Good day from snowy Crested Butte,
Okemo Mountan Resort in central Vermont, Mount Sunapee in southern New Hampshire and Crested Butte in southwestern Colorado will be sold today. According to a report in the Wall Street Journal, the three resorts owned by the Mueller family, will be sold to CNL Lifestyle Properties Inc., (CNL) a real-estate investment trust based in Orlando, Fla., for $132 million. The REIT is expected to close a deal today and an official announcement is expected soon. CNL is one of the nation’s largest privately held real estate investment and development companies. They count top U.S. ski resorts and many golf course and marina properties in their investment portfolio. Heck, the even own a Harley-Davidson dealership.
Under the terms of the deal, CBMR will lease back the ski area and focus on operations. The new landlord, CNL, will stay out of the day to day business.
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