On Wednesday, the Missouri-based EPR Properties real estate investment trust announced that it was purchasing 15 major North American ski resorts from the CNL Lifestyle Properties trust as part of two separate deals valued at roughly $700 million.
The deal was announced via a press release on Business Wire that read:
The agreement provides for the Company’s acquisition of Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at approximately $456 million. Additionally, the Company has agreed to provide approximately $244 million of five-year secured debt financing to OZRE for the purchase of 14 CNL Lifestyle ski properties valued at approximately $374 million.
As noted in the press release, the biggest property purchased by EPR is the Northstar California Resort located in Truckee, California. According to Snow Brains, Northstar is the eighth most popular ski resort in the United States with 737,000 annual skier visits.
But the additional 14 CNL ski properties not listed in the press release make up an interesting mixture of some of the most popular mountains across the country.
According to CNL’s website, included in the sale is Okemo Mountain Resort in Vermont, which Snow Brains lists as the tenth most popular resort in the U.S.
Also included is Sunday River in Maine, which is regularly among the first mountains in the Northeast to open for the season and Brighton Ski resort in Utah, which always battles it out with its neighboring Solitude Mountain Resort to be the first resort in the Beehive State to open its slopes every year.
Other notable resorts in the deal include Summit-at-Snoqualmie in Washington, Crested Butte in Colorado and Cypress Mountain in British Columbia.
As detailed by TRANSWORLD BUSINESS, skiers and snowboarders who ride at the ski resorts purchased by EPR shouldn’t expect to see any major changes in day-to-day operations, but the huge purchase is notable as it continues a trend of consolidation within the ski industry.
The move by EPR more than doubles its existing portfolio of 11 ski areas.
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