NORTH CONWAY, NH – The Principals of Jiminy Peak Mountain Resort announced that they have purchased assets of Cranmore Mountain Resort from Booth Creek Resorts, a California based resort group. Cranmore Mountain Resort is located in the White Mountains of North Conway, New Hampshire.
The principals and long term operators of Jiminy Peak Mountain Resort, Brian Fairbank, Joseph O'Donnell and Tyler Fairbank, purchased the assets and plan to make major upgrades and improvements at Cranmore. CNL Lifestyle Properties, a Florida-based real estate investment trust, which already has business relationships with Jiminy Peak and Booth Creek, is providing capital for the acquisition and the planned improvements.
"Cranmore is a popular family ski area, with a great history and has tremendous potential in the near future," said Jiminy Peak CEO Brian Fairbank. "With our team's experience in the resort industry, the investment and support from CNL Lifestyle Properties, and the continued leadership of Cranmore General Manager Ben Wilcox and his outstanding management team, Cranmore will be able to fulfill its unrealized potential."
"The Jiminy Peak group is the perfect organization to assume ownership of Cranmore," commented Booth Creek President Chris Ryman. "We will miss having Cranmore as part of the Booth Creek team, but know that they are joining an established and effective resort operator in the Jiminy Peak Resort group."
Booth Creek will continue to operate the Northstar-at-Tahoe™ and Sierra-at-Tahoe® Resorts located in Lake Tahoe, California under long term lease arrangements with CNL Lifestyle Properties, Inc. Booth Creek retains its ownership and management of Waterville Valley Ski area, located in New Hampshire.
Jiminy Peak, Booth Creek and CNL Lifestyle Properties have been in discussions for nearly a year regarding the potential sale and amenity expansion. The three companies all have experience working with one another at other resorts in New England and across the country.
"Our team is very pleased to make this investment," said Byron Carlock, president and CEO of CNL Lifestyle Properties. "Brian, Joseph and Tyler are talented resort managers, and we believe with their experience and vision and our capital, Cranmore will be able to become a better resort, a more vibrant business and continue to provide great experiences for New England skiers."
About Booth Creek Ski Holdings, Inc.
Booth Creek presently operates 3 resorts in the United States including: Northstar-at-Tahoe™ Resort and Sierra-at-Tahoe® Resort in California; and Waterville Valley in New Hampshire. For more information, visit www.boothcreek.com.
About Jiminy Peak Mountain Resort
Jiminy Peak is a year round resort comprising the largest ski and snowboard resort in southern New England, year round lodging, dining, conference and wedding facilities as well as summer family attractions. It is the only mountain resort in North America to generate its own energy using alternative wind power. For more information, visit www.jiminypeak.com.
About Cranmore Mountain Resort
Cranmore has been operating for 72 consecutive years in the heart of North Conway Village, NH. In 2009, Cranmore was named Tourism & Hospitality Business of the Year by Business NH Magazine. It was the first resort in the East to convert its grooming vehicles to biodiesel fuel in 2003. For more information, visit www.cranmore.com.
About CNL Lifestyle Properties, Inc.
CNL Lifestyle Properties, Inc., formerly CNL Income Properties, Inc., is a real estate investment trust that owns a portfolio of 119 properties in the United States and Canada in the lifestyle and recreation sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, golf, attractions, marinas and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.com.