Home About Archives RSS Feed

Jiminy Peak Group Buys NH Resort

Staff Reports

HANCOCK, Mass. — Jiminy Peak's owners are extending their lofty Berkshire Hills holdings into the White Mountains with the purchase of Cranmore Mountain Resort.

In a statement on Wednesday, Jiminy principals Brian Fairbank, Joseph O'Donnell and Tyler Fairbank, said they purchased the assets of the 72-year-old North Conway, N.H., resort from California resort group Booth Creek Resorts.

The deal includes the assumption of debt, for a total price tag of $8.8 million and an expansion loan from CNL Lifestyle Properties for $7 million.

"Cranmore is a popular family ski area, with a great history and has tremendous potential for the near future," said Brian Fairbank, chief executive officer of Jiminy Peak Ski Resort, in the statement. "With our team's experience in the resort industry, the investment and support from CNL Lifestyle Properties, and the continued leadership of Cranmore General Manager Ben Wilcox and his outstanding management team, Cranmore will be able to fulfill its unrealized potential."

Jiminy Peak entered a partnership with CNL last year, in which the real estate investment group bought the mountain for $27 million and leased it back to the Jiminy group for 40 years.

Jiminy Peak, Booth Creek and CNL Lifestyle Properties have been in discussions for a year regarding the potential sale and amenity expansion. The three companies all have experience working with one another at resorts in New England and across the country.

The Fairbanks and O'Donnell purchased the assets and will make major upgrades and improvements at Cranmore with CNL, which also has a relationship with Booth Creek, providing capital for the acquisition and planned improvements.

Booth Creek will continue to operate the Northstar-at-Tahoe and Sierra-at-Tahoe Resorts located in Lake Tahoe, Calif., under long-term lease arrangements with CNL Lifestyle. Booth Creek retains its ownership and management of Waterville Valley Ski area in New Hampshire as well.

"Our team is pleased to make this investment," said Byron Carlock, president and CEO of CNL Lifestyle Properties. "Brian, Joseph and Tyler are talented resort managers, and we believe that with their experience and vision and our capital, Cranmore will be able to become a better resort, a more vibrant business and continue to provide great experiences for New England skiers."

Tags: Jiminy      
News Headlines
Slow Formal Session Ends: Berkshire Reps Expect Busy 2016
Our Neighbors: An Explosive Story
Williamstown-Lanesborough Superintendent Looks at Collaboration Among Schools
Pittsfield OKs Cumberland Farms Expansion on First Street
'The Hunger Games: Mockingjay - Part 2': Clueless in Panem
Pittsfield Mayor-Elect Tyer Crafting Transition Plans
Moulton Clan Grows Thanksgiving Football Tradition
Reid Middle School Class Throws Thanksgiving Feast
North Adams Officially Begins The Holidays
North Adams Firefighters Deliver Turkeys to


Bill Schmick separates the bull from the bears in his weekly columns on investing and market wrap-ups.

advertising (10)
agriculture (1)
arts (7)
automotive (5)
awards (16)
banking (41)
Beacon (1)
broadband (1)
business (52)
chamber (25)
closing (5)
development (23)
dining (5)
domestic animals (2)
energy (6)
entertainment (2)
federal (4)
finances (5)
food (5)
fundraiser (3)
green (2)
grocery (5)
hospitality/hotel (5)
housing (0)
insurance (3)
investment (6)
jobs (35)
labor (17)
laws (4)
Legislature (3)
manufacturing (9)
media (8)
medical (4)
networking (33)
new (22)
pricing (1)
projects (2)
promotion (6)
publishing (13)
radio (2)
real estate (8)
retail (29)
technology (13)
training (5)
transportation (1)
volunteer (1)
website (2)
wholesale (7)
workshops (6)
July 2015 (1)
Statistics Wmeco Merger Unemployment Berkshire Enterprises Great Barrington Flood Berkshire Chamber Of Commerce Excelsior Jobs Statistics Gas Prices Bj's Sabic Berkshire Creative Unemployment Talkberkshires Baldwin Berkshire Living Qualprint State Williamstown Sales Tax Expansion Social Media North Adams Breakfast Walmart Pittsfield Auction Adams Currency Crane & Co. Small Business Store Opening
Popular Entries:
Berkshire Jobless Rates Drop
Bay State Continues to Add Jobs
Excelsior Brings Greeting Card Co. To North Adams
White Hart Inn For Sale for $5M
Williamstown Chamber Seeks Input on Future Role
New Dog Training Center Open in North Adams
Covanta's Pittsfield Facility Gets High Marks from OSHA
Storey Publishing to Host Next Creative Challenge
Aladco Installs New 'Green' Washing Machine
Adams Co-Op, South Adams Bank Merger Approved
Recent Entries:
Biz Briefs: Mr. Tire, Tax Holiday, Business Directory
Berkshire Eagle Parent Mulling Newspaper Sales
Digitial First Puts Vermont News Buildings on the Market
Berkshire Chamber, Neal Hosting Facebook for Business Workshop
Winstanley Wins Big at Annual ADDY Awards
Eggs & Issues Event Focuses on Rail Cars, Development
State Unemployement Rate Drops Slightly
New Biotech Firm Setting Up in Pittsfield
Crane Museum Opens Retail Store
License Commission Approves River Street Package Move