Boyne Resorts Announces Completed Acquisition Of Seven Resorts & Attractions
Boyne Resorts today announced closing of a purchase transaction with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, to acquire six mountain resorts and a scenic chairlift attraction previously leased by the resort company. Boyne Resorts has been the long-term operator of the seven newly acquired assets and also owns three resorts in northern Michigan and Big Sky Resort in Montana. As third largest based on skier visits, Boyne Resorts' portfolio of mountain properties is the most geographically diverse among all North American ski resort companies.
"Having focused for several years on regaining and acquiring ownership of these resorts, today is exceptionally gratifying." said Stephen Kircher, president and chief executive officer of Boyne Resorts. "We are proud of the achievements reflected in these acquisitions and excited about the opportunities ahead at all of our properties, as well as for our team members, guests and the communities we are part of."
Included in the transaction with Oz Real Estate are Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Cypress Mountain in Vancouver, B.C.; Gatlinburg SkyLift in Gatlinburg, Tennessee; Loon Mountain Resort in New Hampshire; Sugarloaf and Sunday River Resort in Maine; and The Summit at Snoqualmie near Seattle, Washington.
"We have valued our relationship with Oz Real Estate and look forward to working with them in the future on new opportunities," said Roland Andreasson, chief financial officer of Boyne Resorts.
For nearly 70 years, Boyne Resorts has maintained a heritage of innovative firsts including a recent announcement to install an eight-seat, high-speed chairlift—the first in North America at its Big Sky Resort in Montana. Development of patented and proprietary snowmaking systems, installation of the world's first triple and quad chairlifts plus America's first high-speed six-place chairlift, and being one of the first to transform ski areas into four-season resorts are highlights from a history of this pioneering spirit that remains very much alive throughout the company's operations today.
Boyne Resorts, founded in 1947 by Everett Kircher, is the third largest mountain resort company in North America. A Michigan-based corporation, Boyne Resorts owns award-winning mountain and golf resorts and attractions throughout the United States and Canada including Cypress Mountain near Vancouver, B.C., official freestyle skiing and snowboard venue of the 2010 Olympic Winter Games; Sugarloaf and Sunday River Resort in Maine; Boyne Mountain, Boyne Highlands, Inn at Bay Harbor, Autograph Collection and Avalanche Bay Indoor Waterpark in Michigan; Big Sky Resort in Montana; Loon Mountain Resort in New Hampshire; Gatlinburg SkyLift in Tennessee; Brighton Resort in Utah; and The Summit at Snoqualmie in Washington.
About Oz Real Estate – Oz Real Estate, the real estate platform at Oz Management, was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. The principals of Oz Real Estate have invested in over $9.0 billion of private real estate assets, including direct equity investments, preferred equity structures, mezzanine financing, and senior loans. Oz Real Estate's portfolio has included over 20,000 hotel rooms, over 30,000 multifamily and residential units, and over 20 million square feet of retail and office properties. In addition, Oz Real Estate has developed expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, ski resorts, and land development.
