CNL Lifestyle Properties, Inc., a real estate investment trust focused on lifestyle properties has acquired the privately heldassets of three ski and mountain lifestyle properties: Vermonts Okemo, Colorados CrestedButte and New Hampshires Mount Sunapee.
CNL Lifestyle Properties is purchasing the resorts from family-owned Triple Peaks, LLC and leasing the properties back to Triple Peaks to
manage the ski, golf, hospitality and conference operations under a long-term lease.
manage the ski, golf, hospitality and conference operations under a long-term lease.
“This transaction provides Triple Peaks the opportunity for immediate enhancement to these ppular mountain destinations that will improve the overall skier experience and extend the resorts offerings for all four seasons,” said Byron Carlock, president and CEO of CNL Lifestyle Properties. “Tim and Diane Mueller have positioned the properties of Triple Peaks for ongoing success. We are proud to establish a relationship with such seasoned and respected operating
partners and enable them to carry out their vision for these properties over the long-term.”
partners and enable them to carry out their vision for these properties over the long-term.”
The acquisition gives Triple Peaks management additional capital to build the Red Lady Lodge at Crested Butte Mountain Resort and to move forward with construction of the Okemo Mountain Resort conference center, enhancements that will extend the four-season offerings of the two resorts. It is also expected to fund improvements at Mount Sunapee Resort in New Hampshire.
“Our focus has been delivering outstanding service and a positive skier experience since we entered this industry with the purchase of Okemo in 1982,” said Tim Mueller, president and co-owner of Triple Peaks, LLC. “We anticipate that this new relationship with CNL LifestyleProperties will enable us to continue to do what we do best – create a unique and memorable experience at our mountains for our visitors. With the stable capital and long-term focus of this relationship, we are in a stronger position than ever to enhance our resort operations to
ensure our long term popularity.”
“The Triple Peaks resorts had a combined 1,109,000 skier visits in 2007-2008, a figure which reflects the overall health of the ski industry,” Carlock said. “Attendance at all U.S. ski mountains reached a record 60.5 million last year, and with ample snowfall.”
