CNL Lifestyle sells two recreation portfolios for $800m
EPR Properties has agreed to buy the Northstar California Ski Resort near Lake Tahoe, a portfolio of 15 waterparks and amusement parks, and five small-family entertainment centers from CNL Lifestyle Properties Inc. for approximately $456 million.
Additionally, EPR Properties has agreed to provide approximately $244 million of five-year secured debt financing to OZRE for the purchase of 14 CNL Lifestyle ski properties valued at approximately $374 million.
EPR Properties’ aggregate investment in the two transactions is projected to be approximately $700 million. The REIT invests in properties in the entertainment, recreation and education segments.
During 2015, CNL announced plans to exit the snow resort business, selling more than a dozen ski resorts from Maine to California.