $23 million worth of improvements at their Cypress Mountain ski resort in Vancouver, B.C., in time for the 2010 Olympic Winter Games. Cypress Mountain was the host for six 2010 Olympic events, including three skiing and three snowboarding events. The improvements had been planned for many years and were prioritized when CNL purchased Cypress Mountain in 2006 for $47.5 million from Boyne Falls, Mich.-based Boyne USA Inc., which continues to lease and operate the property.
It’s nice to know that our little Colorado ski resort has such deep pockets behind it…
Thanks for visiting today,
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