By David Schissler
(July 2013) According to a report in the Denver Post, CNL Lifestyle Co., a Florida real-estate investment trust, has listed six of its ski resort villages for sale.
Those listed are:
- Copper Mountain, CO
- Mammoth Mountain, CA
- Whistler, B.C.
- Blue Mountain, Ontario
- Snowshoe, West Virginia
- Stratton, Vermont
“We are exploring what pricing the market might deliver for that portfolio,” said Steve Rice, managing director of CNL. To give you an idea of the money involved, the Denver Post said the asking price for the portfolio is $142.5 million dollars.
Even in the down economy, CNL has continued investing in new lifts, lodging and base-area projects at its resorts and the operators who lease the properties, such as Crested Butte’s Mueller family (who also run Okemo, VT and Mount Sunapee, NH) pay for those improvements in higher rent. “Those investments have been absorbed by our tenants not only successfully, but they have made our tenants more successful themselves,” Rice said. At Crested Butte, Rice said, CNL is “steady as she goes” with the Muellers, who are currently working on a proposal for neighboring Snodgrass that could include Nordic and human-powered guided adventure. “The industry is very much broadening out that way,” Rice said, referring to skiing’s recent backcountry boom.
Read more: Florida’s CNL is selling resort villages, including Copper Mountain – The Denver Post http://www.denverpost.com