Sunday, January 21, 2007

Boyne USA Completes $35Million Sale Leaseback of Brighton Ski Resort in Utah

First Tracks!! Online - January 18, 2007

Orlando, Florida-based CNL Income Properties, rapidly becoming a player in the U.S. ski industry, has purchased Utah's Brighton Ski Resort from Boyne USA for $35 million. Boyne USA will continue to operate the resort via a leaseback arrangement.

The purchase includes the 850-acre ski and snowboard resort with its 66 marked runs and seven chairlifts, two restaurants, 20-room lodge, ski rental operation and retail space at the ski area's base. The acquisition was completed on Jan. 9.

Under the terms of the sale, CNL Income Properties has leased Brighton back to Boyne under two long-term, triple-net leases with initial terms of 20 years and four five-year renewal leases. The minimum annual rent to be paid by Boyne is approximately $3.2 million in the first year and increases annually to approximately $3.9 million. Boyne has also retained the option to repurchase the property from CNL at a later date at a fixed return, exercisable beginning in the seventh year through the 25th year following the sale. Sphere: Related Content

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