CNL looks at selling ski operations including Sunapee - Archived

While the State considers a highly controversial proposal for expansion of the resort/ski area at Mount Sunapee State Park, the lessee CNL is considering an “exit strategy” that will maximize shareholder return.

The ski area at Mount Sunapee State Park is leased to a Florida-based real estate investment trust, CNL Lifestyle Properties, which is looking at an “exit strategy,” according news reports.

ABC News reported (3/15/2015): “A real estate investment trust that’s considering getting out of the snow business could sell more than a dozen ski resorts from Maine to California that are worth hundreds of millions of dollars.”

“CNL Lifestyle Properties owns 16 resorts including Sunday River and Sugarloaf in Maine, Bretton Woods, Loon Mountain and Mount Sunapee in New Hampshire, Okemo Mountain in Vermont, Crested Butte in Colorado, Brighton in Utah, and Sierra-at-Tahoe in California.”

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Investment News reported (3/12/2015): “The estimated per share valuation of CNL Lifestyle Properties Inc., a large nontraded real estate investment trust, continues to sink despite the recent broad rally in commercial real estate.

CNL Lifestyle Properties, with $2.5 billion in total assets, on Tuesday said its board of directors unanimously approved a valuation of $5.20 per share as of the end of December, according to a filing with the Securities and Exchange Commission.”

Rutland Herald reported (3/19/2015): Okemo sale could be in the works

“CNL’s official statement…. said the sale is being considered in an effort to ‘maximize return to shareholders upon its 2015 liquidity event,’ though selling its skiing portfolio is just one possibility the company is considering. Listing the 16 ski properties on the stock exchange is another option CNL considers viable. The entire sale plan could still be scrapped, with CNL entertaining the idea of retaining its ownership rights.”

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