CNL Lifestyle Properties Inc., a real-estate investment trust based in Orlando, Fla., is expected to announce that it will acquire three U.S. ski resorts for $132 million.
The REIT is expected to close a deal Friday that will add Colorado's Crested Butte Ski Resort, Okemo Mountain Resort in Vermont and Mount Sunapee Ski Resort in New Hampshire to its portfolio of 112 properties. The company owns several other ski properties, including Sugarloaf in Maine and Mammoth Mountain Village in California, as well as dozens of golf courses and water parks.
Triple Peaks LLC of Ludlow, Vt., which currently owns and operates the ski areas CNL will buy, will continue as operator.
Ski areas across the country are bracing for a challenging season amid a recession-fueled travel slowdown.
This year, several big Western ski resorts are reporting that advance reservations are slower than usual. Aspen Skiing Co. says business could drop between 5% and 15% this season. In addition, lodging and recreation industry transactions have slowed, with bank lending tight.
CNL says it will finance the deal with $82 million in cash and the rest in loans from Triple Peaks.
Source: online.wsj.com
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