Page 7 - Aruba Today
P. 7
U.S. NEWS A7
Monday 28 December 2015
LIFE is Beautiful
Coffee - Kitchen - Drinks
Sale of ski resorts won’t happen by year’s end, trust says
DAVID SHARP trust “continues to evalu- parks, ski resorts, marinas
Associated Press ate strategic options for
PORTLAND, Maine (AP) — A the remainder of its ski and and senior housing devel-
real estate investment trust mountain properties as it
that’s selling more than seeks to provide liquidity opments. But the value has
a dozen ski resorts from to its shareholders,” CNL Fi-
Maine to California won’t nancial Group senior man- dropped in the aftermath
meet its deadline of com- aging director Steve Rice
pleting the transaction by said in a statement. of a real estate downturn.
year’s end. REITs are an investment ve-
CNL Lifestyle Properties, hicle for a variety of prop- The drought in the West
which is based in Orlando, erties including hotels, of-
Florida, has sold its senior fice buildings and malls. hasn’t helped. CNL told
housing portfolio, a dozen The trust owns the property
marinas, four attractions, and makes money from shareholders that its ski
and the Mount Washington leases and rent.
Hotel and Bretton Woods CNL Lifestyle Properties is holdings last season were
ski area in New Hampshire. trying to sell ski resorts in-
But it continues to seek cluding Sunday River and “negatively impacted
buyers for 15 additional ski Sugarloaf in Maine, Loon
resorts, remaining attrac- Mountain and Mount Su- by adverse conditions,”
tions and marinas, and says napee in New Hampshire,
it will update shareholders Okemo Mountain in Ver- particularly in California,
in the first quarter of the mont, Crested Butte in
new year. Colorado, Brighton in Utah which saw its third straight
The real estate investment and Sierra-at-Tahoe in Cali-
season of record-breaking
Skiers and snowboarders ride a lift up a mountain on Tuesday, drought.
Dec. 22, 2015, at Snoqualmie Pass, Wash. A real estate invest-
ment trust that’s selling more than a dozen ski resorts from Maine The improving weather out
to California won’t meet its deadline of completing the transac-
tion by year’s end. west — which has seen
(AP Photo/Elaine Thompson) snow this month — may
set investors and potential
buyers at ease, said Mi-
fornia. once the property chang- chael Krongel from Mirus
Skiers won’t see a big im- es owners.
pact from the sale. Long- CNL Lifestyle Properties was Resort Capital in Burling-
term leases will remain in valued at as much as $3
place, so mountain opera- billion in 2012 with owner- ton, Massachusetts, who’s
tors will remain unchanged ship of more than 100 water
been involved in buying,
selling and developing ski
resorts for 45 years.q
