Boyne To Sign Long-term Leases For Loon, Snoqualmie

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Boyne To Sign Long-term Leases For Loon, Snoqualmie

By Craig Altschul
September 19, 2007

Boyne USA has become one of the biggest resort operators in the nation by agreeing to assume currently existing long-term leases to run New Hampshire's Loon Mountain and Washington State's Summit-at-Snowqualmie. Booth Creek Ski Holdings has been operating both resorts as lessees under the ownership of CNL, the Florida-based REIT.

The Industry Report has learned that CNL and Boyne intend to execute the operating leases potentially as early as today (9/19/07), assuming all "t's" can be crossed.

CNL's relationship with Boyne USA continues to develop. Leases were signed this summer, adding Sunday River and Sugarloaf, Maine, to the fold. The list now includes 10 resorts across the nation and into British Columbia.

Loon is a popular resort property in Lincoln, N.H., made famous at the century mid-point by its owner, former Governor Sherman Adams. It has long been a favorite of Boston skiers and snowboarders. Mountain News' New England Editor Roger Leo reported last week at OnTheSnow.com that work is well underway for the long-planned expansion at Loon's South Peak.

"The $10 million first phases includes trails, lifts, and snowmaking. The Lincoln Express, a high-speed detachable quad, will serve three trails, two with snowmaking, and an open-glades, natural snow run. The Tote Road Quad, a fixed-grip chair, will carry skiers back and forth from the existing area to the summit of South Peak," Leo wrote.

Skiing on Washington's Snoqualmie Pass began in the 1920s and '30s, pre-dating the 1937 opening of the Snoqualmie Summit Ski Area. Booth Creek purchased the resort and its several gateways in 1997. Booth has invested more than $24 million in capital improvements since then.

Here's what it means: The relationship between Boyne USA and CNL, the deep-pocketed REIT that is taking a big ownership bite of the mountain resort industry, continues to grow. There is little doubt the ties with Boyne will expand. Booth Creek will continue with its ownership and management of Cranmore and Waterville Valley, N.H., (at least for now, it appears) while sticking to its California knitting at Northstar and nearby Sierra-at-Tahoe.

The Industry Report will continue to bring you breaking news as or before it happens. Our next regular issue is set for Monday, Sept. 24.

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