CNL Lifestyles has reached an agreement to sell CBMR, all remaining properties

No changes in resort management

By Alissa Johnson

CNL Lifestyles Properties has reached an agreement to sell its 36 remaining ski and attractions properties, including Crested Butte Mountain Resort (CBMR). The sale is expected to close early in the second quarter of 2017, but no noticeable changes will happen on the mountain or with resort operations.

CNL, a real estate investment trust, has owned CBMR since 2008. CNL also owns Mount Sunapee Mountain Resort and Okemo Mountain Resort, and leases all three to the Mueller family, which manages the resorts through Triple Peaks, LLC.

Michelle Rash, a CNL spokesperson, confirmed the agreement. “CNL Lifestyle Properties has reached an agreement to sell Crested Butte to Och-Ziff,” she said by email.

CBMR is one of 14 ski and mountain lifestyle resorts that will be acquired by the New York Hedge Fund manager, including Mount Sunapee and Okemo. The remaining CNL properties will be acquired by EPR Properties, which is also providing Och-Ziff with five-year financing for 65 percent of its purchase.

The sale will not change how the CBMR operates. Vice president of marketing and sales Scott Clarkson likened any such sale to the transfer of a home mortgage or paying rent to a different landlord. “There is no change for us. It’s basically like having a mortgage sold between two lending institutions and you’re still sending payments in.”

This latest agreement comes after CNL had already sold 120 other properties in its portfolio. According to a statement provided by Rash, CNL’s board of directors has also approved a plan to liquidate and dissolve the company. Both the sale and the liquidity and dissolution will need be approved by stockholders.