Crested Butte ski area to be sold to New York hedge fund company

DENVER BUSINESS JOURNAL - Colorado’s Crested Butte Mountain Resort and several other ski areas across the country are being sold to a New York hedge fund manager.

A unit of Och-Ziff Capital Management Group (NYSE: OZM) will acquire Crested Butte in Gunnison County from owner CNL Lifestyle Properties Inc., a Florida-based real estate investment trust, as part of a package of 14 properties nationwide, the Associated Press reports.

Other resorts that Och-Ziff will get in the transaction include Sierra-at-Tahoe in California, Summit-at-Snoqualmie and Stevens Pass near Seattle and Brighton in Utah.

The resorts Och-Ziff is acquiring are valued at a combined $374 million.

CNL also is selling additional holdings, including the Northstar California ski resort at Lake Tahoe and various water parks and amusement parks, to another REIT, Kansas City-based EPR Properties (NYSE: EPR), for $456 million.

Read more at the Denver Business Journal: http://bit.ly/2evj1Zy

Copyright 2016 Denver Business Journal


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