Major Resort Sale


Magazine—Kansas City, Mo., April 6, 2017—Och-Ziff Real Estate, EPR Properties,
and CNL have completed the sale of CNL’s ski area and attractions portfolios.
The deal leaves Ski Resort Holdings LLC, owned by funds affiliated with OZRE,
with 14 former CNL ski resort properties. EPR, the REIT that has funded Peak
Resorts, adds Northstar California resort to its portfolio, along with 15
of CNL’s water and amusement parks, and five smaller family entertainment

value of the transactions is $830 million. OZRE’s purchase of the 14 resorts is
valued at $374.5 million, the EPR-CNL transaction, at $455.5 million.

EPR has
provided the lion’s share of funding for both transactions. It provided $251
million of five-year secured debt financing to funds affiliated with OZRE for
its purchase of 14 CNL Lifestyle ski properties. EPR’s aggregate initial
investment at closing was $706.5 million, which was funded with $647.4 million
of its common shares and $59.1 million of cash.

H. Mauldin, CEO of CNL Lifestyle, said, “Throughout its lifecycle, CNL
Lifestyle Properties acquired a portfolio of unique assets, including some of
the nation’s most iconic ski and attractions properties. The completion of the
sale to EPR and Och-Ziff represents the 14th and final transaction since we
formally launched our strategic liquidity process in early 2014, and marks a
pivotal moment for the company and our shareholders. This transaction not only
provides final liquidity for our investors, but also provides a strong future
for these properties.”

Orbuch, president of Och-Ziff Real Estate, noted, “We are very excited to be
adding such a high quality, geographically diverse group of ski resorts to our
existing portfolio.”

As for
the water and amusement parks and Northstar, “We are delighted to announce the
acquisition of this portfolio of high quality ski and attractions assets that
builds on our expertise in the recreation segment,” said Gregory Silvers,
president and CEO of EPR Properties.

completion of the transaction follows the satisfaction of all conditions to the
closing of the acquisition, including receipt of approval by the shareholders
of CNL Lifestyle, which was obtained on March 24, 2017.

Lifestyle expects to distribute its common shares to its shareholders within
two weeks after the closing. CNL Lifestyle shareholders are expected to receive
approximately 2.7219 newly issued EPR common shares (valued at about $74) for
each 100 shares of CNL Lifestyle they owned on March 31, 2017, the record date
of such distribution. Shareholders entitled to fractional shares of EPR
Properties common stock will receive a separate payment for cash in lieu of


  • Anyone have a list handy of what the 14 resorts are?
  • Anyone have a list handy of what the 14 resorts are?
    CNL's Ski & Lifestyle Properties... 16 in all from here. Not sure how the 14 break down.

    • Brighton Ski Resort Brighton, UT
    • Crested Butte Mountain Resort Mt. Crested Butte, CO
    • Cypress Mountain West Vancouver, BC, Canada
    • Gatlinburg Sky Lift Gatlinburg, TN
    • Jiminy Peak Mountain Resort Hancock, MA
    • Loon Mountain Resort Lincoln, NH
    • Mount Sunapee Mountain Resort Newbury, NH
    • Mountain High Resort Wrightwood, CA
    • Northstar-at-Tahoe Resort Truckee, CA
    • Okemo Mountain Resort Ludlow, VT
    • Sierra-at-Tahoe Resort Twin Bridges, CA
    • Stevens Pass Skykomish, WA
    • Sugarloaf Mountain Resort Carrabassett Valley, ME
    • Summit-at-Snoqualmie Resort Snoqualmie Pass, WA
    • Sunday River Resort Newry, ME
    • The Village at Northstar Lake Tahoe, CA
  • Thanks jgreco.

    I thought Sunapee was leased from the State of NH.  I also thought CNL was a land holding company as opposed to a management company.  How does Sunapee fit into that list (or is CNL also a management company)?
  • Yes, Sunapee is leased from the state. But the Muellers sold the lease to CNL who leased it back to the Muellers.  

  • Link all these to the Peak Passes and we'll really have something!  EPR also has its fingers in Ragged and a number of other mountains.
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