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An IR Exclusive: New Owners At Sunday, 'Loaf? No, Not Boyne
By Craig Altschul
August 03, 2007
Just when you think you have it straight, you don't. Sunday River and Sugarloaf in Maine are reportedly about to have new owners, but not Boyne USA. At least for very long.
Yes, Boyne USA is about to close on its purchase of the New England destinations probably early next week, but there's a new wrinkle: The Industry Report has learned, but cannot "formally" confirm pending SEC filing, that CNL, the Florida-based Real Estate Investment Trust that reportedly provided the financing for Boyne to purchase the resorts, will be standing behind the signing table. There apparently are some remaining issues before closing, but they are expected to be resolved and not become deal-breakers.
CNL will, almost simultaneously with Boyne's closing, purchase the two popular eastern destinations and lease them back to Boyne to operate, as the CNL-Boyne relationship currently works at Brighton, Utah, and Cypress Mt., B.C. The deal comes hot on the heels of CNL's purchase of So. California's Mountain High. (Boyne was not involved in that one.)
A report in the July issue of SAM (Blue Pages) held that CNL was the money partner in the Sunday River/Sugarloaf acquisitions for Boyne. But, now, literally moments after the sale closings, CNL will become the actual owner, with Boyne as the lessee. What did Yogi Berra say about it never being over?
CNL has taken a major leap into the snow pack, much of it alongside Boyne USA. The Maine purchases are the ninth and tenth ski resorts (spread across the U.S. and into British Columbia) for CNL. Its relationship with Boyne USA continues to expand.
Editor's Note: Any conjecture in the above story was erased Tuesday (Aug. 7) when CNL simultaneously closed on Sunday River and Sugarloaf and leased the properties back to Boyne USA just as we predicted they would. CNL President Byron Carlock said, in announcing the sale, that he believes that with the combo of CNL capital and Boyne USA's experience, that "these properties have the potential to improve on their long-standing tradition of being among the most popular ski destinations in Maine."
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This is news? This is an exclusive????
With all respect and love to His Editorship, this has been pretty much common knowledge ever since the deal was announced. |
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Posted by: Skip King | August 3, 2007 04:29 PM
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If, as Skip notes, this story was common knowledge, how come no one else has printed it? An "exclusive" means "first one out there," which as usual, is Mountain News. --His Editorship |
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Posted by: Craig Altschul | August 6, 2007 10:40 AM
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