BRETTON WOODS, New Hampshire ??вЂќ The Mount Washington Resort at Bretton Woods announced today that they have entered into an agreement with Celebration Associates and CNL Income Properties, Inc., with the intention to sell the resort, subject to the completion of further due diligence.
Mount Washington Resort President Joel Bedor stated, “Our partnership is excited about the potential of consummating a transaction with CNL and Celebration Associates. The depth of their experience in hospitality and land development, combined with their strong balance sheets, will enable The Mount Washington Resort at Bretton Woods to become the premier leisure destination in the Northeast.”
Celebration Associates and Crosland, Inc. announced their commitment to purchase over 900 acres of land and other assets at the historic Mount Washington Hotel. The purchase includes the 18-hole Mount Washington Golf Course designed by Donald Ross, an adjacent 9-hole course, equestrian stables and paddocks, Nordic ski center, water company, and cable company. The transaction is expected to close in the summer of 2006.
As part of the overall transaction, CNL Income Properties, Inc., Orlando, FL, will acquire 991 acres including the Mount Washington Hotel, the Bretton Arms Country Inn, The Lodge at Bretton Woods, the Bretton Woods Ski Area and other related assets. CNL anticipates entering into a long-term lease agreement with Celebration Associates and Crosland who will engage National Resort Management Group to market and operate the property.
Mount Washington Resort Chairman Wayne Presby said, “We have enjoyed immense success at the resort over the past fifteen years. We attribute much of our success to our outstanding staff. We are very aware of the economic benefits that companies with the expertise and financial strength of CNL and Celebration Associates can offer to the North Country and its residents, particularly given the loss of several major employers in Coos County over the past few months.”
MWH Preservation Limited Partnership is a New Hampshire Limited Partnership formed in 1991 to acquire the Mount Washington Hotel and save it from the wrecking ball. The partnership is primarily owned and operated by three local families; the Bedors, the Eames, and the Presbys. In August of 1991, the partnership acquired the Mount Washington Hotel, The Bretton Woods Motor Lodge, The Bretton Arms Country Inn and Fabyan??в„ўs Station and Restaurant. During the next six years the partnership succeeded in acquiring the Mount Washington Golf Course, the Mt. Pleasant Golf Course, The Bretton Woods Ski Area, and land surrounding the resort. The resort occupies approximately 2200 acres of land. During the past several years the partnership has operated every aspect of the resort including the hospitality, golf, ski and land development operations. During the fifteen years of ownership by MWH the resort was reconsolidated through acquisitions from several entities. The landmark Mount Washington Hotel was winterized and began year round operations. The Bretton Woods Ski Area was expanded and became the largest ski area in New Hampshire. The Resort has been recognized as one of the premier resorts in North America and is the largest resort complex in New Hampshire.
Celebration Associates is a nationally recognized developer and operator of award-winning, master-planned, mixed-use communities and villages. Celebration is renowned for its sensitivity to the local community, its thoughtful approach to planning and design, and its ability to create places of enduring value.
Crosland, Inc. is one of the Southeast’s leading and most diversified real estate companies. Their mission is to design, develop and manage properties that make communities better places to live, work and shop. A financial partner of Celebration Associates, Crosland traces is roots to the 1930s and its founding family’s commitment to community-oriented development and responsible stewardship.
National Resort Management Group is one of North America??в„ўs premier resort operations companies whose principals have held positions of leadership at some of the top resorts in the U.S. including Pinehurst, The Homestead, Firestone, Palmilla, PGA National, and Barton Creek.