Boyne USA sells Utah's Brighton Ski Resort

CNL Income Properties, based in Orlando, Fla., rapidly becoming a player in the U.S. ski industry, has purchased Utah's Brighton Ski Resort from Boyne USA for $35 million.
CNL INCOME PROPERTIES, based in Orlando, Fla., rapidly becoming a player in the U.S. ski industry, has purchased Utah's Brighton Ski Resort from Boyne USA for $35 million.
    The purchase includes the 850-acre ski and snowboard resort with its 66 marked runs and seven chairlifts, two restaurants, 20-room lodge, ski rental operation and retail space at the ski area's base. The acquisition was completed on Jan. 9.
    Under the terms of the sale, CNL Income Properties has leased Brighton back to Boyne under two long-term, triple-net leases with initial terms of 20 years and four five-year renewal leases. The minimum annual rent to be paid by Boyne is approximately $3.2 million in the first year and increases annually to approximately $3.9 million. Boyne has also retained the option to repurchase the property from CNL at a later date at a fixed return, exercisable beginning in the seventh year through the 25th year following the sale.
    CNL maintains similar purchase/lease back arrangements with Boyne for the Gatlinburg Sky Lift (Tenn.) and Cypress Mountain (B.C.) ski area operations. It likewise entered into similar arrangements in December with Booth Creek Ski Holdings for its Northstar Resort and Sierra Resort (California), Loon Mountain (New Hampshire), and The Summit-at-Snoqualmie (Washington) ski resorts.