Name: Steve Siepak
Item: Blue Vault session at the recent National Planning Holdings National Conference
Rating: 5
Author: Steve Siepak

March 1, 2016

CNL Lifestyle Properties has been trying to find buyers since March 2015

BY MICHAEL SCHRANTZ | FEB 26, 2016, 9:51A | Curbed Ski

When CNL Lifestyle Properties announced it was putting its entire portfolio of mountain properties— including 15 ski resorts, a sightseeing tram and multiple ski area villages — up for sale, it was heralded as potentially being the largest ever ski industry transaction if they went to the same buyer. But the exit strategy that was supposed to be in place by the end of 2015 never materialized, and instead, CNL announced it would update investors some time during the first quarter of 2016 about what its plans are now.

So with the self-imposed deadline having come and gone, Curbed Ski decided to investigate what is standing between these resorts and new owners.

The first problem are the long-term operating leases in place at CNL’s resorts. CNL Lifestyle Properties is a real estate trust; it makes money off rents from the operators of its properties. So when CNL was buying resorts, it either leased them right back to the operators that sold them or found someone else to come in and run the ski area. In many cases, those leases have years, even decades, left. That presents a challenge to any resort operators that would like to buy the property: they’d either have to wait out the lease, which could be decades, or negotiate terminating the lease, an expensive proposition if even possible.

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Steve Siepak

Blue Vault session at the recent National Planning Holdings National Conference

September 13, 2017

The well-attended Blue Vault session at the recent National Planning Holdings National Conference was very well received. The value of their products was evidenced by the volume of questions from the attendees. Stacy Chitty, Managing Partner, did an excellent job of explaining the history, strategy and value of Blue Vault data.

Full-Cycle (Date): Shareholders received cash or listed stock for all common shares of the previously non-traded investment program as of the given date.

In-Process: The investment program has commenced liquidation of its investment portfolio, has announced a merger or sale that has not yet been consummated, or has yet to provide common shareholders with full liquidity for their shares with cash and/or listed stock.

SRP/Tender: Share repurchase or tender program which permits shareholders to sell their shares back to the company, subject to limitations. The frequency, price, and limitations vary by investment program.

Suspended: The investment program has suspended its share repurchase or tender program.

None: The investment program does not have an intermittent liquidity program, but shareholders will receive liquidity upon termination or liquidity event at the end of the investment term.

What’s Delaying the Sale of 14 Ski Areas Worth Hundreds of Millions?

CNL Lifestyle Properties has been trying to find buyers since March 2015

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