CNL Lifestyle Properties, a real estate investment trust (REIT), reported a significant increase in attendance at its 17 ski resorts over the Martin Luther King, Jr. Day holiday weekend. The resorts reported a 37 percent increase in paid skier visits during the weekend and a 41 percent increase in revenue compared to the previous year.
This years strong holiday results compared with the 2011-2012 ski season are encouraging. Last season, the ski visits were negatively affected by record warmth and lack of natural snowfall. It is particularly gratifying to note that our portfolio of resorts reported a 1 percent increase in holiday visits and a 9 percent increase in revenues compared with the 2010-2011 ski season, which was the all-time record year for the U.S. ski industry, said Steve Rice, senior vice president and managing director of CNL Lifestyle Properties ski and mountain portfolio.
Ample cold temperatures and snowfall early in the ski season were key factors in driving skier visits. the REIT’s ski resorts include Brighton Ski Resort, UT; Crested Butte Mountain Resort, CO; Jiminy Peak Mountain Resort, MA; Loon Mountain Resort, NH; Stevens Pass, WA; Sugarloaf Mountain Resort, ME. Capital investments by CNL Lifestyle Properties, which have opened up more ski terrain and boosted snow-making capacity at some resorts, were also a contributing factor.
The Martin Luther King, Jr. Day holiday weekend is traditionally one of the biggest weekends for ski resorts, and this year is no exception, Rice said. Many of our resorts had excellent weather and travel conditions which helped generate increased visits and revenue.
CNL Lifestyle Properties owns the nations largest portfolio of ski resorts. Most of the properties are leased back to operators under a triple-net lease, with the operators responsible for the day-to-day operations of the resorts.
Since acquiring the ski and resort properties, CNL Lifestyle Properties has spent more than $220 million in ongoing capital investments as well as $105 million in capital maintenance funding. The addition of hundreds of acres of ski terrain to several resorts, such as Sugarloaf Mountain Resort in Maine, also played an important role in increasing visitor attendance as the added acreage allows for a lower skier density across ski trails, which improves the skier experience.
The strong Martin Luther King, Jr. Day holiday weekend comes less than a month after strong Christmas and New Years Day holidays at the resorts. CNL Lifestyle Properties saw paid skier visits between Dec. 24, 2012 and Jan. 1, 2013 at its resorts rise by 37 percent compared with the same time period a year ago while revenues also rose by 37 percent during the same period.
These holiday results are encouraging signs for the remainder of the season, though they are simply a snapshot in time of the ski industry, said Rice. While good weather always remains a key factor, as we look ahead, we are cautiously optimistic about the upcoming Presidents Day and spring break holidays.
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 179 properties in the United States and Canada in the lifestyle sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas, senior housing and additional lifestyle properties.
