Potential sale of CBMR falls through the cracks

No sales contract signed by deadline

The potential sale of Crested Butte Mountain Resort that was announced last November has fallen through. A deadline to sign a sales contract was set for last Friday, January 31 but no agreements were signed, so the deal as discussed by the Mueller family and an unnamed suitor is off the table.

Last fall CBMR executives admitted they had been approached about a possible sale and were in serious talks with an interested buyer. The potential purchaser conducted a thorough due diligence inventory of the resort for weeks. While it was hoped the talks would progress to the next stage by mid-December, no movement occurred until the deadline was set.
“We had set a final deadline on the deal of January 31,” explained CBMR vice president and general manager Ethan Mueller. “Considering this deadline has come and gone, so has the deal. All parties are aware that the potential deal that was being discussed is off the table.”
The resort is owned by CNL Lifestyle Properties, a real estate investment trust (REIT). The Mueller family, through Triple Peaks LLC, controls the CBMR ski area operation contract along with significant property around the resort. The Muellers last month took a more aggressive sales approach for the 255-acre Promontory Ranch that sits at the base of Snodgrass and includes the North Village. They contracted with a Denver-based broker with a national sales presence to sell the property for $12.6 million.
Mueller said it is time to focus on moving forward to continue making the resort successful. So far this season, they have seen some positive momentum with more snow and more skiers than in recent years.
“Well, I guess the time wasn’t right,” said Mt. Crested Butte town manager Joe Fitzpatrick. “Let’s look forward and press on. It looks like we’re having a good season.”