BRETTON WOODS, New Hampshire ??вЂќ Celebration Associates and Crosland Inc. announced today their $40 million purchase of over 900 acres of land and other assets that surround the historic Mount Washington Hotel and the Bretton Woods Mountain Resort in northern New Hampshire. The assets acquired include the 18-hole Mount Washington Golf Course designed by Donald Ross, an adjacent nine-hole course, equestrian stables and paddocks, Nordic ski center, water company, and cable company. The intent of the transaction had been announced in April of 2006 and was finalized on Friday.
As part of the overall transaction, CNL Income Properties Inc., Orlando, Fla., has acquired the Mount Washington Hotel, the Bretton Arms Country Inn, The Lodge at Bretton Woods, the Bretton Woods Ski Area and other related assets for $45 million. CNL Income Properties has already entered into a long-term lease agreement with Celebration Associates and Crosland who have engaged National Resort Management Group to market and operate the resort property.
“National Resort Management’s goal will be to build on the solid foundation that has been established by the current owners of Bretton Woods and the Mount Washington Hotel. We have the experience, resources and commitment to position Bretton Woods as the premier historic and year-round resort destination in New England,” says NRMG Founder and Managing Partner Pat Corso.
Pat Corso is a Founder and Managing Partner of National Resort Management Group, LLC. He was President of Pinehurst, Inc., from 1987 through January of 2004. During his tenure, he oversaw the restoration of Pinehurst and its return to prominence as one of the premier golf resort destinations in the world. In the last 10 years of his tenure with ClubCorp (the owner of Pinehurst), Mr. Corso served as Executive Vice President of Resort Operations and later President of The Pinehurst Company.
About the Companies
The Mount Washington Resort at Bretton Woods (www.mtwashingnton.com) has been welcoming guests since 1902. In keeping with over a century of tradition, The Mount Washington offers guests a vast array of recreational and leisure activities including golf, tennis, horseback riding, carriage and sleigh rides, swimming, hiking, mountain biking, snowshoeing, ice skating, snow tubing, musical entertainment, shopping, award-winning family programs, and alpine and cross country skiing at Bretton Woods – New Hampshire’s largest ski area.
National Resort Management Group (www.nationalresort.com) is one of North America’s 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.
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. (www.crosland.com) 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 its roots to the 1930s and its founding family’s commitment to community-oriented development and responsible stewardship.
CNL Income Properties, Inc. (www.cnl.com) is a real estate investment trust that owns a portfolio of 15 properties in the United States and Canada in the lifestyle and recreation sectors. Headquartered in Orlando, Fla., CNL Income Properties specializes in the acquisition of golf courses, ski resorts, marinas, campgrounds, merchandise marts, destination retail and entertainment centers, attractions and parking facilities, among other asset types.