Booth Creek Ski Holdings Inc. today said the buyout of the company by founder and chairman George Gillett and two other principals is complete.
Vail-based Booth Creek also closed today on the sale-leaseback of four of its resorts – Northstar Resort, Sierra Resort, Loon Mountain and The Summit-at-Snoqualmie – with CNL Income Properties, Inc.
Orlando, Fla.-based CNL, a real estate investment trust, will lease the four properties back to Booth Creek under long-term agreements.
“We are very pleased to be partnering with CNL Income Properties, who is making a long-term commitment to both Booth Creek and the industry,” said Gillett. “The company is one of the most active investors in lifestyle, leisure and recreational real estate in the nation with a reputation for honesty and integrity.”
The company said business at the resorts will continue as usual.
Booth Creek will continue to own Cranmore Mountain Resort and Waterville Valley.
