The big news from Maine over the summer was the sale of Sugarloaf/USA and Sunday River for $77 million cash and assumption of $2 million in debt and other liabilities. Boyne USA Inc. purchased the areas from American Skiing Co., and immediately sold the assets to CNL Income Properties Inc.
CNL then leased back operation of the two areas to Boyne, which also operates seven other North American resorts: Big Sky in Montana; Boyne Mountain, Boyne Highlands, and Bay Harbor in Michigan; Brighton in Utah; Crystal Mountain in Washington; and Cypress Mountain in British Columbia.
CNL, a REIT based in Orlando, Fla., owns 71 properties in the United States and Canada, including Bretton Woods Mountain Resort and Loon Mountain, N.H.; Mountain High, Northstar-at-Tahoe, and Sierra-at-Tahoe, Calif.; and Summit-at-Snoqualmie, Wash.
The sale effectively marked the end of the American Skiing Co. empire, which Les Otten conceived at Sunday River, Maine, and built over almost 20 years.