VAIL, Colorado — Booth Creek Ski Holdings, Inc. (“Booth Creek”) based in Vail, Colorado, and Boyne USA, Inc. (“Boyne USA Resorts”), a Michigan-based company, announced today that they entered into a definitive agreement providing for the sale and transfer of Booth Creek’s equity interests in Loon Mountain Recreation Corporation (“Loon Mountain”) and Ski Lifts, Inc. (the “Summit”) to Boyne USA Resorts. Loon Mountain operates the Loon Mountain ski resort in the White Mountains of New Hampshire, and the Summit operates the Summit-at-Snoqualmie ski resort in the Cascade Mountains of Washington. Upon the closing of the stock transfer, Loon Mountain and the Summit will continue to operate the respective resorts under long-term lease arrangements with Orlando, Florida-based CNL Income Properties, Inc. (“CNL”), the owner of the assets comprising the resorts.
“The Loon Mountain and Summit resorts are a good fit with Boyne USA Resorts given their new focus on the East Coast and established presence in Washington state, as well as Boyne USA Resorts’ nearly 60 years experience in the resort industry,” commented Booth Creek President Chris Ryman. “We will miss having Loon Mountain and the Summit as part of Booth Creek, but know that they are joining an established resort operator in Boyne USA Resorts.”
Booth Creek will continue to operate the Northstar-at-Tahoe?вЂћ? and Sierra-at-Tahoe?В® Resorts located in Lake Tahoe, California under long-term lease arrangements with CNL. The Northstar-at-Tahoe?вЂћ? Resort is in the midst of significant expansion and improvements including the new Village at Northstar?вЂћ?, major mountain expansion and enhancements and substantive real estate and hotel development.
In New Hampshire, Booth Creek retains its ownership and management of Cranmore Mountain Resort and Waterville Valley. Both resorts have real estate and mountain expansion opportunities that Booth Creek will continue to explore.
The Threedom Season Pass product sold by Booth Creek in recent years and valid at Loon Mountain, Waterville Valley and Cranmore Mountain, will continue to be in place and sold for the 2007-08 winter season.
The transaction is subject to customary closing conditions, and is anticipated to close on or around September 30, 2007.