Commercial Property News - November 15, 2005
Boyne USA Inc. and CNL Income Properties Inc. have agreed to a $47.5 million sale-leaseback transaction involving two lifestyle properties, Cypress Mountain ski resort, in British Columbia, and the scenic Gatlinburg Ski Lift, in Gatlinburg, Tenn.
This is the first sale-leaseback the family-run Boyne USA has completed in its 57-year history. Boyne USA is considered the largest operator of four-season resorts in North America.
CNL Income Properties is pursuing diversity in the lifestyle and recreation sector, targeting such properties as golf courses, ski resorts, marinas, campgrounds, merchandise marts, entertainment centers and attractions. Since December 2004, it has acquired an estimated $489 million in lifestyle property, including a recent deal with Great Wolf Resorts worth $114.5 million.
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