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BREAKING NEWS

STEVENS PASS SKI RESORT SOLD
November 19, 2011




Stevens Pass ski area cam shot about 10:00am in Dec. 2008. CLICK TO ENLARGE
(MONROE, WA) -- Just as it was about to open for the 2011-2012 ski season, comes word the Stevens Pass ski area has been sold.

The new owner will be an Orlando, Florida company called CNL Lifestyle Properties. It also owns the ski areas at Snoqualmie Pass.

CNL announced Friday it bought Stevens Pass ski area from Harbor Properties of Seattle, which has owned the resort since 1976, for $20.5 million. Included is 1,125 acres of mountain terrain.

CNL Lifestyle Properties is a real estate investment trust (REIT) that invests in “lifestyle properties.” The company acquires properties and leases them primarily on a long-term, triple-net basis to tenants that operate the properties on its behalf, according to information from the company’s website.

CNL owns ski areas as well as marinas, golf facilities and other recreation and entertainment attractions around the country.

Among its holdings is Cypress Mountain ski area near Vancouver, B.C.

“We are very pleased to add Stevens Pass to our growing and diversified ski and mountain lifestyle portfolio,” said Steve Mauldin, president and chief operating officer of CNL Lifestyle Properties in a statement about the purchase.

“The property has developed into one of the Northwest’s premier ski resorts and it is a great complement to our other assets in this segment,” added Mauldin.

All season passes and other commitments from Harbor will be honored.

A spokesman for CNL says the company intends to run the ski area as it has operated in the past with no changes planned.

Stevens Pass will have its own management team headed by current General Manager John Gifford.

CNL will lease the operation of the resort to Stevens Pass Mountain Resort, LLC, which will handle day to operations of the facility on a long term lease.

The acquisition of Stevens Pass boosts CNL Lifestyle Properties’s ski and mountain lifestyle portfolio to 23 in the U.S. and Canada. Notable properties include:

Crested Butte Mountain Resort (Crested Butte, Colo.), Okemo Mountain Resort (Ludlow, Vt.), Cypress Mountain (West Vancouver, BC), Northstar-at-Tahoe˘ Resort (Lake Tahoe, Calif.).

Established in 1937, Stevens Pass is located on two national forests -- Mt. Baker-Snoqualmie on the west and the Wenatchee National Forest on the east crest of the Cascade Mountain Range.

With a carrying capacity of 15,800 skiers per hour, the resort offers 1,800 feet of vertical drops, 1,125 acres of skiable terrain, 10 lifts, 37 primary runs and a mix of beginner, intermediate and advanced trails.

Stevens Pass also offers night skiing, 17 miles of Nordic trails and a base village with three-day lodges.

Stevens Pass receives an average annual snowfall of 450 inches and 105 inches of average annual snowpack, some 50 percent more snow than the average resort in Colorado receives.





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