Under the terms of the agreement for the 2,200-acre resort, Celebration Associates and Crosland, Inc., its financial partner, will purchase more than 900 acres of land and other assets, including the 18-hole Mount Washington Golf Course, an adjacent 9-hole course, equestrian stables and paddocks, Nordic ski center, water company, and cable company. The transaction is expected to close this summer.
CNL will acquire 991 acres including Bretton Woods Ski Area, The Mount Washington Hotel, the Bretton Arms Country Inn, The Lodge at Bretton Woods, and other related assets. CNL plans to enter a long-term lease agreement with Celebration Associates and Crosland, which will engage National Resort Management Group to market and operate the property.
About the new owners and management: Celebration Associates is a developer and operator of master-planned, mixed-use communities. Crosland, Inc. is a financial partner of Celebration Associates. Both are committed to community-oriented development. National Resort Management Group is a resort operations company whose principals have been involved with resorts such as Pinehurst, The Homestead, and Firestone.
Excluded from the sale: Mount Washington Resort partners Wayne Presby (chairman) and Joel Bedor (president) continue to own and operate the Mount Washington Cog Railway.