DENVER—One of the largest resort owners in North America is testing the market by listing a group of its resort villages, including Copper Mountain’s base village in Colorado, for more than $142 million.
CNL Lifestyle Co. has listed seven villages across the country for sale, including commercial space in CNL’s resort site at Copper Mountain. Others include California’s Mammoth, Canada’s Whistler, Ontario’s Blue Mountain, West Virginia’s Snowshoe, Vermont’s Stratton and Florida beach destination Sandestin.
The company said the properties are all fully rented and have “improved strongly and steadily” since the 2009 downturn.
“We are exploring what pricing the market might deliver for that portfolio,” said Steve Rice, managing director of the real-estate investment trust based in Orlando, Fla.
Rice said his company is not committed to selling, but that if the portfolio sells, “we will be recycling that capital back into our lifestyle asset group and investing in both expansion projects at our existing resorts … as well as investing in potential new acquisitions.”
“We are not stepping away from the ski industry,” said Rice, a former ski patroller who now heads one of the heaviest hitters in the ski-resort industry. “We are as committed as ever. We just think it’s a good time to put these assets on the market.”
Other CNL properties include marinas, country clubs, senior housing communities and gated attractions such as Denver’s Elitch Gardens, according to the Denver Post ().
The last ski season saw the trust’s mountain-resort-property revenues climb 16 percent, with visits increasing more than 10 percent.
———
Information from: The Denver Post,
