CNL Acquires Jiminy Peak
Two months ago, CNL Lifestyle Properties snapped up Crested Butte, Okemo, and Sunapee for $132 million. Now the Florida-based real estate investment trust has acquired another ski resort, spending $27 million for Jiminy Peak. Here’s the press release:
CNL LIFESTYLE PROPERTIES ADDS
JIMINY PEAK MOUNTAIN RESORT
TO SKI MOUNTAIN PORTFOLIO
(ORLANDO, Fla.) Jan. 28, 2009 – CNL Lifestyle Properties, Inc., a real estate investment trust (REIT) focused on lifestyle properties, announced today its acquisition of Jiminy Peak Mountain Resort, the largest ski and snowboard destination in southern New England. CNL Lifestyle Properties is purchasing the Hancock, Mass. property from Jiminy Peak Mountain Resort, Inc., for $27 million including all of the resort’s fixed assets. Jiminy Peak Mountain Resort, LLC, will continue to operate the resort under a 40- year lease including all renewals with CNL Lifestyle Properties.
Established in 1948, Jiminy Peak hosts more than 350,000 skiing, lodging, conference, wedding and mountain adventure park guests annually. In 2007, Ski Magazine ranked Jiminy Peak among the top five family resorts in North America. It is the only mountain resort in North America that generates 25 percent of its total energy needs using wind power, including about half the power used to run the snowmaking machines and chairlifts.
Jiminy Peak Mountain Resort, LLC, owned by Brian and Tyler Fairbank and Joseph O’Donnell is managed by Brian Fairbank, who has shepherded the mountain’s growth over the past four decades and will continue to be active in the day-to-day management of the property.
“As Jiminy Peak celebrates its 60th ski season this winter, we are pleased to add this family-favorite mountain resort to our portfolio,” said Byron Carlock, president and CEO of CNL Lifestyle Properties, Inc. “As this year’s record number of nearly 71,000 skier visits thus far demonstrates, Brian Fairbank has done an admirable job creating an award-winning destination. We are pleased to support Brian and Jiminy Peak Mountain Resort, LLC, in their ongoing management of the mountain resort.”
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