BOYNE FALLS — Boyne Resorts this week announced an agreement with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, to acquire six mountain resorts and a scenic chairlift attraction which the company currently leases and operates.
As operator of the assets and owner of additional resorts, Boyne Falls-based Boyne Resorts has a 70-year history of ski industry innovations and is the third largest mountain resort company in North America.
Included in the transaction are Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Cypress Mountain in Vancouver, British Columbia, Canada; 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, Washington. The transaction is expected to close later this year and well ahead of the 2018/19 ski season, once regulatory approvals are granted.
Citing its pending status, Julie Ard, senior vice president for corporate communications and programs with Boyne, told the News-Review Wednesday that she could not discuss specific details of the transaction.
The properties targeted in the pending acquisition previously were sold by Boyne as part of transactions in 2006 and 2007, with the company obtaining long-term leaseback arrangements for the sites and continuing to operate them.
“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.”
“Boyne Resorts is a world-class owner and operator of ski resorts and attractions,” said Steven E. Orbuch, founder and president of Oz Real Estate. “We have enjoyed our association with them during our ownership of these properties and wish them continued success in the future. We look forward to the consummation of this mutually beneficial transaction as it allows for Boyne Resorts to again fully control these resorts while resulting in a positive outcome for our investors.”