CNL, a Real Estate Investment Trust (REIT) based out of Florida, just copped Stevens Pass for a cool 20.5 million. They own Crystal Mountain, Snoqualmie Pass, and now Stevens–60% of Washington Cascade Ski Areas. Only White Pass, and Mt Baker are outside of their ownership—for now.
For those of you wondering WTF a REIT is, here’s what the Wikipedia says:
“A REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors. The REIT structure was designed to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks.” LINK
“Stevens Pass will have its own management team headed by current General Manager John Gifford. Mountain High Resort will be managed by Vice President of Resort Operations Ben Smith. There will be no immediate changes to operations as a result of the acquisition; season passes and other commitments made by the resort will be unaffected by the change in ownership.” Here’s the full press release from CNL – LINK
this sucks so bad… Stevens was the last hope at a decently run area close to Seattle. Now, the man owns all the consumer data and will set everything from marketing to lift prices to maximizing profit (and crowds) across the three. Not a big change with maximizing profit, but they are all in bed together now. Serious Seattle ski oligopoly in effect. Consumers are screwed. Buy a sled, start breaking toilet seats. John G is a good dude from what I can tell, doubt he will be running the show for long if not already a puppet for the man. Fuck this.
Sman
I don’t know if i care enough to give a shit. Been putting up with BS (I-90) for so long that i know no different. Until pass prices hit 1K, i don’t think shit’s gonna matter.
CNL does not own Crystal Mountain- it’s owned by Boyne USA Resorts. Boyne is a family run company that owns or operates 11 North America properties.
Looks like you’re correct. And i’m a journalist.
Well theyve got a 169 other lifestyle properties. Future wave park property?
Maybe they’ll team up with Ke11y.
Shit. Ke11y may be ass’d out of the wave park thing. Ke11y can’t get any patents approved. Turns out some Aussie dood has been working on a way too similar idea for awhile now.
HAYBRO GET YOUR SHIT TOGETHER OR U WILL BE SUPLEX’D TO THE FUCKING PAVEMENT
PUT UP OR SHUT UP
AND WHEN I LOOK AT U I THROW UP
IN ANTICIPATION OF YOUR PROMPT ATTENTION,
ALEXANDER
fking right Aman, pig and pancake that bitch