Jiminy Peak Announces Sale-Leaseback Agreement with CNL Lifestyle Properties

By AlpineZone News |
Feb 06 2009 - 01:28 PM

HANCOCK, Massachusetts — Jiminy Peak Mountain Resort has entered into a long-term capital partnership with CNL Lifestyle Properties, Inc., a real estate investment trust (REIT) focused on lifestyle properties. Through a sale leaseback agreement, CNL Lifestyle Properties has acquired all of the resort’s fixed assets for a total of $27 Million and signed a 40-year operating lease with Jiminy Peak Mountain Resort, LLC owned by Brian Fairbank, Tyler Fairbank and Joseph O’Donnell.

Jiminy Peak CEO Brian Fairbank stated, “I look at this as a financial arrangement, keeping Jiminy Peak Mountain Resort very solid going into the future. The 40-year lease agreement with CNL Lifestyle Properties enables Jiminy to continue advancing our vision and philosophy without any changes. The transition allows us to keep ???business as usual’.”

“As Jiminy Peak celebrates its 60th ski season this winter, we are pleased to add this family-favorite mountain to our portfolio,” said Byron Carlock, president and CEO of CNL Lifestyle Properties, Inc. “In building this resort to its current prominence, Brian Fairbank has done an excellent job creating an award-winning destination. We are pleased to support Brian and Jiminy Peak Mountain Resort in their ongoing role as resort operator. ”

CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf and other lifestyle assets, and owns a portfolio of 116 properties in the lifestyle and recreation sectors. The REIT owns 22 ski and mountain lifestyle properties comprising 14 ski areas and eight village-centered retail developments, along with four additional loans for ski-related enhancements. CNL Lifestyle Properties provides funding for expansion capital and requires the lessee to put aside reserve capital for ongoing annual maintenance and facilities. The company is headquartered in Orlando, Fla.

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.