Dec 27, 2015 11:40 AM
Sale of ski resorts won't happen by year's end, trust says
The Associated Press
PORTLAND, Maine — A real estate investment trust that's selling more than a dozen ski resorts, including two in New Hampshire, won't meet its deadline of completing the transaction by year's end.
CNL Lifestyle Properties, which is based in Orlando, Florida, has sold its senior housing portfolio, a dozen marinas, four attractions, and the Mount Washington Hotel and Bretton Woods ski area in New Hampshire.
But it continues to seek buyers for 15 additional ski resorts, remaining attractions and marinas, and says it will update shareholders in the first quarter of the new year.
The real estate investment trust "continues to evaluate strategic options for the remainder of its ski and mountain properties as it seeks to provide liquidity to its shareholders," CNL Financial Group senior managing director Steve Rice said in a statement.
REITs are an investment vehicle for a variety of properties including hotels, office buildings and malls. The trust owns the property and makes money from leases and rent.
CNL Lifestyle Properties is trying to sell ski resorts including Sunday River and Sugarloaf in Maine, 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.
Skiers won't see a big impact from the sale. Long-term leases will remain in place, so mountain operators will remain unchanged once the property changes owners.