just buy the resort and put the old execs on a minimum wage.
FRISCO — Along with a slew of other ski resort villages, Copper Mountain‘s commercial base-area properties (the Village at Copper) may be for sale as part of a “trophy resort village portfolio,” offered for $142.5 million.
According to an online brochure making the rounds, the resort villages can also be bought separately, starting at about $9 million for the smallest and ranging up to about $30 million. The real estate investment services company Marcus & Millichap is offering the properties, which are owned by CNL Lifestyle Properties, Inc..
The Florida-based real estate investment trust (REIT) that became a big player in the mountain resort business when it bought properties all over North America about the time the resort real estate boom fizzled.
According to the Denver Post, the company has interests in 16 ski resorts and seven ski-area villages, as well as golf courses, resorts, theme parks, marinas and senior housing properties worth more than $3.3 billion.
The properties for sale are:
- Village at Stratton
- Village at Mammoth Mountain
- Village at Snowshoe Mountain
- Village at Baytowne Wharf
- Blue Mountain Village
- Whistler Creekside
In some cases, CNL owns entire resorts and leases them to operating companies. In other areas, for example at Copper Mountain, the company owns commercial base area properties which are leased to operators. CNL also takes a percentage of the gross revenue from the operations in addition to lease payments.
The CNL Lifestyle REIT expires in 2015. By then, the company will sell all its lifestyle properties, which is one reason the resort villages are being offered on the market.
CNL may also see the strengthening economy as an opportunity to make some money on properties that it purchased at a good price during the recession, said Jerry Jones, a long-time Vail-area resort broker. Jones said the REIT is basically funded by outside investors who are promised a better return than from a bank.