CNL Explores Sale of Resort Village Properties

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SAM Magazine—Orlando, Fla., May 22, 2013—CNL Lifestyle Properties is testing the market value of its ski village holdings, which it acquired from Intrawest nearly a decade ago. That foray marked CNL’s entry into the winter resort business; it liked the industry so much that CNL has since become the nation’s largest owner of winter resorts.

According to The Snow Industry Letter, Steve Rice, senior managing director of CNL Lifestyle Properties, confirmed that the company is actively shopping six resort villages, including those at Stratton, Blue Mountain [Ontario], Copper Mountain, Whistler Creekside, Snowshoe, and Mammoth, along with its golf property in Sandestin, Fla.

The Summit County Citizen's Voice reported that the entire portfolio has been priced at $142.5 million, with prices for individual villages ranging from $9 million to $30 million. Rice confirmed that those numbers, while not public, are in the ballpark. In 2004, CNL purchased an 80 percent interest in the former Intrawest villages for $160 million.

Rice said the portfolio holds more than 400 individual leases. CNL receives a percentage of the gross revenue from the operations in addition to lease payments. He called the sales offering “an opportunistic time to see what our asset group may fetch,” noting that the company “would recycle profits back into our resorts.”

CNL owns 14 winter resorts as well as golf courses, resorts, theme parks, marinas and senior housing properties worth more than $2.9 billiion, according to the company’s most recent quarterly report.