The deal closes!!What do you think it means for the future?

OZRE, EPR, AND CNL COMPLETE $830 MILLION RESORT AND ATTRACTIONS SALE

SAM Magazine—Kansas City, Mo., April 6, 2017—Och-Ziff Real Estate, EPR Properties, and CNL have completed the sale of CNL’s ski area and attractions portfolios. The deal leaves Ski Resort Holdings LLC, owned by funds affiliated with OZRE, with 14 former CNL ski resort properties. EPR, the REIT that has funded Peak Resorts, adds ozrelogo esizeNorthstar California resort to its portfolio, along with 15 of CNL’s water and amusement parks, and five smaller family entertainment centers.

Total value of the transactions is $830 million. OZRE’s purchase of the 14 resorts is valued at $374.5 million, the EPR-CNL transaction, at $455.5 million.

EPR has provided the lion’s share of funding for both transactions. It provided $251 million of five-year secured debt financing to funds affiliated with OZRE for its purchase of 14 CNL Lifestyle ski properties. EPR’s aggregate initial investment at closing was $706.5 million, which was funded with $647.4 million of its common shares and $59.1 million of cash.

Stephen H. Mauldin, CEO of CNL Lifestyle, said, “Throughout its lifecycle, CNL Lifestyle Properties acquired a portfolio of unique assets, including some of the nation’s most iconic ski and attractions properties. The completion of the sale to EPR and Och-Ziff represents the 14th and final transaction since we formally launched our strategic liquidity process in early 2014, and marks a pivotal moment for the company and our shareholders. This transaction not only provides final liquidity for our investors, but also provides a strong future for these properties.”

Steven Orbuch, president of Och-Ziff Real Estate, noted, “We are very excited to be adding such a high quality, geographically diverse group of ski resorts to our existing portfolio.”

As for the water and amusement parks and Northstar, “We are delighted to announce the acquisition of this portfolio of high quality ski and attractions assets that builds on our expertise in the recreation segment,” said Gregory Silvers, president and CEO of EPR Properties.

The completion of the transaction follows the satisfaction of all conditions to the closing of the acquisition, including receipt of approval by the shareholders of CNL Lifestyle, which was obtained on March 24, 2017.

CNL Lifestyle expects to distribute its common shares to its shareholders within two weeks after the closing. CNL Lifestyle shareholders are expected to receive approximately 2.7219 newly issued EPR common shares (valued at about $74) for each 100 shares of CNL Lifestyle they owned on March 31, 2017, the record date of such distribution. Shareholders entitled to fractional shares of EPR Properties common stock will receive a separate payment for cash in lieu of shares.

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Not much in the short term other than learning the latest valuation of SR, SL, etc.

They have bigger issues right now with people leaving the company, poor performance, withdrawals...stock is tanking

https://www.bloomberg.com/news/articles/2017-03-14/och-ziff-executi...

Sugarloaf is going to bail them out !! LOL!

I just hope they're around for a while. As I've posted before....lots, lots, lots of issues.
I smell an opportunity!!

(Oh wait, sorry that was Barker patio).

Glade Monkey said:

Not much in the short term other than learning the latest valuation of SR, SL, etc.

They have bigger issues right now with people leaving the company, poor performance, withdrawals...stock is tanking

https://www.bloomberg.com/news/articles/2017-03-14/och-ziff-executi...

So was the individual resort valuation broken down in any of the public filings?

Not yet.

poe said:

So was the individual resort valuation broken down in any of the public filings?

Long story short:

1) More lift failures

2) More lift accidents

3) Lodges getting further out of date

4) Season shortening

5) Less snowmaking

6) Less money to SR/more money to western resorts

Did I leave anything out?

Nope, too much added in.  4,5,&6 are not happening.  The rest is capital spending which hopefully will come around, but I'd bet other than Spruce, gonna be quiet for a couple of years.

Junior said:

Long story short:

1) More lift failures

2) More lift accidents

3) Lodges getting further out of date

4) Season shortening

5) Less snowmaking

6) Less money to SR/more money to western resorts

Did I leave anything out?

Yep, you forgot you are envious of SR and you come to our board to trash the mt.  Deep insecurity bro.



Junior said:

Long story short:

1) More lift failures

2) More lift accidents

3) Lodges getting further out of date

4) Season shortening

5) Less snowmaking

6) Less money to SR/more money to western resorts

Did I leave anything out?

No way that will ever happen publicly 

Glade Monkey said:

Not yet.

poe said:

So was the individual resort valuation broken down in any of the public filings?

Not true. I come to the board to hang out with my SR buddies......then trash the mt. 


MonkeyBrook said:

Yep, you forgot you are envious of SR and you come to our board to trash the mt.  



Junior said:

Long story short:

1) More lift failures

2) More lift accidents

3) Lodges getting further out of date

4) Season shortening

5) Less snowmaking

6) Less money to SR/more money to western resorts

Did I leave anything out?

Heart emoji. Met 4 more people tonight who only read board (never post). They think we all hate each other so I am being nice. One guy asked me who I was on the Baird, I said Rippy and the. Spilled my beer all over him and walked away.



Junior said:

Not true. I come to the board to hang out with my SR buddies......then trash the mt. 


MonkeyBrook said:

Yep, you forgot you are envious of SR and you come to our board to trash the mt.  



Junior said:

Long story short:

1) More lift failures

2) More lift accidents

3) Lodges getting further out of date

4) Season shortening

5) Less snowmaking

6) Less money to SR/more money to western resorts

Did I leave anything out?



MonkeyBrook said:

Heart emoji. Met 4 more people tonight who only read board (never post). They think we all hate each other so I am being nice. One guy asked me who I was on the Baird, I said Rippy and the. Spilled my beer all over him and walked away.



Junior said:

Not true. I come to the board to hang out with my SR buddies......then trash the mt. 


MonkeyBrook said:

Yep, you forgot you are envious of SR and you come to our board to trash the mt.  



Junior said:

Long story short:

1) More lift failures

2) More lift accidents

3) Lodges getting further out of date

4) Season shortening

5) Less snowmaking

6) Less money to SR/more money to western resorts

Did I leave anything out?

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