Saturday, December 09, 2006

Booth Creek Ski Holdings Agrees to $192 Million Sale leaseback of Four US Ski Resorts

CoStar Group - December 8, 2006

CNL Income Properties Inc. agreed to acquire to acquire four ski resorts from affiliates of Booth Creek Ski Holdings Inc. for $170 million. The four ski properties to be acquired are the Northstar-at-Tahoe Resort in Lake Tahoe, CA; the Sierra-at-Tahoe Resort in South Lake Tahoe, CA; the Summit-at-Snoqualmie Resort in Snoqualmie Pass, WA; and the Loon Mountain Resort in Lincoln, NH.

As part of the ski resort deal, CNL also committed to acquire 46 condominiumized retail and commercial spaces at the Northstar Commercial Village in Lake Tahoe for $22 million and to extend a $12 million loan to Booth Creek Resort Properties.

CNL plans to enter into long-term, triple net leases with Booth Creek Resort Properties LLC to operate the Booth Creek Ski Properties and with Northstar Group Commercial Properties to operate the Northstar Commercial Village. The initial terms of the leases are expected to be for 20 years with three 10-year renewal options. The minimum annual rent for the Booth Creek Ski Properties and the Northstar Commercial Properties is expected to be approximately $18.2 million in the initial year (approx. 9.5% cap rate.) Sphere: Related Content

No comments:

Wikinvest Wire