CNL Properties Inc. to buy Big Sky Resort in Montana

Published: Friday, Oct. 17 2008 12:15 a.m. MDT

Brighton Ski Resort's owner, CNL Properties Inc., has agreed to buy Big Sky Resort in Montana for $74 million.

According to a filing this month with the U.S. Securities and Exchange Commission, a real estate investment trust made a loan to current Brighton operator Boyne USA Inc. in the amount of $68 million.

Terms of the loan, set in September, require monthly payments for two years at an interest rate of 12 percent. Documents indicate that collateral for the loan are assets related to the operation of the Big Sky resort, which is located halfway between West Yellowstone and Bozeman.

Boyne must make improvements to the resort under conditions of the loan, including a new maintenance facility, the documents stated. Upon closing of the purchase in September 2010, Boyne would enter into a long-term operations agreement.

CNL Properties acquired Brighton in February 2007, in a sale-and-lease-back agreement with Boyne. Under the terms of the deal, Boyne has continued operations duties.

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