March 24, 2019
Business Latest News | UMaine Basketball | Bangor Metro | Rabid Bat | Today's Paper

Sunday River, Sugarloaf sold as land investors cash out

Micky Bedell | BDN
Micky Bedell | BDN
Despite misty conditions, a handful of skiers and snowboarders hit the trails on March 28 at Sunday River in Newry.

PORTLAND, Maine — Maine’s largest ski resorts will pass from one group of real estate investors to another as part of an approximately $830 million deal involving 14 other ski areas, 15 water and amusement parks and other investments.

The real estate investment trust CNL Lifestyle Properties announced Thursday that it is liquidating all of its holdings through a deal with the Maryland-based EPR Properties and Ski Resort Holdings LLC, owned by Och-Ziff Real Estate.

CNL announced the deal reached Wednesday in a regulatory filing. The sale is part of a plan for the investment trust to liquidate all of its holdings. The company has long been working to sell off various assets and return the proceeds to investors.

The ski resort sale includes CNL’s other New England ski areas, which are Loon Mountain Resort in Lincoln, New Hampshire; Mount Sunapee in Newbury, New Hampshire; and Jiminy Peak Mountain Resort in Hancock, Massachusetts.

CNL said that it expects it will complete the sale of the properties in the second half of 2017, pending approval from shareholders who own at least a majority of CNL’s common shares.

The real estate investment trust is the owner of the property at both Sunday River and Sugarloaf, which are both operated by Boyne Resorts. The sale of the underlying property does not affect leases held by operators of the resorts.

Darcy Lambert, spokeswoman for Sunday River, said that Boyne still has 31 years left on a 40-year lease at both Sugarloaf and Sunday River.

Boyne bought both resorts in 2007 from American Skiing Co. and then sold the land and physical assets to CNL.

Boyne has invested millions of dollars in the resorts since the acquisition.

Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like