Apr
10

CNL Lifestyle Liquidates with $830M Final Sale

By
In the larger of two deals, EPR picked up a collection of 21 properties, the most prominent of which is the 3,000-acre Northstar California Ski Resort.
Northstar California Ski Resort
Northstar California Ski Resort

Three years after tapping investment banking firm Jefferies LLC to assist in exploring strategic alternatives to provide liquidity to stockholders, CNL Lifestyle Properties Inc. has completed the disposition of its last assets. The REIT sold its ski, attraction and entertainment properties in separate transactions with EPR Properties and funds affiliated with Och-Ziff Real Estate for an aggregate $830 million.

The sale of CNL Lifestyle’s remaining portfolio, announced in November 2016, comes 13 years after the specialty REIT was established for the purpose of investing in lifestyle-related, income-producing assets, ultimately including ski destinations, golf properties, attractions, senior housing properties and marinas. “The completion of the sale to EPR and Och-Ziff represents the 14th and final transaction since we formally launched our strategic liquidity process in early 2014 and marks a pivotal moment for the company and our shareholders. This transaction not only provides final liquidity for our investors, but also provides a strong future for these properties,” Stephen H. Mauldin, CEO of CNL Lifestyle Properties, said in a prepared statement…

CNL Lifestyle Liquidates with $830M Final Sale

Share
Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.