Brighton Sold

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SAM Magazine - Brighton, UT., January 20, 2007 - Utah's Brighton ski area has been purchased from Boyne USA by Orlando, Florida-based CNL Income Properties. The purchase includes the 850-acre ski and snowboard resort with its 66 marked runs and seven chairlifts, two restaurants, 20-room lodge, ski rental operation and retail space at the ski area's base. The acquisition was completed on Jan. 9.

Under the terms of the sale, CNL Income Properties has leased Brighton back to Boyne under two long-term, triple-net leases with initial terms of 20 years and four five-year renewal leases. The minimum annual rent to be paid by Boyne is approximately $3.2 million in the first year and increases annually to approximately $3.9 million. Boyne has also retained the option to repurchase the property from CNL at a later date at a fixed return, exercisable beginning in the seventh year through the 25th year following the sale.

CNL maintains similar purchase/lease back arrangements with Boyne for the Gatlinburg Sky Lift (Tenn.) and Cypress Mountain (B.C.) ski area operations. It likewise entered into similar arrangements in December with Booth Creek Ski Holdings for its Northstar Resort and Sierra Resort (Calif.), Loon Mountain (N.H.), and The Summit-at-Snoqualmie (Wash.) ski resorts. \