VAIL, Colo. – December 8, 2006— Booth Creek Ski Holdings, Inc. (Booth Creek), owner of six mountain resort properties and select real estate holdings, announced today that it has entered into an agreement to be purchased by three principals of the company: George Gillett, chairman; Chris Ryman, president; Elizabeth Cole, chief financial officer. Jeff Joyce, a long-time business partner of Gillett, is a fourth principal involved in the purchase.
Booth Creek consists of six resorts across the United States including: Northstar-at-Tahoe™ Resort and Sierra-at-Tahoe® Resort in California; Waterville Valley, Cranmore Mountain Resort and Loon® Mountain in New Hampshire and The Summit at Snoqualmie near Seattle, Washington.
Upon closing, Booth Creek will sell Northstar™ Resort, Sierra™ Resort, Loon® Mountain and The Summit-at-Snoqualmie to CNL Income Properties, Inc. Simultaneously, CNL Income Properties will lease the properties back to Booth Creek under long-term lease agreements.
Booth Creek Ski Holdings, Inc. will continue to own Cranmore Mountain Resort and Waterville Valley. It is contemplated that Booth Creek senior management will remain intact and all resort management will continue business as usual with day-to-day operations remaining unaffected. This transaction will not impact any resort products including multi-resort season passes or lift ticket products.
“We are very pleased to be partnering with CNL Income Properties who is making a long-term commitment to both Booth Creek and the industry,” said Gillett. “The company is one of the most active investors in lifestyle, leisure and recreational real estate in the nation with a reputation for honesty and integrity.”
“We are extremely excited about this relationship with CNL Income Properties,” added Ryman. “It will allow Booth Creek to accelerate our growth strategies, particularly at Northstar at Tahoe™ and Loon® Mountain.”
Booth Creek Moving Forward with Accelerated Growth Strategy:
At the forefront of Booth Creek’s current business plan has been the on-going development of Northstar-at-Tahoe™ Resort.
Welcoming guests during the 2006-2007 season:
A new base Village including 100,000 square feet of commercial space encompassing over 30 different specialty retailers, art galleries, restaurants and cafes. The new Village at Northstar™ also features a 9,000 square foot ice rink, and other recreational and entertainment amenities.
$10.5 million in mountain improvements including the new Tahoe Zephyr Express high-speed six-pack chairlift accessing 13 trails and 137 acres of new terrain.
Additional on-mountain improvements to snowmaking, terrain parks and the addition of the Lookout Link surface lift, providing improved access to Lookout Mountain.
Ongoing at Northstar™ is the development by Northstar Mountain Properties and East West Partners of:
135,000 square feet of commercial space within the new Village at Northstar™ bringing the existing total of retail shops and restaurants in the village to roughly 40 distinct offerings
1,800 new residential units with ski-in/ski-out access
An on-mountain ski-in/ski-out Ritz-Carlton Hotel and residential resort community
Club amenities including golf, on-mountain clubs, private lockers, on-mountain dining, and various restaurants including Lake Tahoe lakeside dining
The development of South Peak Resort, by Centex Destination Properties, into a four-season luxury mountain destination.
The Loon ski area expansion of South Peak will open in December 2007 with new snowmaking and two lifts including a new high-speed quad servicing new intermediate and advanced terrain. Future planned phases will include more lifts, trails and skier amenities.
About Booth Creek Ski Holdings, Inc.
Booth Creek consists of six resorts across the United States including: Northstar-at-Tahoe™ Resort and Sierra-at-Tahoe® Resort in California; Waterville Valley, Cranmore Mountain Resort and Loon® Mountain in New Hampshire; and The Summit at Snoqualmie near Seattle, Washington. Booth Creek is the fourth largest ski resort owner in North America. For more information, visit www.boothcreek.com.
About CNL Income Properties, Inc.
CNL Income Properties Inc. is a real estate investment trust that owns a
portfolio of 40 properties in the United States and Canada in the lifestyle
and recreation sectors. Headquartered in Orlando, Fla., CNL Income
Properties specializes in the acquisition of golf courses, ski resorts,
marinas, campgrounds, merchandise marts, destination retail and
entertainment centers, attractions and parking facilities, among other asset types. For more information, visit www.cnl.com.