VAIL, Co.-September 19, 2007-Booth Creek Ski Holdings, Inc. (“Booth Creek”) based in Vail, Colorado, and Boyne USA, Inc. (“Boyne USA Resorts”), a Michigan-based company, announced today that they entered into a definitive agreement providing for the sale and transfer of Booth Creek’s equity interests in Loon Mountain Recreation Corporation (“Loon Mountain”) and Ski Lifts, Inc. (the “Summit”) to Boyne USA Resorts. Loon Mountain operates the Loon Mountain ski resort in the White Mountains of New Hampshire, and the Summit operates the Summit-at-Snoqualmie ski resort in the Cascade Mountains of Washington. Upon the closing of the stock transfer, Loon Mountain and the Summit will continue to operate the respective resorts under long-term lease arrangements with Orlando, Florida-based CNL Income Properties, Inc. (“CNL”), the owner of the assets comprising the resorts.
“The Loon Mountain and Summit resorts are a good fit with Boyne USA Resorts given their new focus on the East Coast and established presence in Washington state, as well as Boyne USA Resorts’ nearly 60 years experience in the resort industry,” commented Booth Creek President Chris Ryman. “We will miss having Loon Mountain and the Summit as part of Booth Creek, but know that they are joining an established resort operator in Boyne USA Resorts.”
Booth Creek will continue to operate the Northstar-at-Tahoe™ and Sierra-at-Tahoe® Resorts located in Lake Tahoe, California under long-term lease arrangements with CNL. The Northstar-at-Tahoe™ Resort is in the midst of significant expansion and improvements including the new Village at Northstar™, major mountain expansion and enhancements and substantive real estate and hotel development.
In New Hampshire, Booth Creek retains its ownership and management of Cranmore Mountain Resort and Waterville Valley. Both resorts have real estate and mountain expansion opportunities that Booth Creek will continue to explore.
The Threedom Season Pass product sold by Booth Creek in recent years and valid at Loon Mountain, Waterville Valley and Cranmore Mountain, will continue to be in place and sold for the 2007-08 winter season.
The transaction is subject to customary closing conditions, and is anticipated to close on or around September 30, 2007.
About Booth Creek Ski Holdings, Inc.
Booth Creek presently operates six resorts in the United States including: Northstar-at-Tahoe™ Resort and Sierra-at-Tahoe® Resort in California; The Summit-at-Snoqualmie ski resort in Washington; and Cranmore Mountain Resort, Loon Mountain and Waterville Valley in New Hampshire. For more information, please visit www.boothcreek.com.
About Boyne USA Resorts
Boyne USA Resorts is the largest family owned four-season resort company in North America; founded by Everett Kircher in 1947. A Michigan-based corporation, Boyne USA Resorts owns and/or operates award-winning mountain and golf resorts and attractions throughout the United States and Canada including Cypress Mountain near Vancouver, British Columbia, a host venue of the 2010 Winter Olympic Games, Big Sky Resort in Montana, Boyne Mountain, Boyne Highlands, The Inn at Bay Harbor – A Renaissance Golf Resort and Avalanche Bay Indoor Waterpark in Michigan, Brighton in Utah, Crystal Mountain in Washington, Sugarloaf/USA and Sunday River Resort in Maine and Gatlinburg Sky Lift in Tennessee. For more information on Boyne USA Resorts, please visit www.boyneusaresorts.com.
About CNL Income Properties, Inc.
CNL Income Properties, Inc. is a real estate investment trust that owns a portfolio of 73 properties in the United States and Canada in the lifestyle and recreation sectors. Headquartered in Orlando, Fla., CNL Income Properties, Inc. specializes in the acquisition of golf courses, ski resorts, marinas, campgrounds, merchandise marts, destination retail and entertainment centers and attractions. For more information, please visit www.cnl.com.