Real estate trust to purchase Northstar, Sierra-at-Tahoe ski resorts
TRUCKEE, Calif. — EPR Properties, a Kansas City-based public real estate investment trust, announced Thursday it has entered an agreement to purchase Northstar California ski resort near Lake Tahoe, all part of a $700 million investment deal.
The deal with CNL Lifestyle Properties, a real estate investment trust that owns 16 resorts across America, including Northstar and Sierra-at-Tahoe off Lake Tahoe’s South Shore, is worth reportedly $456 million, according to a press release.
While Northstar California is operated by a subsidiary of Vail Resorts, the property itself has been leased from land owner CNL Lifestyle Properties.
According to previous Sierra Sun reports, when the idea of CNL unloading its assets to the highest bidder became public in the spring of 2015, the potential sale of Northstar California would likely have no impacts on the resort’s future operations.
According to the Associated Press, CNL Lifestyle Properties was valued at as much as $3 billion in 2012, with ownership of more than 100 water parks, ski resorts, marinas and senior housing developments before the value dropped in the aftermath of a real estate downturn.
Other ski resorts the trust owns include Sunday River and Sugarloaf in Maine; Bretton Woods, Loon Mountain and Mount Sunapee in New Hampshire; Okemo Mountain in Vermont; Crested Butte in Colorado; and Brighton in Utah.