Boyne Resorts Monday 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 company. As operator of the assets and owner of additional resorts, Boyne Resorts is the third largest mountain resort company in North America, according to a press release.
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, Wash. The transaction is expected to close later this year and well ahead of the 2018/19 ski season, once regulatory approvals are granted, the release said.
“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.”