SAM Magazine-Ludlow, Vt., Dec. 5, 2008-CNL Lifestyle Properties, Inc. is purchasing Okemo, Vt., Crested Butte, Colo., and Mount Sunapee, N.H., from Tim and Diane Mueller's Triple Peaks LLC, and leasing the properties back to Triple Peaks to manage the ski, golf, hospitality and conference operations under a long-term lease. Purchase price is reportedly $132 million, including $82 million in cash. Triple Peaks is said to be providing $50 million in financing to CNL as part of the agreement.

"This transaction provides Triple Peaks the opportunity for immediate enhancement to these popular mountain destinations that will improve the overall skier experience and extend the resorts' offerings for all four seasons," said Byron Carlock, president and CEO of CNL.

The acquisition gives Triple Peaks management additional capital to build the Red Lady Lodge at Crested Butte Mountain Resort and to move forward with construction of the Okemo Mountain Resort conference center, enhancements that will extend the four-season offerings of the two resorts. It is also expected to fund improvements at Mount Sunapee Resort in New Hampshire.

"We anticipate that this new relationship with CNL Lifestyle Properties will enable us to continue to do what we do best-create a unique and memorable experience at our mountains for our visitors," said Tim Mueller, president and co-owner of Triple Peaks, LLC. "With the stable capital and long-term focus of this relationship, we are in a stronger position than ever to enhance our resort operations to ensure our long term popularity." Triple Peaks recorded 1,109,000 visits last winter.

CNL Lifestyle Properties, Inc., owns a portfolio of 115 lifestyle and recreation properties in the United States and Canada. It is headquartered in Orlando, Fla. \

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