CNL Lifestyle Properties owns 16 ski areas across the country, from big-named resorts like Northstar in California to Crested Butte in Colorado. Along with Vail Resorts, Powdr Corp, Intrawest, and Boyne Resorts, CNL has been one of the major players in the ski industry. Now, the company is considering getting out of the snow business and ski areas worth hundreds of millions are up for sale.
Here is the full list of the properties owned by CNL Lifestyle Properties and the company that actually manages the resort*:
Sunday River in Maine (operated by Boyne Resorts)
Sugarloaf in Maine (operated by Boyne Resorts)
Bretton Woods in New Hampshire (operated by National Resort Management Group)
Loon Mountain in New Hampshire (operated by Boyne Resorts)
Mount Sunapee in New Hampshire (operated by Triple Peaks)
Jiminy Peak in Massachusetts (operated by Jiminy Peak Mountain Resort)
Okemo Mountain in Vermont (operated by Triple Peaks)
Crested Butte in Colorado (operated by Triple Peaks)
Brighton in Utah (operated by Boyne Resorts)
Northstar-at-Tahoe in California (operated by Vail Resorts)
Sierra-at-Tahoe in California (operated by Booth Creek Resorts)
Mountain High in California (operated by Mountain High Associates)
Cypress Mountain in BC, Canada (operated by Boyne Resorts)
Stevens Pass in Washington (operated by Stevens Pass Mountain Resort)
Summit-at-Snoqualmie in Washington (operated by Boyne Resorts)
*Data collected from the National Ski Areas Association
Over the weekend, an Associated Press article circulated the news, claiming that if CNL sells the properties to one buyer, it would be a transaction in the hundreds of millions of dollars. Reports also have commonly repeated the phrase "skiers might not notice the sale at all" because the resort operators' long-term leases will remain in place even if the properties change hands.
At the moment, CNL is evaluating its properties and beyond selling them as a whole, alternatives could include a private buyout or going public. The Florida-based company sold its gold courses for $320 million and its senior housing division for $790 million last year, and now hopes to have an "exit strategy" for its ski properties in place by December 31.
So what does this mean? Curbed Ski is skeptical that a sale of this magnitude "means little" for skiers and snowboarders. In the past year, the ski industry has seen huge mergers and acquisitions, like when Vail Resorts bought Park City Mountain Resort, Mammoth Mountain acquired Bear Mountain and Snow Summit, and when Deer Valley bought Solitude. While it's certainly possible that a single company may be interested in all 16 CNL ski resorts, it's more likely that the big-names in the ski industry will want to consolidate their investments by buying resorts that they already operate. Sure, there are long-term management leases in place, but companies are always looking to maximize on an opportunity. Doesn't it make sense that Vail Resorts would be interested in owning Northstar and Boyne Resorts would be interested in owning all the properties they manage? What do you think Curbediverse?
· 16 Ski Resorts Worth Hundreds of Millions Could Be Sold [Time]
· CNL Lifestyle Properties [Official Site]
· Competitors Take Aim at Vail Resorts With New 22-Ski Area M.A.X. Season Pass [Curbed Ski]
· 10 Fast Facts On The Ski Industry's Biggest Player: Vail Resorts [Curbed Ski]
· The Seven Most Insane Moments from the PCMR-Talisker Battle [Curbed Ski]