Boyne Resorts has agreed to acquire six mountain resorts and a scenic chairlift attraction from Ski Resort Holdings, an affiliate of Oz Real Estate. No financial terms were disclosed. Included in the deal are Cypress Mountain in Vancouver, British Columbia; Gatlinburg Sky Lift in Gatlinburg, Tennessee; Loon Mountain in New Hampshire; and Sugarloaf and Sunday River resorts in Maine. The acquisition is expected to close later in the year.
BOYNE FALLS, MICH. (PRWEB) MARCH 12, 2018
Boyne Resorts today announced an agreement with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, to acquire six mountain resorts and a scenic chairlift attraction currently leased by the resort company. As operator of the assets and owner of additional resorts, Boyne Resorts has a 70-year history of ski industry innovations and is the third largest mountain resort company in North America.
Included in the transaction are Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Cypress Mountain in Vancouver, B.C.; Gatlinburg Sky Lift in Gatlinburg, Tennessee; Loon Mountain in New Hampshire; Sugarloaf and Sunday River resorts in Maine; and The Summit at Snoqualmie near Seattle, Washington. The transaction is expected to close later this year and well ahead of the 2018/19 ski season, once regulatory approvals are granted.
“Our intention all along has been to regain and acquire ownership of these resorts,” said Stephen Kircher, president and chief executive officer of Boyne Resorts. “We are pleased to see this come to fruition and also really proud of our long-term achievements and diligence that primed us for this acquisition. Boyne Resorts has been a long-term operator of these assets—some for decades. This transaction therefore poses no business interruption or integration risk. This opportunity now at hand will enable us to accelerate and fine tune the execution of our reinvestment plans for these spectacular properties, which will boost our competitive advantages and support our focus on continuous enhancement of the guest experience.”
“Boyne Resorts is a world-class owner and operator of ski resorts and attractions,” said Steven E. Orbuch, founder and president of Oz Real Estate. “We have enjoyed our association with them during our ownership of these properties and wish them continued success in the future. We look forward to the consummation of this mutually beneficial transaction as it allows for Boyne Resorts to again fully control these resorts while resulting in a positive outcome for our investors.”
Boyne Resorts and its eleven resorts and attractions are ideally positioned for continued and notable growth within the ski, outdoor recreation and resort industries. Founded in 1947, Boyne Resorts has maintained a heritage of innovation, highlighted by its recent unveiling of plans to install an eight-seat, high-speed chairlift at its Big Sky Resort in Montana—the first in North America. Development of patented and proprietary snowmaking systems, installation of the world’s first triple and quad, America’s first high-speed six-place chairlifts, and being the first to transform ski resorts into four-season operations are just a few examples of a lengthy list of additional innovative launches exemplifying the pioneering spirit that has been celebrated throughout the company’s history.
About Boyne Resorts – Boyne Resorts is the third largest mountain resort company in North America; founded in 1947 by Everett Kircher. A Michigan-based corporation, Boyne Resorts’ award-winning mountain and golf resorts and attractions located throughout the United States and Canada include Cypress Mountain near Vancouver, British Columbia, the official freestyle skiing and snowboard venue of the 2010 Olympic Winter Games, Sugarloaf and Sunday River Resort in Maine, Boyne Mountain, Boyne Highlands, Inn at Bay Harbor – Autograph Collection and Avalanche Bay Indoor Waterpark in Michigan, Big Sky Resort in Montana, Loon Mountain in New Hampshire, Gatlinburg Sky Lift in Tennessee, Brighton in Utah, and The Summit at Snoqualmie in Washington. For more information on Boyne Resorts, please visit https://www.boyneresorts.com.
About Oz Real Estate – Oz Real Estate, the real estate platform at Oz Management, was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. The principals of Oz Real Estate have invested in over $9.0 billion of private real estate assets, including direct equity investments, preferred equity structures, mezzanine financing, and senior loans. Oz Real Estate’s portfolio has included over 20,000 hotel rooms, over 30,000 multifamily and residential units, and over 20 million square feet of retail and office properties. In addition, Oz Real Estate has developed expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, ski resorts, and land development. For more information on Oz Real Estate, please see https://www.ozm.com.