From Deseret News archives:
Brighton is sold to Florida company
Orlando-based CNL Income Properties Inc. bought Brighton for $35 million from a subsidiary of Boyne USA Inc. on Jan. 9, CNL said in a regulatory filing with the Securities and Exchange Commission.
CNL said it has leased the ski resort back to Boyne to operate the property through an affiliate under two long-term leases. The leases have initial terms of 20 years, with four, five-year renewal options.
The resort includes two restaurants, a 20-room lodge, a ski-rental facility and a small retail center. The ski area features 850 skiable acres, 66 downhill slopes and seven chairlifts.
The minimum annual rent is about $3.2 million the first year and increases yearly to about $3.9 million. Additional rent will be a percentage of the incremental total revenue over a certain threshold, CNL said.
"Boyne also received the option to repurchase the property from us at a price that will result in a fixed return to us," CNL said in a filing with the SEC. That option can be excised by Boyne anywhere from the seventh through 25th year after the acquisition, it said.
Boyne affiliates lease and operate CNL's Gatlinburg Sky Lift in Tennessee and Cypress Mountain in West Vancouver, British Columbia.
CNL also announced last week that it was buying seven theme and water parks from Six Flags Inc.
Contributing: Associated Press
