Mountain News Corporation - Industry Report

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The Industry Report is published by Mountain News Corp., which also publishes OnTheSnow.com

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- Craig Altschul

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- Roger Leo

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- Rob Brown

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June 04, 2007

The REITing Is On The Wall

There's a new acronym in the snow industry vocabulary. It's REIT, as in Real Estate Investment Trust. Orlando-based CNL (not an acronym, by the way) is one of the nation's largest privately held real estate investment and development companies. The 34-year-old company, which has formed or acquired companies with more than $19 billion in assets, has recently taken a significant dip into the ski resort ownership pool.

CNL brought snow industry veteran Steve Rice to Orlando in May as Vice President of Investments of CNL Income Corp., the advisor to CNL Income Properties, Inc., a REIT that invests in income-producing properties with a focus on lifestyle-related industries.

"REITs are becoming increasingly attractive to owners and ownership groups in the snow industry," Rice told The Industry Report in an interview from his new Florida base, "because they allow current management to stay deeply involved." ...continue reading »

Skis And A Latte? It's A Breeze Again

Specialty Sports Ventures (SSV) announced it has reached an agreement to acquire 18 Breeze Ski Rental shops in Colorado, Utah, and California for $6.5 million. That makes SSV, a joint venture majority-owned by Vail Resorts, one of the largest equipment rental chains in the nation with 145 total shops.

Add in two Starbucks locations also acquired in the deal adjacent to the Breeze shops at high-traffic Dumont on I-70 and at the base of Aspen Mountain, and, well, getting your skis and a Caramel Macchiato will be a breeze. The Starbucks shops will be run by Vail.

"The Breeze name has been around for a really long time and is widely recognized by many skiers and snowboarders," SSV President Ken Gart told The Industry Report shortly after the agreement was reached. "Because of its strong brand identity, we think this is a real opportunity to restore its luster and stature as a top tier equipment rental experience." ...continue reading »

Whistler Gives In To Summer

The season came to a close yesterday at Whistler, BC, but only after the second-highest snowfall on record, the opening of the Symphony Amphitheatre, and the early hype for the Peak to Peak Gondola.

Like numbers? The snowfall totaled 46 feet, 40 percent more than normal; two million skiers and riders sampled it; 22,156 bought season passes; 1,912 kids' lessons were taught April 3; and 1,000 acres of Symphony Amphitheatre terrain was accessed by the Symphony Quad.

The biggest news by far was the announcement of the $50 million Peak to Peak Gondola that, by December 2008, will span 4.4 km in 11 minutes and will become a year-round tourist attraction. ...continue reading »