Boyne said in a statement that all six resorts had been bought as part of an agreement with Ski Resort Holdings, LLC, to acquire six mountain lodgings and a “scenic chairlift attraction” currently leased by the company.
“Our intention all along has been to regain and acquire ownership of these resorts,” said Boyne Resorts president and CEO, Stephen Kircher.
“We are pleased to see this come to fruition and also really proud of our long-term achievements and diligence that primed us for this acquisition.”
Boyne Resorts, he added, “has been a long-term operator of these assets — some for decades. This transaction therefore poses no business interruption or integration risk.”
The official takeover of Cypress – along with the other resorts –”will enable us to accelerate and fine tune the execution of our reinvestment plans for these spectacular properties, which will boost our competitive advantages and support our focus on continuous enhancement of the guest experience.”
Included in the transaction are Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Gatlinburg Sky Lift in Gatlinburg, Tennessee; Loon Mountain in New Hampshire; Sugarloaf and Sunday River resorts in Maine; and The Summit at Snoqualmie near Seattle, Washington.
The transaction is expected to close later this year and well ahead of the 2018/19 ski season, once regulatory approvals are granted.
Boyne Resorts is the third largest mountain resort company in North America.